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Commonwealth Bank of Australia (CBA) has extended its Green Loan product to allows eligible home loan customers across the country to make their homes more environmentally friendly.
CBA’s Green Loan, which was first launched as a pilot program in February, is now available nationally for up to 600,000 of the bank’s customers – a move CBA says will empower more Australians to “reduce and offset their emissions through affordable and sustainable housing solutions.”
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The Green Loan allows eligible customers to purchase and install up to $20,000 worth of clean energy products by offering an historically low 0.99% per annum secured fixed rate over 10 years with no establishment fee, monthly loan service fee, or early repayment fees.
“With over 11 million retail customers, and more than 25% of the home loan market with the CBA Group, we have a responsibility to provide solutions for customers that reduce their environmental impact, and the Green Loan is an important step towards helping our customers and communities move to cheaper, clean energy technologies,” said Angus Sullivan, group executive of CBA. “The Green Loan is our first customer-facing product and I’m excited because we have been doing a lot of work in this space and have some exciting announcements coming.”
CBA has also launched an online “Sustainability Hub” to educate customers about clean energy and help them reduce their environmental footprint – a resource that the bank says will “provide them with the information necessary to take advantage of products such as the Green Loan.”
“We know that there is a lot of information out there, and for some customers this is a barrier to taking that next step and investing in renewables,” said Sullivan. “Our new hub will be regularly updated with a range of resources to inform customers and hopefully help them live a more sustainable life.”
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