CommBank has announced that its Green Loan is now available for up to 600,000 customers across the country, empowering more Aussies to reduce and offset their emissions through affordable and sustainable housing solutions.
Since announcing the pilot of the loan in February, CommBank has funded or in the process of funding nearly $4 million worth of clean energy products. And when looking at the funded Green Loans, CBA estimates customers have already reduced emissions by 60 tonnes.
Commonwealth Bank Group Executive Angus Sullivan said: “With over 11 million retail customers and more than 25 per cent of the home loan market with the CBA Group, we have a responsibility to provide solutions for customers that reduce their environmental impact and the Green Loan is an important step towards helping our customers and communities move to cheaper, clean energy technologies.”
The CommBank Green Loan makes it easier for eligible customers to purchase and install up to $20,000 worth clean energy products by offering an historically low 0.99% p.a. secured fixed rate over 10 years with no establishment fee, monthly loan service fee or early repayment fees.
CommBank has also launched a Sustainability Hub to educate customers about clean energy and help them reduce their environmental footprint . This resource will provide them with the information necessary to take advantage of products such as the Green Loan.
Mr Sullivan continued: “That is why today we launched a new Sustainability Hub. We know that there is a lot of information out there and for some customers this is a barrier to taking that next step and investing in renewables. Our new hub will be regularly updated with a range of resources to inform customers and hopefully help them live a more sustainable life.”
As part of our climate strategy, we are also looking at how else we can enable customers to reduce their environmental footprint. We know that our customers are looking for solutions for electric vehicle financing for example and we are actively exploring this.
According to Angus Sullivan: “The Green Loan is our first customer-facing product and I’m excited because we have been doing a lot of work in this space and have some exciting announcements coming. In May, we announced a partnership with Amber, a new type of energy retailer, giving customers direct access to the real-time energy price for a monthly subscription fee and all energy is carbon neutral. This partnership, alongside our Green Loan, will provide more value for our home loan customers by empowering them to access clean energy products and save more on their energy.”