CommBank offers new green loan for commercial business
After going national with their Green Loan, CommBank continues with its zero emissions initiative by offering a green loan for commercial properties.
CBA’s recent climate initiative to reduce carbon emissions also included the launch of a Sustainability Hub to educate customers on how to be financially green.
The new Property Sustainability Upgrade Loan is for businesses looking to make sustainability upgrades, in step with the National Australian Built Environment Rating System (NABERS). These businesses are also allowed to increase their Commercial Property Investment Loan by 20%.
The bank believes that these sustainability upgrades may reduce a property’s carbon footprint by 30% with improved energy and water efficiencies.
“Investing in sustainability upgrades also makes commercial sense in that it can boost the value of properties while reducing operational costs, making the property more attractive to long-term renters and potential buyers,” says Clare Morgan, CBA executive general manager of business lending.
Property Sustainability Upgrade Loan
CBA partnered with NABERS to incentivise business customers to have sustainable upgrades that may have a positive long term impact on carbon emission reductions.
With this new green property loan commercial property investors and owners may upgrade to:
- Energy efficient lightning
- Eco-friendly and smart management systems
- Energy efficient lifts and escalators
- Solar panels
- Heating, ventilation and air conditioning upgrades
- Water recycling systems
- Cladding and insulation upgrades
- Fenestration efficiency upgrades
“With over 60 per cent of commercial office buildings currently having a NABERS energy rating below 5 stars this loan has great potential for buildings to make important energy efficiency upgrades,” says Morgan.
Major banks and lenders have recently begun offering green loans as a way to combat the current climate crisis. Nearly a quarter of Australian greenhouse gas emissions come from the property sector and Australians are demanding businesses and banks to make changes.
If you are one of the millions of Australians concerned about the latest climate change report, check out Mozo’s ethical banking page to find out how to make your loans, banks and other finances green.