Commonwealth Bank has announced the Green Home Offer, providing eligible home loan customers with access to a low standard variable rate if their home meets certain sustainability and energy efficient criteria.
The CommBank Green Home Offer is a low 1.99% p.a.^ Standard Variable Rate (2.45% p.a. Comparison rate*) for Owner Occupiers making Principal and Interest repayments with a Wealth Package and at least a 20 per cent deposit. The Green Home Offer is also available to other eligible borrowers – interest rates available on application.
CommBank’s Executive General Manager of Home Buying, Dr Michael Baumann, said: “We want to reward new and existing customers who are taking actionable steps to reduce their environmental footprint by investing in homes that are efficient, comfortable and healthier for them and the environment.
“We expect all residential homes to be built to these standards over the coming years as we move towards a net zero future and by introducing the new Green Home Offer we want to encourage customers to take steps now to protect the environment and their home. We know homes that are well built and energy efficient are good for the environment whilst significantly reducing living costs and improving the wellbeing of homeowners.”
CommBank customers will be eligible for the Green Home Offer if they meet the following criteria:
- Option 1: Your home is a certified Green Building Council of Australia (GBCA) Green Star Home or;
- Option 2: Your home meets all of the following criteria:
- Nationwide House Energy Rating Scheme (NatHERS) = 7 stars or greater
- Electrified through installation of a heat pump hot water system and no gas
- Solar PV equivalent to the below:
Minimum requirement for solar size relative to size of the house:
- Up to 150m2 = 5.5kWe
- 150 – 250m2 = 7.5kWe
- 250m2+ = 10kWe
CommBank and the GBCA are looking to raise awareness of GBCA’s Green Star Home standard among customers and the industry. The standard is a new rating for volume homebuilders that seeks to create homes that focus on three categories:
- Climate positive: fully electric, draught sealed, energy efficient, and powered by renewables.
- Healthy: ventilated, insulated, with minimal toxins in carpets or paint.
- Resilient: water efficient and climate change ready.
Davina Rooney, CEO of the GBCA: “Australians want better homes that are healthier for their families, lighter on their wallets and better for the planet. We are thrilled to work with Australia’s largest lender, CommBank, to raise awareness of the financial and environmental benefits of building a Green Star Home”.
Dr Baumann added: “With one in four home loans with CommBank, we have a responsibility to provide customers with accessible solutions that reduce their environmental footprint. We already offer customers an ultra-low 10 year fixed rate CommBank Green Loan to finance the installation of eligible renewables on their home, and enable customers to obtain an informative view of how their daily actions impact the environment through our partnerships with Amber and Cogo.”
Customers should speak with their CommBank lender or broker about their eligibility for the new offer and to submit an expression of interest, with applications open in May.