According to the Australia Institute’s Climate & Energy Program, 75% of people are concerned about climate change and an incredible 82% of Australians support the phase-out of coal-fired power stations in order to protect the environment. It’s clear to see that Australians are moving towards a brighter, more environmentally-friendly future — and we’re here to support that.
Like the rest of Australia, we’re concerned about climate change and we want to do our part to help Australia slow climate change. With this in mind, we’ve introduced two Green Home Loans to reward our eco-conscious members and encourage more homeowners to build, buy or renovate their energy-efficient homes.
The reward: a discounted loan and lower interest rates than a standard Home Loan and the knowledge that you’ve made steps to reduce your home’s carbon footprint.
In this article, we explain the ins and outs of Green Home Loans and how to become eligible for this flexible, affordable Home Loan option.
What is a Green Home Loan, exactly?
A Gateway Green Home Loan offers everything a traditional Home Loan does — flexible features, competitive rates, an offset account and more — but it is specifically designed for properties that have energy-efficient, environmentally sustainable features.
You can also feel good knowing that the interest from your loan does not fund industries and/or activities that cause significant demonstratable detrimental impacts on the environment, including but not limited to coal, oil, gas exploration, mining or extraction and logging of old forests and businesses that unethically source timber. Read more about our Ethical Banking and Ethical Investing policies here.
What kind of Green Home Loans are available?
We have two kinds of green home loans available: a Green Home Loan and Green Plus Home Loan. Here’s a quick rundown of the benefits and features of each loan.
Green Home Loan
If your home has established environmentally friendly and sustainable features, you’re planning renovations to add them to your home, or you’re planning a new eco-build, you could be eligible for our Green Home Loan!
Under this loan, we’re rewarding borrowers who are doing the right thing for the environment with a minimum 0.15% discount from our Premium Package Variable Rate (LVR up to 80%) Home Loan.
There are three options to be eligible for our Green Home Loan:
- Your home has a Residential Efficiency Scorecard certificate from an accredited assessor and an energy efficiency rating between 4 and 6-stars.
- You are planning to make environmental enhancements to your home. You will need a Residential Efficiency Scorecard certificate from an accredited assessor and an energy efficiency rating between 4 and 6-stars within 12 months of the loan funding date.
- Alongside the usual credit criteria, your home needs to have at least three of the following features:
- Solar panels
- Solar battery storage systems
- Rain/stormwater tank
- Certified double-glazed windows
- 5-Star + electric heating
- External awnings
- Solar pool heating system
- Home insulation that meets government standards
- Energy efficient LED lights in over 75% of the property
- Split systems, evaporative cooler or star-rated zoned air conditioning units with either a minimum energy rating 4/6 stars or minimum 6/10 stars.
Green Plus Home Loan
If you are buying, refinancing, building or upgrading your home to a 7-Star NatHERs or Residential Efficiency Scorecard rated home, our Green Plus Home Loan could be for you. We want to reward borrowers who are taking steps to reduce their impact on the environment — under this loan, we’re offering a minimum 0.25% discount off our standard Premium Package Home Loan rate. You’re eligible for a Green Plus Home Loan if:
- Your home has a NatHERS (evidenced by a certificate from a NatHERS assessor)
- Your home has a Residential Efficiency Scorecard (RES) rating of 7-Stars or higher for energy efficiency (evidenced by a certificate from a RES assessor)
- You have construction plans that have been certified with either NatHERS or a RES rating.
- You are in the ACT and have a certificate from a rater licensed in the ACT showing at least a 7-Star rating in the relevant energy rating system.
Apply for a Green Home Loan online today with Gateway Bank
Eligible for a Green Home Loan? Apply online now with Gateway Bank! All you need to do is fill out our online application and provide evidence of your eligibility, and we’ll be in touch to discuss your application. Soon enough, you’ll be moving into, building or renovating your energy-efficient home — and we’ll be there to support you along the way.
Alternatively, contact us now for more information about Green Home Loans and your eligibility. Our team would be more than happy to provide more details and talk you through the application process.