What is a Green Home Loan?

A green home loan is designed to finance clean energy technology for your property. These loans offer flexible options, including secured or unsecured loans, with fixed or variable interest rates. By opting for a green home loan, you can contribute to a sustainable future while enjoying financial benefits.

Which Banks Offer Green Home Loans in South Australia?

Several banks and financial institutions in South Australia provide green home loans. These include:

• CommBank
• Gateway Bank
• Bank Australia
• loans.com.au
• Summerland Bank
• BankAustralia

You can also apply for a green home loan through brokers such as Mortgage Choice, who can help you find the best options available.

Features of CommBank Green Loan

CommBank offers a competitive green home loan with several attractive features:

• Low, Secured Fixed Rate Loan: Enjoy a low interest rate without worrying about establishment fees, monthly loan service fees, or early repayment fees.
• Eligible Clean Energy Products: Use the loan to purchase and install a variety of clean energy products, including:
  ✓ Solar panels
  ✓ Battery packs
  ✓ Solar/heat pump hot water systems
  ✓ Electric vehicle charging stations
  ✓ Switching from gas to electric cooking equipment
  ✓ Enabling components to support solar PV and batteries
  ✓ Smart/connected home products
  ✓ Energy-efficient window treatments
  ✓ Switching from non-LED to LED lighting
  ✓ Virtual power plants

Benefits of Green Home Loan

• Low-rate loan: Repayable over 10 years with the flexibility to make additional payments or pay off your loan sooner without fees or penalties.
• $0 Establishment Fee: Start your green loan journey without any upfront costs.
• $0 Monthly Loan Service Fees: Save on monthly expenses.
• Loan Amount: Borrow from $5,000 to $30,000 to fund eligible clean energy products.

Things to Consider

Before applying for a CommBank Green Loan, keep these points in mind:

• No Access to Offset Account or Redraw: These features are not available with this loan.
• No Switching or Splitting: The loan cannot be switched or split.
• Loan to Value Ratio (LVR): Total home loan balances, including CommBank home/investment home loan(s) and CommBank Green Loan/CommBank Investment Green Loan, must not exceed an LVR of 80% (subject to postcode restrictions).

Eligible Clean Energy Products

The Green Loan covers a range of clean energy products:

• Solar Panels: System size equal to or greater than 6 kilowatts (kW).
• Battery Packs: System size equal to or greater than 5 kilowatt-hour (kWh).
• Solar Hot Water Systems: Minimum system size equal to or greater than 250 litres (L).
• Heat Pump Hot Water Systems: System size equal to or greater than 250L.
• Electric Vehicle Charging Stations.
• Gas to Electric Cooking Equipment: Must be all-electric, including induction cooktop, electric element cooktop, electric oven, and electric steam oven.
• Supporting Components: For solar PV and batteries.
• Smart/Connected Home Products: Such as smart thermostats, hot water control, lighting control, and smart plugs.
• Energy-efficient Window Treatments.
• LED Lighting: Switching from non-LED to LED.
• Virtual Power Plants.

Green home loans are a fantastic way to lower your home loan rate while promoting sustainability. By choosing a green home loan, you can finance clean energy technology for your property, reduce your environmental footprint, and enjoy financial savings. Explore the options available with various banks in South Australia and take a step towards a greener future today.