NAB has today announced the launch of lower variable rates for eligible^ home loan customers on homes that meet energy efficient criteria.
Customers with a deposit of less than 20% will benefit from:
- A lower Base Variable Lending Rate, with a discount of up to 1.00% p.a.*on their home loan.
- 5% rate reduction on the cost of Lenders Mortgage Insurance (LMI) through NAB’s insurance partner QBE.
The offer is available to customers purchasing new or existing homes or refinancing. The property must meet minimum criteria that the property has at least a NatHERS 7-star rating or a Green Building Council of Australia Green Star rating.
NAB Executive Home Ownership, Andy Kerr said the move is an important step in addressing cost of living pressures through energy efficiency at the same time as helping customers manage their personal climate impact.
“These days, people building or buying a new home are prioritising sustainable features and energy efficient designs. We also know that homes with these features help homeowners reduce their living costs which is absolutely critical right now,” Mr Kerr said.
“While NAB has been active in financing renewable energy projects, it’s great this focus has now reached our home loan customers.
“We are making it easier for customers to reduce energy bills and home loan repayments with the choices they make on the type of home that they buy.
“Making buildings more sustainable is essential to addressing climate change. With Australian homes contributing more than 15%** to Australia’s total emissions, this is a small but important move in the right direction.
“This will also provide first home buyers with additional support to enter the housing market by reducing the cost of lenders mortgage insurance.”