Suncorp’s Green Upgrades Home Loan product offers eligible Suncorp Bank home loan customers the ability to finance eligible eco-friendly home improvements with a reduced variable rate equity home loan.

Offering no establishment or account fees, eligible customers can borrow from $10,000 up to $25,000 with principal and interest repayments.

Suncorp notes this product is available to eligible current or new Suncorp Bank home loan customers (owner occupiers or investors) with home loans of at least $150,000 and a maximum loan-to-value ratio of 80%. 

New and existing eligible Suncorp home loan customers will be able to apply for a Green Upgrades Home Loan from the end of June.

Update: The Green Upgrades home loan from Suncorp is now live with a variable rate of 2.39% p.a. (2.39% p.a. comparison rate*) and is available until 31 January 2023. 

Acceptable green upgrades include installing or upgrading:

  • A solar power system or solar batteries. Quotes must be supplied by a Clean Energy Council approved supplier.
  • A solar hot water system. Quotes must be provided by a licensed plumber.
  • Home insulation. Quotes must be supplied by a Clean Energy Council approved supplier.
  • Energy efficient glazing and windows. Quotes must be WERS Compliant and have at least 6 and 7 stars for heating and 4 and 5 stars for cooling.
  • Water tanks or other water collection systems. Water tank quotes must include installation costs.
  • Energy efficient appliances rated 7 stars or higher by the Government’s Equipment Energy Efficiency program
  • An electric vehicle charging point. Quotes must be provided by a licensed electrician.

New data from Suncorp Bank’s 2022 Cost of Living Report revealed one in three Australians are tipped to struggle to pay their electricity bill following 1 July price increases.

A survey of 2,000 people by Suncorp revealed if the cost of electricity became just 10% more expensive, one in three Aussies would give up takeaway food and eating out, while one in four would give up subscriptions like Netflix and Spotify as well as takeaway coffee to pay their bills on time.

This comes following an announcement from the Australian Energy Regulator (AER) that tariffs, known as default market-offers, will rise for households by up to 18.3%.

AER Chair Ms Clare Savage said setting the default market-offers (DMO) is not about setting the lowest price.

“It is about setting a price that will allow retailers to recover their costs, earn a reasonable margin and support retailers to compete and offer better deals and products in a competitive retail environment,” Ms Savage said.

“If a large number of retailers are unable to recover their costs and are forced to exit the market – as we have seen recently in the United Kingdom – that will add more cost to consumers.”

Suncorp Bank Home Lending Executive General Manager Bruce Rush said as the cost of living continues to rise, understanding and managing finances is extremely important, but there are alternative ways households can save money, while also making a positive difference for the environment.

“Suncorp Bank wants to help customers make their homes more energy efficient, while saving money and saving the planet,” Mr Rush said.

This comes after many Australian energy retailers, such as ReAmped, have stopped onboarding new customers and encouraged existing customers to change providers.


Building or buying an energy-efficient home? This table shows some of the lowest interest rates in the market for 'green' home loans.


VariableMore details
90% LVR
  • You MUST already have Solar or a documented plan to install within 90 days to be eligible for this loan
  • Available for refinance or purchase
  • No monthly, annual or ongoing fees
90% LVR – Solar Investor Loan (Principal & Interest) (LVR < 90%)

  • You MUST already have Solar or a documented plan to install within 90 days to be eligible for this loan
  • Available for refinance or purchase
  • No monthly, annual or ongoing fees
VariableMore details

Gateway Bank – Green Plus Home Loan (Principal and Interest) (LVR < 80%)

    VariableMore details – Solar Home Loan (Principal & Interest) (LVR < 90%)

      VariableMore details

      Gateway Bank – Green Plus Investment Loan (Principal and Interest) (LVR < 80%)

        FixedMore details

        Bank Australia – Clean Energy Home Loan Package - Eco Plus Fixed 3 Years (Principal & Interest) (LVR < 90%)

          VariableMore details

          Summerland Bank – Eco Investment Loan (New Customer) (LVR < 60%)

            VariableMore details

            Regional Australia Bank – Sustainable Home Loan (Principal and Interest)

              VariableMore details

              Firstmac – Solar Investment Loan (Principal and Interest) (LVR < 90%)

                Important Information and Comparison Rate Warning

                Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of February 27, 2024. View disclaimer.

                Image by Thomas Despeyroux via Unsplash

                Ready, Set, Buy!

                Learn everything you need to know about buying property – from choosing the right property and home loan, to the purchasing process, tips to save money and more!

                With bonus Q&A sheet and Crossword!

                By subscribing you agree to our privacy policy