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 purchase and install renewable technologies in your home.

The loan is available for up to 10 years at a fixed rate and is designed to help people purchase and install eligible small-scale renewable technologies such as solar panels and inverters, batteries and vehicle charging stations electrical.

“CommBank’s Green Loan offers a guaranteed fixed rate loan of 0.99% per annum to eligible CommBank customers to finance up to $20,000 of renewable energy repaid over 10 years with no setup, monthly service or prepayment,” said Angus Sullivan, Group Director of CommBank. .

“For most customers, they will see their energy bill drop by more than $500 a year, according to CSIRO and the Nationwide House Energy Rating Scheme, if they switch to solar power, which will offset the full payback. long-term lending. As Australia’s largest lender, we want to help as many customers as possible to make their homes more sustainable.”

Can you access the new Green Loan? To be eligible, you must:

  • Be an existing CommBank customer
  • Have a qualifying CommBank home loan or investment property loan
  • Purchase renewable technology for the property which is used as collateral for the existing home loan
  • Register your interest at 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 nationwide rollout planned for May 2021.

If the wait may be a little too long to start saving money on your electricity bills, you can compare your current energy plan today with the best deals on the market.

In one state (NSW), we found a difference of $480 per year between the average electricity bill1 people paid and the cheapest electricity plan at the time2.

That’s why it’s so important to compare your plan regularly – so you never pay more than necessary.

1. Average bills by state are based on Finder’s Consumer Sentiment Tracker. Finder’s Consumer Sentiment Tracker takes responses from 16,000 Australians to come up with an average figure. These figures were last verified in August 2020. We will continue to update this data.

2. Are you paying too much for electricity?

Previous EIB enters French offshore wind market with EUR 450m loan
Next Online gold loan market Rupeek pays out ₹1,000 cr in 3 years