Fixed rates for Bank Australia’s Clean Energy Home Loan fall below 2%!
For the first time ever, fixed home loan rates now start with a 1! That’s right, the Bank Australia Clean Energy Home Loan now sits at a rock bottom 1.79% p.a. (3.10% p.a. comparison rate*) for a three year fixed rate home loan. This comes not long after the Reserve Bank’s emergency cash rate cut in mid-March.
Who is eligible for Bank Australia’s Clean Energy Home Loan?
Bank Australia introduced its Clean Energy Home just a few short months ago as an incentive for Australians looking to purchase or build a more environmentally friendly home.
The details of the loan are pretty much the same as Bank Australia’s Premium Home Loan, but with a 0.40% annual interest rate discount if you can meet the relevant criteria. To get the discount, your home will need to achieve a minimum rating under one of the following energy efficiency schemes:
- 7 plus star NatHERS rating (Nationwide House Energy Rating Scheme)
- 7 plus star Residential Efficiency Scorecard (excludes the impact of installed/installing rooftop solar)
- Passive House Certification
- Green Star - Design & As Built v1.2 score 8 points or more on the credit ‘15 Greenhouse Gas Emissions’
Exactly how low are Bank Australia’s fixed rates now?
With Bank Australia’s Clean Energy Home Loan you can opt to fix your rate for 1, 2, 3, or 5 years. Granted you are eligible for the 0.40% annual interest rate discount, fixed rates for owner-occupier, principal and interest loans with an LVR of 70% start from the following low rates:
- 1 year fixed rate - 1.84% p.a. (3.30% p.a. comparison rate*)
- 2 year fixed rate - 1.79% p.a. (3.09% p.a. comparison rate*)
- 3 year fixed rate - 1.79% p.a. (3.10% p.a. comparison rate*)
- 5 year fixed rate - 2.89% p.a. (3.41% p.a. comparison rate*)
In fact, with such low rates, this is the first time ever that fixed home loan rates have fallen to below 2%!^ Plus, if you’re looking to take out a loan with an LVR between 70% and 90% you may still be able to get a loan in the 1% range, with 3 year fixed rates for this size deposit starting from 1.84% p.a. (3.18% p.a. comparison rate*).
Mozo Experts Choice Award winning home loan!
On top of offering some of the lowest fixed home loan rates around, Bank Australia’s Clean Energy Home Loan also won a Mozo Experts Choice Award this year!
Every year Mozo’s team of data experts compare home loans available in Australia to determine which ones really are offering borrowers more competitive rates and lots of useful features. Impressed with the bank’s eco-friendly home loan, our expert judges awarded Bank Australia’s variable rate Clean Energy Home Loan the inaugural Mozo Experts Choice Award for best Green Home Loan.
Is there anything else I should know?
This home loan package comes with a number of extra features including an offset account, the ability to make up to $20,000 worth of extra repayments each year, a free redraw facility and the possibility to apply for repayment holidays.
Of course, as with most premium home loan packages, Bank Australia’s Clean Energy Home Loan does come with an annual fee. So you’ll want to make sure the $350 yearly fee is worth it to access all the extra features and eco interest rate discount.
Keen to check out more fixed rate home loans? With rates falling everyday now might be the time to take stock of what’s out there and you can do just that by heading to Mozo’s compare fixed home loans page.
Fixed home loan comparisons on Mozo
-
Fixed Home Loan
- Owner Occupier
- Principal & Interest
- LVR <95%
Go to site- Interest rate
-
5.69
%
p.a.
Fixed 3 years
- Comparison rate
-
6.28
%
p.a.
- Initial monthly repayment
-
$2,899
Get the security of a competitive fixed rate home loan for 2 years with IMB. Get up to $4,000 cashback (T&Cs apply). Up to 12 months repayments in advance without penalties. Free Internet and Mobile Banking redraws (T&Cs apply). Up to a 30 year loan term. Split loan available. No offset account.
- interest rate
-
1 year - 6.19% p.a. (6.45% p.a.*)
2 years - 5.69% p.a. (6.34% p.a.*)
3 years - 5.69% p.a. (6.28% p.a.*)
4 years - 5.89% p.a. (6.30% p.a.*)
5 years - 5.89% p.a. (6.27% p.a.*)
- Fixed loan revert rate
-
6.34% p.a.
- Upfront fees
-
$799
- Ongoing fees
-
$6.00 monthly
- Discharge Fee
-
$350.00
- Package
-
-
- Maximum loan to value ratio
-
95.00%
- minimum borrowing amount
-
$10,000
- maximum borrowing amount
-
$5,000,000
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
$2,899
- Extra repayments
-
yes - free up to 1 year in advance
- Redraw facility
-
yes - free
- Minimum redraw amount
-
$500.00
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
Monthly fee only applies to fixed period of loan.
- Other benefits
-
-
- Special Offers
-
$4,000 cashback for loans $750,000 and above with a maximum LVR of 80%, settled within 90 days of application for refinancers or 180 for purchase loans. $3,000 for loans between $500k and $749k, $2,000 for loans between $250k and $499k.
Read reviews and learn more about IMB Bank home loans
Go to site -
Fixed Rate
- Owner Occupier
- Principal & Interest
- <80% LVR
- Interest rate
-
5.74
%
p.a.
Fixed 3 years
- Comparison rate
-
6.81
%
p.a.
- Initial monthly repayment
-
$2,915
Enjoy up to $3000 cashback for eligible first home buyers and $2000 cashback for refinancers on eligible home loans with the ANZ Fixed Rate Home Loan. Get the security of repayment certainty with a competitive locked in rate. No ongoing fees to pay. Offset account on 1-year fixed loans ($10/month fee applies). Interest-only payments allowed.
- interest rate
-
1 year - 6.14% p.a. (7.13% p.a.*)
2 years - 5.74% p.a. (6.94% p.a.*)
3 years - 5.74% p.a. (6.81% p.a.*)
4 years - 5.89% p.a. (6.75% p.a.*)
5 years - 5.99% p.a. (6.69% p.a.*)
- Fixed loan revert rate
-
7.24% p.a.
- Upfront fees
-
$160
- Ongoing fees
-
$0.00
- Discharge Fee
-
$160.00
- Package
-
-
- Maximum loan to value ratio
-
80.00%
- minimum borrowing amount
-
$20,000
- maximum borrowing amount
-
-
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
$2,915
- Extra repayments
-
yes - free up to to lesser of 5% of original fixed loan amount, or $5,000 each year
- Redraw facility
-
no
- Minimum redraw amount
-
-
- Offset account
-
Optional - $10 per month - 1 year fixed term only
- Split account
-
yes
- Other restrictions
-
-
- Other benefits
-
No monthly fee after end of fixed rate term. Lock your fixed rate for 90 days for a fee of $750 per $1m in lending (or part thereof).
- Special Offers
-
$3,000 cashback for eligible First Home Buyers borrowing $250k+, $2,000 cashback when you refinance loans of $250k+, <80% LVR, settle within 180 days for first home buyers, 120 days for refinances. Excludes refinances from ANZ, ANZ Plus and Suncorp.
Read reviews and learn more about ANZ home loans
Interested in an ANZ home loan? Lendi specialists can help you refinance your home loan.
Compare 25+ lenders with our trusted partner, Lendi.
Book an appointment and enter the draw to win $30K (T&Cs apply)
Your selected home loans
^This is the first time fixed home loan rates in the Mozo database have fallen to below 2%.
* 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
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.