CommBank renews sustainability commitments with green loans, discounts

CommBank has renewed its commitment to support sustainability efforts by offering eligible discounts to homeowners with its new partnership with Clean Energy Finance Corporation (CEFC).

Under the partnership, CEFC will be committing another $125m to support CommBank’s Green Home Offer, which can help improve energy efficiency in new and renovated homes.

CommBank launched the Green Home Offer in early 2022, which was initially launched with a low standard variable rate.

The Green Home Offer is open to borrowers who build or renovate to meet the “Green Star” Home Standard requirements established by the Green Building Council of Australia (GBCA).

Borrowers whose homes meet the criteria under GBCA and CEFC but are noy certified under the “Green Star” standard are also eligible.

The discounted rate under the Green Home Offer applies to the entire home loan, not just a smaller portion used to fund “green” upgrades.

CommBank also rolled out new green discounts specifically for borrowers who would like to take out a personal loan to make eligible sustainable purchases, such as for an electric car, solar panels, or battery pack.

On top of these, the CommBank Green Loan – a low secured fixed interest rate loan – is available to eligible borrowers to fund up to $20,000 in renewables and repaid over 10 years with no set up, monthly service or early repayment charges.

CommBank executive general manager for home buying Michael Baumann said the Green Home Offer represents the bank’s commitment to rewarding new and existing customers taking actionable steps to reduce their environmental footprint.

“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,” he said.

“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.”

CEFC CEO Ian Learmonth said the recently launched products from CommBank would help promote resilient homes and support homeowners facing rising energy costs.

“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 $350m since 2020,” he said.