CommBank’s new 0.99% Green Loan to help Aussies purchase renewable technology
Commonwealth Bank has announced it will soon be launching a new loan to help Australians adopt renewable technology and make their homes more sustainable.
The CommBank Green Loan comes with a low 0.99% p.a. secured fixed rate, and will be available to CommBank home loan and investment home loan customers looking to install eligible small-scale renewable technologies in their home.
Customers will be able to borrow up to $20,000 to purchase items such as solar panels, battery packs and electric vehicle chargers. According to CBA, there will be no establishment or monthly services fees, and no penalties for early repayment.
CommBank group executive Angus Sullivan said customers who switch to solar energy could see savings of more than $500 per year, which is enough to offset the loan repayments over the long run.
”We have a responsibility to meet the current needs of our customers and the community while operating sustainably for future generations, and our new CommBank Green Loan will make financing more accessible,” he said.
CommBank also noted that eligible technologies must be installed by an accredited technician who can ensure all industry best practice standards and relevant Australian Standards are met.
“Over 2.7 million Australians have installed solar panels on their homes, and it’s a great way to reduce your power bills and reduce your household’s carbon footprint,” said Clean Energy Council’s chief executive, Kane Thornton.
“By choosing a Clean Energy Council Approved Solar Retailer, you will be working with someone who has signed on to the Solar Retailer Code of Conduct and uses designers and installers who are accredited by the Clean Energy Council.”
A pilot program will commence this month with national rollout of the CommBank Green Loan planned for May 2021. In the meantime, customers can register their interest at the Commbank website.
Home loan comparisons on Mozo - last updated February 20, 2021
Smart Booster Home Loan
1 Year Discounted Variable Rate, Owner Occupier, Principal & Interest, <80% LVR
interest rate
comparison rate
Initial monthly repayment
1.99% p.a.variable for 12 months and then 2.48% p.a. variable2.47% p.a.CompareCompareSmart Booster Home Loan
A super low introductory rate home loan with no monthly or ongoing fees. Unlimited free redraws and unlimited additional repayments to help you build your equity and own your home sooner. Multiple loan splits available. (Rates revert after introductory period ends). 20% minimum deposit required.
- interest rate
- 1.99% p.a.variable for 12 months and then 2.48% p.a. variable
- comparison rate
- 2.47% p.a.
- Upfront fees
- $520
- Ongoing fees
- $0.00
- Discharge Fee
- $0.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- Optional - with 0.10% additional interest
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $50,000
- maximum borrowing amount
- $1,000,000
- 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 Smart Booster Home Loan
Celebrate Variable Home Loan
<60% LVR, Owner Occupier, Principal & Interest
interest rate
comparison rate
Initial monthly repayment
2.19% p.a. variable2.19% p.a.CompareCompareCelebrate Variable Home Loan
Fast online application with no fees. Free extra repayments and redraw facility. Min 40% deposit. Crowned Best New Home Loan for 2020 by the Mozo Experts.^
- interest rate
- 2.19% p.a. variable
- comparison rate
- 2.19% 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
- 60.00%
- minimum borrowing amount
- $100,000
- maximum borrowing amount
- $2,000,000
- 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 Celebrate Variable Home Loan
Special Offer Reward Me Fixed Rate Home Loan
Owner Occupier, LVR <80%, 300k+
interest rate
comparison rate
Initial monthly repayment
2.04% p.a.
fixed 3 years2.73% p.a.CompareCompareSpecial Offer Reward Me Fixed Rate Home Loan
Enjoy $3,000 cashback when you refinance with Virgin Money (T&Cs apply). Additional repayments up to $10,000 per annum. Reverts to the discounted variable rate on expiry of the fixed term.
- interest rate
- 2.04% p.a.
fixed 3 years
- comparison rate
- 2.73% p.a.
- Upfront fees
- $450
- Ongoing fees
- $10.00 monthly
- Discharge Fee
- $350.00
- Extra repayments
- yes - up to $10,000 per annum
- Redraw facility
- no
- Offset account
- no
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $300,000
- maximum borrowing amount
- -
- type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- $3,000 cashback for new borrowings of at least $300,000, applications by 26 Feb 2021, settled by 28 May 2021.
Read our Mozo Review to learn more about the Special Offer Reward Me Fixed Rate Home Loan
Discount Great Rate Home Loan (Fixed, Owner Occupier, Principal & Interest)
LVR<90%, over $150k
interest rate
comparison rate
Initial monthly repayment
1.69% p.a.
fixed 1 year3.49% p.a.CompareCompareDiscount Great Rate Home Loan
Get one of the lowest rates on the market with this fixed rate mortgage. Available with just a 10% deposit. Guarantor option available. NSW, QLD and ACT residents only. Mozo Experts Choice Awards - Home Lender Bank of the Year 2020.^
- interest rate
- 1.69% p.a.
fixed 1 year
- comparison rate
- 3.49% p.a.
- Upfront fees
- $180
- Ongoing fees
- $0.00
- Discharge Fee
- $300.00
- Extra repayments
- yes - fee applies
- Redraw facility
- yes
- Offset account
- no
- Maximum loan to value ratio
- 90.00%
- minimum borrowing amount
- $150,000
- maximum borrowing amount
- -
- type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Discount Great Rate Home Loan
Basic Home Loan
Fixed, Owner Occupier, Principal & Interest, LVR 70-80%
interest rate
comparison rate
Initial monthly repayment
2.09% p.a.
fixed 2 years2.56% p.a.CompareCompareBasic Home Loan
Get a flexible loan structure with up to six loan accounts with different rate types. Make free extra repayments. Enjoy free redraw facility. No upfront or ongoing fees. Option to earn Qantas points.
- interest rate
- 2.09% p.a.
fixed 2 years
- comparison rate
- 2.56% p.a.
- Upfront fees
- $0
- Ongoing fees
- $0.00
- Discharge Fee
- $400.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $150,000
- maximum borrowing amount
- $750,000
- type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Basic Home Loan
^See information about the Mozo Experts Choice Home Loans Awards
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