Commonwealth Bank has recently released a "Green Loan" to help property owners buy and install eligible clean energy products such as solar panels, battery packs and solar hot water systems at the property secured by their existing home loan.
What you’ll get:
Ultra low-rate loan to be repaid over 10 years
The flexibility to make additional payments or pay off your loan sooner with no fees or penalties
$0 establishment fee
$0 monthly loan service fees
Borrow from $5,000 to $20,000 to fund the purchase and installation of eligible clean energy products.
Eligible clean energy products
You can use a CommBank Green Loan to buy and install one or more of the eligible clean energy products listed below.
Solar panels with a system size equal to or greater than 6 kilowatts (kW) (and inverter if applicable)
Battery packs with a system size equal to or greater than 5 kilowatt-hour (kWh)
Solar hot water system with a minimum system size equal to or greater than 250 litres (L)
Heat pump hot water system with a system size equal to or greater than 250L
Electric vehicle charging station(s)
Keep in mind, solar panels (and inverters) and battery packs must be installed by a retailer and/or installer approved by the Clean Energy Council. This helps ensure the chosen systems meet all relevant Australian standards.
Are you eligable?
If you’re an existing CommBank home loan customer, you can apply for the CommBank Green Loan provided your current loan meets the conditions below:
Existing eligible home loan balance of $150,000 or more (not including your available redraw balance);
The loan is secured against a single property and is not an apartment or commercial property;
The loan to value ratio of the existing home or investment home loan plus new CommBank Green Loan does not exceed 80%;
The installation address of the eligible small-scale renewables matches the address we have listed as security for your home loan or investment home loan.
If you don't currently have a home loan with CBA but would like to take advantage of this loan product then contact us today for some help. Alturnativly if you would just like some more information on the loan product then you know where we are.
*Comparison rate calculated on a $30,000 secured loan over a 5-year term. WARNING: Comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.