The CEFC is increasing its support for cleaner, greener homes, with a new green home loan to spearhead the construction of market leading, energy efficient housing.
Bank Australia is the first home loan provider to take up the CEFC finance, which will deliver discounted interest rates to qualifying builders and home buyers.
The Bank Australia Clean Energy Home Loan will draw on up to $60 million in CEFC finance, providing the interest rate discount via its Premium Package Home Loan to mortgages below $1.5 million.
The Bank Australia offering applies to a broad range of homeowners – from buyers and builders to existing owners.
Bank Australia borrowers can receive a 0.4 per cent discount on their home finance for up to five years where they buy or build homes which meet or exceed a minimum of 7-stars under the Nationwide House Energy Rating Scheme (NatHERS).
The 7-star NatHERS rating exceeds the minimum standards of the National Construction Code, requiring less energy for heating and cooling. The qualifying energy efficiency criteria can cater for emerging technologies, new building standards and new energy efficiency measurement tools as they become available in the future.
Measures that would help homeowners qualify for Bank Australia’s ambitious upgrade product include installing energy monitoring systems, energy storage systems, solar hot water systems and energy efficient air conditioners.
Over time, Bank Australia will extend the benefits of its Clean Energy Home Loan to existing homes, to finance ambitious green home improvements, such as energy monitoring and energy storage systems, solar hot water and energy efficient air conditioning.
New homes built today will be in use for decades to come. The goal is to equip those homes with the strongest energy efficiency to deliver the smallest carbon footprint possible.
Preliminary economic modelling undertaken by ASBEC and the CSIRO has found that investing in voluntary measures to accelerate Australia’s transition to sustainable homes by 2030 would deliver more than half a billion dollars of extra investment in the construction industry; create over 7,000 new jobs and save Australians more than $600 million on their energy bills.
Read our handy fact sheet for more information.
Please note: The CEFC does not provide finance to individual borrowers and is not involved in individual financing decisions. Interested borrowers should contact Bank Australia directly.
National, Property, Renewable energy, Low emissions, Energy efficiency