CommBank Green Loan

How does the CommBank's Green Loan work?

Commonwealth Bank's Green Loan allows borrowers to purchase eco-friendly home improvements, helping people to help save the environment and save money on their monthly utilities. Loans are available from a minimum of $5,000 up to a maximum of $30,000. This loan also features an extra-low fixed rate of just 3.99% p.a. that is repayable over a period of 10years.

This loan can enable home owners to purchase 1 or more of the energy-efficient renovations below:

• Solar panels with a system size of 6kW or more
• Solar hot water system with a minimum system size of 250L or more
• Battery packs with a system size of 5kWh or more
• Heat pump hot water system with a system size equal to 250L or more
• Electric vehicle charging station(s)

Borrowers have to be existing CommBank home loan or CommBank investment home loan customers in order to qualify for this loan.

How to apply

To apply for a CommBank Green Loan, you must meet and provide the following:

Eligibility criteria

• Be an existing CommBank home loan or commercial home loan customer with an outstanding balance of $150,000+
• Have the loan to value ratio of the existing home loan/investment home loan plus new CommBank Green Loan not exceed 80%
• Must be purchasing eligible home improvements that are approved by the Green Energy Council
• The installation address of the renovations must match the address of your existing home/investment loan
• Be aged 18 or over
• Have valid ID (driver's licence or passport)
• Be an Australian permanent resident or citizen

Documentation

To prove your eligibility, you will usually be required to provide:

• ID. You'll need to have an Australian driver's licence or passport.
• Proof of address. Utility bills and/or bank statements will usually need to be used prove your address.
• Assets and liabilities. Details of any property you own and any debts you have.
• Income. You may be required to prove that you are employed and how much you earn.

You may also need:

• A "supply and installation quote" on a company letterhead, showing itemised system details, if available.

For more information, contact CommBank directly by clicking "Go to site". Prospective applicants for environmentally friendly loans can also find a range of similar products to compare.

Features of this loan

CommBank offers a range of features on its loan, including the following:

• Ultra-low fixed rate. This loan includes a fixed rate of just 3.99% p.a.
• Secured. This loan must be secured against a property that is not an apartment or a commercial property.
• Eco-friendly purpose. This loan is only available to use on green home renovations, as listed above.
• Existing customers only. You must have a home loan or investment home loan with CommBank with a balance of $150,000 or more in order to qualify for this loan.
• Long loan term. This loan has a longer than average loan term, with repayments expected to be made over a period of 10 years.
• Minimum amount. CommBank Green Loans start from $5,000.
• Maximum loan amount. These loans have a maximum amount of $30,000.
• Penalty free early repayments. If you wish to save money over the life of your loan by making additional repayments or paying off your loan early, you can do so without charge.
• No redraw facility. If you do choose to make additional repayments on your loan, you will not be able to access this money via a redraw facility.

How much does the CommBank Green Loan cost?

The following rates and fees are associated with this loan:

• Establishment fee. There is no establishment fee with this loan.
• Monthly fees. There are no monthly fees with this loan.
• Early repayment fee. If you wish to repay your loan before the 10 year period is up, you will not be charged anything extra.
• Interest rate. Fixed interest rate of 3.99% p.a.
• Comparison rate. From 3.99% p.a.
• Late payment fee. If you fail to meet your repayments on time, you may be charged a fee.

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