Commonwealth Bank is pleased to continue its partnership with the Clean Energy Finance Corporation (CEFC) to deliver ongoing discounts to eligible home owners through its Green Home Offer.
Under the partnership, the CEFC has committed a further $125 million in support of CommBank’s Green Home Offer to help improve energy efficiency in new and renovated homes.
Launched in May 2022, the Green Home Offer provides eligible home loan customers with access to a low standard variable rate on their entire loan if their home meets certain sustainability and energy efficient criteria.
The Green Home Offer represents one of the most competitive home loan rates on the market – with the discounted rate applying to the entire home loan, not just a smaller ‘green’ portion used to fund sustainable upgrades.
Speaking about the Green Home Offer, Commonwealth Bank’s Executive General Manager Home Buying, Michael Baumann, said the bank was committed to rewarding 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 the environment.
“While we expect all residential homes to be built to these standards over the coming years as we move towards a net zero future, our Green Home Offer encourages 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 also significantly reducing living costs and improving the wellbeing of homeowners. The Green Home Offer makes those decisions more affordable and compelling” Dr Baumann said.
The Green Home Offer is available to customers who build or renovate to meet the ‘Green Star’ Home Standard requirements established by the Green Building Council of Australia (GBCA). Customers whose homes meet criteria developed by the Commonwealth Bank with the GBCA and CEFC to align with, but are not certified under, ‘Green Star’ standards are also eligible.
CEFC CEO Ian Learmonth said the organisation was pleased to be working with Australia’s largest retail bank to help make Australian homes more resilient to climate change and support home owners facing rising energy bills.
“A discounted Green Home Offer is a powerful tool to drive down emissions, reduce energy use and create homes that are fit for the future. The CEFC has been one of the earliest backers of green home initiatives, with this latest investment bringing our total commitment to $350 million since 2020,” he said.
In addition to its Green Home Offer, CBA has also recently launched new green discounts, providing customers who are considering taking out a personal loan to make eligible sustainable purchases – like an electric car, solar panels or battery pack – with lower interest rates.
Further, the CommBank Green Loan – a low secured fixed interest rate loan – is available to eligible CommBank customers to fund up to $20,000 in renewables and repaid over 10 years with no set up, monthly service or early repayment charges.
For more information about the Green Home Offer, Green Loan or new Green Discounts, visit CBA’s Sustainability Hub.
Things you should know: Media releases are prepared without considering an individual readers objectives, financial situation or needs. Readers should consider the appropriateness to their circumstances. Visit Important Information to access Product Disclosure Statements or Terms and Conditions which are currently available electronically for products of the Commonwealth Bank Group, along with the relevant Financial Services Guide. Target Market Determinations are available here. Loan applications are subject to credit approval. Interest rates are correct at the time they are published and are subject to change. Fees and charges may apply.
Go to CBA Newsroom for the latest news and announcements from Commonwealth Bank.
