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Commbank announces green loans

  • February 16 2021
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Borrow

Commbank announces green loans

By Cameron Micallef
February 16 2021

Australia’s largest bank has announced a new green loan, which home owners can use to buy and install renewable technology in the family home.

Commbank announces green loans

Commbank announces green loans

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  • February 16 2021
  • Share

Australia’s largest bank has announced a new green loan, which home owners can use to buy and install renewable technology in the family home.

Commbank announces green loans

Under a pilot program that will launch this month, Commbank’s Green Loan is offering customers a 10-year loan at a fixed rate of 0.99 per cent per annum, up to a maximum $20,000. 

“As part of our commitment to the responsible global transition to net zero emissions by 2050, we’re supporting our customers access renewable energy through sustainable housing solutions,” said CommBank’s group executive, Angus Sullivan.

Commbank cited studies from the CSIRO and NationWide House Energy Rating Schemes, which stated that swapping to renewable electricity would see the average Aussie’s power bill drop by over $500 per year.

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“If they switch to solar, [it] will offset total repayments of the loan in the long term. As Australia’s largest lender, we want to help as many customers as possible make their homes more sustainable,” Mr Sullivan said.

CBA customers with an eligible owner-occupier home loan or investment home loan can use the Green Loan to purchase and install eligible small-scale renewable technology such as solar panels (and inverters, if applicable), battery packs and electric vehicle charging stations at the property used to secure their existing home loan.

“Over 2.7 million Australians have installed solar panels on their homes, and it’s a great way to reduce your power bills and reduce your household’s carbon footprint,” Clean Energy Council’s chief executive, Kane Thornton, said.

Mr Sullivan said the bank has a role to play in encouraging Australian households to lower their carbon emissions.

“We have a responsibility to meet the current needs of our customers and the community while operating sustainable for future generations, and our new CommBank Green Loan will make financing more accessible.”

Commbank announces green loans
Commbank announces green loans
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About the author

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Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

author image
Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

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