homeloans.com.au launches a new Green Loan
Due to the growing environmental concerns, lenders have been launching green loans to help customers make their homes more energy-efficient and eco-friendly.
Online lender homeloans.com.au has expanded their sustainability initiatives and joined the growing list of green loans providers.
The Green Loan is for current customers looking to upgrade their homes with energy-efficient enhancements like solar panels, electrical energy storage, battery packs and certain home appliances with energy efficiency of at least 4.5 stars. The loan is used as a top-up to the existing home loan with the lender.
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Customers will benefit from a low introductory rate of 0.89% p.a. (1.73% p.a. comparison rates) for the first five years with loan amounts of up to $25,000. After five years it becomes 2.24% p.a.
Homeloans.com.au chief executive officer Scott McWilliam says: “Switching to clean energy products can help customers save money on their utility bills, and in doing so, they can also reduce their carbon emissions to benefit the environment.”
The average cost for a basic installation for a solar panel system in a home starts at around $3,500 and a system can take about 3-5 years before it pays for itself.
“The Green Loan, our latest initiative, makes credit more accessible to encourage customers to join the movement towards a cleaner, more sustainable future,” says McWilliam.
If you’re one of the many Australians wanting to live a more sustainable lifestyle, check out other ethical options to make your finances green.