CommBank goes national with Green Loan and adds sustainability hub
After announcing their Green Loan earlier this year, CommBank has made it available to customers nationwide.
This comes in line with its new Sustainability Hub.
The green loan and hub are part of their climate initiative to shift to net zero emissions by 2050. CBA wants to provide easy and accessible education to their customers. The Sustainability Hub focuses on how to reduce environmental footprint and offers ways to be part of the climate crisis movement.
“We have a responsibility to provide solutions for customers that reduce their environmental impact and the Green Loan is an important step towards helping our customers and communities move to cheaper, clean energy technologies,” says Angus Sullivan, CBA group executive.
What’s CBA’s Green Loan all about?
With the Green Loan, current home loan customers will be able to borrow up to $20,000 to buy and install clean energy products like solar panels.
According to CBA, this loan has no establishment, monthly loan service or early repayment fees.
Unlike other green home loans, CBA’s new green loan eligibility is only for existing home loan customers that have a home loan balance of $150,000 or more.
Apartments and commercial properties are not eligible for this green loan.
According to Sullivan, CBA is looking into offering other environmentally friendly products such as an electric vehicle loan in the future.
If you are thinking of making your home environmentally friendly but are not a CBA customer worry not! Many other financial institutions have begun offering future and current homeowners green home loan options.