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 comparison 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.
* 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.
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