With an increasing number of consumers wanting to buy electric vehicles, add solar panels, and others building more energy efficient homes, many banks now offer special ‘green’ loans.
Fun fact, did you know buildings account for up to 23% of Australia’s total emissions. Crazy huh? Well, some banks are finally doing something about it.
Often, these green loans have lower interest rates and more favourable borrowing terms than traditional loans because some lenders are keen to support the transition to a cleaner economy. In most cases, to qualify you just need to show you have made some green improvements, like solar panels, or if building a new home, at least a 7-star rating. If you are building in NSW after 1 October 2023, that won’t be hard as all new builds after this date will have to be at least 7-stars! Rate discount anyone?
Depending on the lender, you can opt for a green loan and get a great discount to finance the purchase of:
- Electric vehicles (EVs)
- EV charging stations
- Hybrid vehicles
- Solar panels
- Battery systems
- Solar hot water systems
- Heat pumps
- Energy-efficient appliances
- Home upgrades that assist with reducing the carbon footprint
- Newly built homes from 7 stars and up
As always, conditions apply, and different lenders have different credit requirements. That’s why you need to speak to experts in this area, like us.
Set-up a free chat today to see if doing your part for the environment will also get you a much better interest rate.
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