Today, we all understand that global warming, climate change, depletion of the ozone layer and resource depletion are major environmental threats that significantly affect the lives of humans as well as animals on the planet. As responsible persons, it is only prudent that we adopt sustainable living to reduce our impact on the environment, doing our bit to save the planet, and the biodiversity of our country, for posterity.

green home loans

While it might sound like a tall order, even small steps such as changing your light bulbs to CFL or using more natural light in your house are giant leaps towards eco-friendly living.

A few years ago, the Government had introduced the Green Loan Scheme to make it more affordable for Australians to make their homes energy efficient. While the program was scraped off, many banks across the country continue to offer incentives to people who choose to create more energy efficient houses.

Save more with a Green Home Loan

As a home owner in Australia, being environmentally conscious pays in more ways than one. By creating an energy efficient house, not only do you save more on your energy bills but also get access to discounted home loans known as Green Home Loans.

To encourage home buyers to buy or build environment-friendly homes, lenders offer discounted interest rates to borrowers if their homes meet certain criteria such as receiving a seven-star rating, installing solar panels or building an alternative power supply.

In case you are wondering, Green Home Loans work just the same as regular home loans. However, you are required to meet additional criteria laid down by the lenders to be eligible for a Green Home Loan. For example, apart from meeting the minimum environmental standard required in your state, Bendigo Bank requires you to install a minimum of two items from double or triple glazing, solar hot water heater or heat pump, water-storage tanks (min 2,500 L capacity), and roof and wall insulation, apart from an alternative source of power supply. For making these environment-friendly renovations, the bank offers a discount on the standard interest rate and also a waiver of some of the upfront and ongoing costs.

Going ‘green’ offers you several benefits
– Low interest rates, lower power bills in the future and reduced environmental footprint. On the flipside, there might be certain fees associated with setting up the loan that you need to be careful about. As usual, it helps to take expert advice and compare interest rates and fees before taking a decision. Also, do not forget to check the eligibility criteria laid down by each lender to qualify for a Green Home Loan.

Currently, Bendigo Bank, Hunter United, Community First Credit Union and many other banks offer Green Home Loans. Get in touch with our expert brokers online, who will assess your financial condition and put you in touch with lenders that match your home loan requirement.

Think Green. Save More.

By Vidhu Bajaj
HashChing Content Writer

HashChing is helping Australians by providing access to the pre-negotiated home loan deals. Obligation free consultation with one of our partner brokers might save you time, hassle and money.