Bank Australia Makes Home Electrification More Affordable for Australians
Bank Australia is leading the way in helping Australians transition to all-electric homes with its innovative Clean Energy Home Loan, making home electrification more affordable and accessible than ever before.
The Clean Energy Home Loan Advantage
Bank Australia's Clean Energy Home Loan offers customers significant savings while supporting the transition to cleaner energy. This customer-owned bank has updated its award-winning loan criteria, providing reduced interest rates on mortgages for up to five years when customers buy, build, or upgrade energy-efficient homes. For instance, a $500k loan under the Clean Energy Home Loan Renovate could save customers $2,856 annually or $238 on monthly repayments.
Environmental and Economic Impact
Residential buildings in Australia account for approximately 24% of total electricity use and 10% of carbon emissions. With over half of Australians concerned about climate change, Bank Australia's initiative addresses both environmental and economic concerns. The bank has already financed nearly 500 green homes across Australia, contributing to a collective effort towards a cleaner future.
Customer Success Story
Meg and Pat, Bank Australia customers and first-time homeowners, successfully transitioned their Geelong home entirely off gas within a year using the Clean Energy Home Loan and Eco Pause feature. This allowed them to install various electric products incrementally while taking breaks from mortgage repayments to redirect funds towards eco-upgrades. They utilized government rebates to install a solar system, hot water heat pump, reverse cycle air conditioning, induction cooktop, and a PowerPal energy monitoring system.
Health and Cost Benefits
Transitioning homes off gas not only reduces emissions but may also offer health benefits. Research by Environment Victoria indicates that Aussies can save thousands of dollars in the process. In Victoria, electric heating is either cheaper upfront or pays for itself in bill savings within less than a year in four different scenarios.
Bank Australia's Commitment
Bank Australia remains dedicated to supporting customers in their transition to all-electric homes, viewing it as a critical step towards decarbonizing the Australian economy and achieving its ambitious net-zero goal by 2035. The bank is backing $100 million in green loans for customers under a $50 million commitment from the Clean Energy Finance Corporation via the Household Energy Upgrades Fund.
About Bank Australia
Bank Australia is a customer-owned institution and certified B Corp aiming to be Australia's most trusted bank. With over 190,000 customers and custodians of over $11.7 billion in assets, the bank focuses on lending and investments that benefit people and the planet.
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