CommBank 0.99% Green Loan: Can you get it?
Commonwealth Bank has announced a new green loan with an interest rate of just 0.99%, which you can use to buy and install renewable tech in your home.
The loan is available for up to 10 years on a fixed rate, and is designed to help people purchase and install eligible small-scale renewable technology such as solar panels and invertors, battery packs and electric vehicle charging stations.
"The CommBank Green Loan offers an historically low 0.99% p.a. secured fixed rate loan for eligible CommBank customers to fund up to $20,000 in renewables repaid over 10 years with no set up, monthly service or early repayment charges," says CommBank's group executive Angus Sullivan.
"For most customers, they will see their energy bill drop by over $500 per year, according to the CSIRO and Nationwide House Energy Rating Scheme, if they switch to solar which will offset total repayments of the loan in the long-term. As Australia's largest lender, we want to help as many customers as possible make their homes more sustainable."
Can you access the new Green Loan? To be eligible, you must:
- Be an existing CommBank customer
- Have an eligible CommBank home loan or investment home loan
- Purchase renewable technology for the property that is used as security for the existing home loan
- Register your interest at commbank.au/greenloan. Customers eligible to participate in the pilot will also receive an invitation directly from CommBank to apply for the loan.
The CommBank Green Loan will launch with a pilot program this month, with a national rollout scheduled to kick off in May 2021.
If May is a little too long to wait to start saving money on your electricity bills, you can compare your current energy plan today against the best deals in the market.
In one state (NSW), we found a difference of $480 per year between the average electricity bill1 people were paying and the cheapest electricity plan at the time2.
That's why it's so important to compare your plan regularly – so you're never paying more than you need to.
1. Average bills per state are based on Finder's Consumer Sentiment Tracker. Finder's Consumer Sentiment Tracker takes responses from 16,000 Australians to get an average figure. These numbers were last checked in August 2020. We will continue to update this data.