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  1. Home
  2. Property

How you can save money on your home loan by going green

An eco-friendly home can get you a cheaper rate. - by Laura Barry
  • 17 Jan 2020

WATCH: You can now walk through your dream home before it’s even built with this new tech

Are you planning to buy or build a new home this year? Then you might want to consider going green and investing in an eco-friendly residence, as it can now save you money on your home loan.

The federal government’s Clean Energy Finance Corporation has invested $60 million into a green home loan program for borrowers whose potential homes meet specific criteria, and the first lender who is participating in the scheme is Bank Australia.

The financial institution is now providing the Bank Australia Clean Energy Home Loan which allows eligible applicants access to a 0.04% discount on their home loan interest rate for up to 5 years, given the mortgage is below $1.5 million.

To be eligible for the Clean Energy Home Loan the property you plan to buy or build must achieve a minimum of 7 stars according to the Nationwide House Energy Rating Scheme. Keep in mind, the minimum standard in most states and territories is 6 stars, so you’ll need to do your homework.

If you’re interested in the loan, it is currently available via Bank Australia's Premium Package Home Loan for new and existing customers, including refinancers.   

white house
Getty

Lower interest rates are also available to borrowers with a loan-to-value ratio of below 70%. You can get a 2.44% two or three-year fixed rate, depending on your financial circumstances. The Clean Energy Home Loan is also available at a variable rate of 2.78% p.a. (3.39% p.a. comp rate) for those borrowing over $500,000 at an LVR of less than 70%.

Not planning to buy or build? Just be patient, and you, too, might be rewarded. Bank Australia has said that it plans to extend the benefits of the Clean Energy Home Loan for existing homeowners that add eligible sustainable upgrades to their home, such as energy monitoring and energy storage systems, solar hot water and energy efficient air conditioning.

So, why not save yourself some money – and the environment – by investing in a home with a high clean energy rating?

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Laura Barry
Laura Barry
Laura Barry is a writer, bookworm and interior design enthusiast with a love for reporting on all things homes, travel and lifestyle. When not tapping away at her keyboard, Laura can be found making endless cups of tea or perusing the shelves of Sydney’s many bookstores.

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YOU’LL NEED A WEDGE TO HANG THAT DOOR
Watch 6:32

YOU’LL NEED A WEDGE TO HANG THAT DOOR

{headline}

{headline}

5 legal ways to reduce your capital gains tax on investment property

5 legal ways to reduce your capital gains tax on investment property

This is how long it takes to save a home deposit in Sydney

This is how long it takes to save a home deposit in Sydney

The potential property hotspots for 2020

The potential property hotspots for 2020

The January 2020 changes all first home buyers need to know about

The January 2020 changes all first home buyers need to know about

{headline}

{headline}

Why you should reconsider hosting an open house inspection

Why you should reconsider hosting an open house inspection

Three things you should never do at an open house inspection

Three things you should never do at an open house inspection

Simple things you can do to increase the value of your home

Simple things you can do to increase the value of your home

{headline}

{headline}

How to keep your Airbnb property booked all year round

How to keep your Airbnb property booked all year round

3 ways to pay off your home loan faster

3 ways to pay off your home loan faster

The first mistake all first homebuyers make

The first mistake all first homebuyers make

How to know if a home isn’t worth the listed price

How to know if a home isn’t worth the listed price

The suburbs in Australia where it’s cheaper to buy than rent

The suburbs in Australia where it’s cheaper to buy than rent

Mortgage words first home buyers need to know

Mortgage words first home buyers need to know

How to find the right suburb for your ‘forever’ home

How to find the right suburb for your ‘forever’ home

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