What you need to know about CommBank's Green Home Loan Offer
Last year, Commonwealth Bank introduced a green home loan offer, which rewards new and existing customers for reducing their dwellings’ environmental footprint.
The Green Home Offer promises lower interest rates for customers whose homes meet certain sustainable conditions, such as having a certified Green Star Home, or satisfying the following criteria:
- Nationwide House Energy Rating Scheme (NatHERS) = 7 stars or greater.
- Electric cooking/heating instead of gas
Heat pump hot water system. - Solar panels producing minimum energy outputs*.
*Minimum energy requirements for solar size relative to size of the house:
- Up to 150m2 = 5.5kWe
- 150 - 250m2 = 7.5kWe
- 250m2+ = 10kWe
Alternatively, customers can present evidence showing their home is a Green Building Council Australia Green Home Standard certified build.
Customers whose eco-friendly homes make the cut could enjoy a standard variable late as low as 4.99% p.a. (5.39% p.a. comparison rate*) – one of the lowest available options tracked by Mozo.
This will be for owner-occupiers making P&I repayments with a Wealth Package mortgage and a deposit of at least 20%.
Building a green home for the future
Smaller lenders have offered green home loans to environmentally conscious Aussies for a while now. However, this launch marks a critical shift in the big bank’s attitude towards sustainability and climate change action.
“We want to reward new and existing customers [...] investing in homes that are efficient, comfortable, and healthier for them and the environment,” said CommBank’s executive general manager of home buying, Dr. Michael Baumann.
“We expect all residential homes to be built to these standards over the coming years as we move towards a net zero future.”
CommBank made the announcement in partnership with the Green Building Council of Australia (GBCA), who lauded the bank’s new future-minded mission, and has been supported with a further $125 million in funding by the Clean Energy Finance Corporation (CEFC).
RELATED: Sustainable and energy-efficient home features
By raising awareness and providing ways to ease both living costs and environmental impact, CommBank sets a new precedent in green finance for major Australian banks.
Looking to save money and the environment? Compare green home loans on offer.
Compare variable rate home loans - last updated 19 March 2024
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Featured Product
Mozo experts choice awards won:
- Low Cost Home Loan - 2024
Unloan Variable
Owner Occupier, Refinance Only, LVR <80%
variable rate
comparison rate
Initial monthly repayment5.99% p.a.5.90% p.a.For refinancers only. Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply in as little as 10 minutes.
CompareCompareUnloan Variable
For refinancers only. Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply in as little as 10 minutes.
- variable rate
- 5.99% p.a.
- comparison rate
- 5.90% p.a.
- variable rate
- 5.99% p.a.
- comparison rate
- 5.90% p.a.
- Upfront fees
- $0
- Ongoing fees
- $0.00
- Discharge Fee
- $0.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $10,000
- maximum borrowing amount
- $10,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Unloan Unloan Variable
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Featured Product
Ultra Low Rate <95% LVR
Owner Occupier, Principal & Interest
variable rate
comparison rate
Initial monthly repayment6.30% p.a.6.58% p.a.Only 5% deposit required to apply. Low upfront costs to pay. No LMI Required. Unlimited Redraw and additional repayments. No Application or ongoing fees. No guarantors or equity sharing required.
CompareCompareUltra Low Rate <95% LVR
Only 5% deposit required to apply. Low upfront costs to pay. No LMI Required. Unlimited Redraw and additional repayments. No Application or ongoing fees. No guarantors or equity sharing required.
- variable rate
- 6.30% p.a.
- comparison rate
- 6.58% p.a.
- variable rate
- 6.30% p.a.
- comparison rate
- 6.58% p.a.
- Upfront fees
- $790
- Ongoing fees
- $0.00
- Discharge Fee
- $795.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 95.00%
- minimum borrowing amount
- $350,000
- maximum borrowing amount
- $2,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Sucasa Ultra Low Rate <95% LVR
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Offset Home Loan
Package, Owner Occupier, LVR<60%, Principal & Interest
variable rate
comparison rate
Initial monthly repayment6.15% p.a.6.40% p.a.Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.
CompareCompareOffset Home Loan
Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.
- variable rate
- 6.15% p.a.
- comparison rate
- 6.40% p.a.
- variable rate
- 6.15% p.a.
- comparison rate
- 6.40% p.a.
- Upfront fees
- $350
- Ongoing fees
- $248.00 yearly
- Discharge Fee
- $400.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- yes
- Maximum loan to value ratio
- 60.00%
- minimum borrowing amount
- $150,000
- maximum borrowing amount
- $10,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Macquarie Offset Home Loan
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OMG Home Loan
Owner Occupier, Principal & Interest, <60% LVR
variable rate
comparison rate
Initial monthly repayment5.99% p.a.6.00% p.a.BCU Bank’s OMG owner occupied home loan offers a variety of great low rates depending on your deposit. Save with no ongoing annual fees. Access your extra payments when you need to through the redraw facility. Pre-approval valid for 3 months.
CompareCompareOMG Home Loan
BCU Bank’s OMG owner occupied home loan offers a variety of great low rates depending on your deposit. Save with no ongoing annual fees. Access your extra payments when you need to through the redraw facility. Pre-approval valid for 3 months.
- variable rate
- 5.99% p.a.
- comparison rate
- 6.00% p.a.
- variable rate
- 5.99% p.a.
- comparison rate
- 6.00% p.a.
- Upfront fees
- $0
- Ongoing fees
- $0.00
- Discharge Fee
- $395.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 60.00%
- minimum borrowing amount
- $100,000
- maximum borrowing amount
- $1,500,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the BCU Bank OMG Home Loan
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Straight Up
Obliterate, Owner Occupier, Principal & Interest, <50% LVR
variable rate
comparison rate
Initial monthly repayment6.24% p.a.6.24% p.a.Get a low variable rate depending on your deposit with Athena’s Straight Up Variable Home Loan. AcceleRATES feature helps you to reduce your home loan even faster (T&Cs apply). Zero fees to pay. Free redraw facility. Handy mobile app to manage your home loan.
CompareCompareStraight Up
Get a low variable rate depending on your deposit with Athena’s Straight Up Variable Home Loan. AcceleRATES feature helps you to reduce your home loan even faster (T&Cs apply). Zero fees to pay. Free redraw facility. Handy mobile app to manage your home loan.
- variable rate
- 6.24% p.a.
- comparison rate
- 6.24% p.a.
- variable rate
- 6.24% p.a.
- comparison rate
- 6.24% p.a.
- Upfront fees
- $0
- Ongoing fees
- $0.00
- Discharge Fee
- $0.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 50.00%
- minimum borrowing amount
- $100,000
- maximum borrowing amount
- $2,500,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Athena Straight Up
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* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.
^See information about the Mozo Experts Choice Home Loan Awards
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