Suncorp’s Green Upgrades Home Loan product offers eligible Suncorp Bank home loan customers the ability to finance eligible eco-friendly home improvements with a reduced variable rate equity home loan.
Offering no establishment or account fees, eligible customers can borrow from $10,000 up to $25,000 with principal and interest repayments.
Suncorp notes this product is available to eligible current or new Suncorp Bank home loan customers (owner occupiers or investors) with home loans of at least $150,000 and a maximum loan-to-value ratio of 80%.
New and existing eligible Suncorp home loan customers will be able to apply for a Green Upgrades Home Loan from the end of June.
Update: The Green Upgrades home loan from Suncorp is now live with a variable rate of 2.39% p.a. (2.39% p.a. comparison rate*) and is available until 31 January 2023.
Acceptable green upgrades include installing or upgrading:
- A solar power system or solar batteries. Quotes must be supplied by a Clean Energy Council approved supplier.
- A solar hot water system. Quotes must be provided by a licensed plumber.
- Home insulation. Quotes must be supplied by a Clean Energy Council approved supplier.
- Energy efficient glazing and windows. Quotes must be WERS Compliant and have at least 6 and 7 stars for heating and 4 and 5 stars for cooling.
- Water tanks or other water collection systems. Water tank quotes must include installation costs.
- Energy efficient appliances rated 7 stars or higher by the Government’s Equipment Energy Efficiency program.
- An electric vehicle charging point. Quotes must be provided by a licensed electrician.
New data from Suncorp Bank’s 2022 Cost of Living Report revealed one in three Australians are tipped to struggle to pay their electricity bill following 1 July price increases.
A survey of 2,000 people by Suncorp revealed if the cost of electricity became just 10% more expensive, one in three Aussies would give up takeaway food and eating out, while one in four would give up subscriptions like Netflix and Spotify as well as takeaway coffee to pay their bills on time.
This comes following an announcement from the Australian Energy Regulator (AER) that tariffs, known as default market-offers, will rise for households by up to 18.3%.
AER Chair Ms Clare Savage said setting the default market-offers (DMO) is not about setting the lowest price.
“It is about setting a price that will allow retailers to recover their costs, earn a reasonable margin and support retailers to compete and offer better deals and products in a competitive retail environment,” Ms Savage said.
“If a large number of retailers are unable to recover their costs and are forced to exit the market – as we have seen recently in the United Kingdom – that will add more cost to consumers.”
Suncorp Bank Home Lending Executive General Manager Bruce Rush said as the cost of living continues to rise, understanding and managing finances is extremely important, but there are alternative ways households can save money, while also making a positive difference for the environment.
“Suncorp Bank wants to help customers make their homes more energy efficient, while saving money and saving the planet,” Mr Rush said.
This comes after many Australian energy retailers, such as ReAmped, have stopped onboarding new customers and encouraged existing customers to change providers.
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Building or buying an energy-efficient home? This table shows some of the lowest interest rates in the market for 'green' home loans.
| Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Additional Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.99% p.a. | 6.44% p.a. | $2,995 | Principal & Interest | Variable | $0 | $530 | 90% |
| Disclosure | |||||||||||
5.84% p.a. | 5.89% p.a. | $2,947 | Principal & Interest | Variable | $null | $null | 60% | |||||||||||||
5.82% p.a. | 5.82% p.a. | $2,940 | Principal & Interest | Variable | $0 | $0 | 80% | |||||||||||||
5.84% p.a. | 5.89% p.a. | $2,947 | Principal & Interest | Variable | $0 | $500 | 60% | |||||||||||||
5.68% p.a. | 6.26% p.a. | $2,896 | Principal & Interest | Variable | $350 | $0 | 90% | |||||||||||||
5.85% p.a. | 6.14% p.a. | $2,950 | Principal & Interest | Variable | $299 | $0 | 80% | |||||||||||||
5.44% p.a. | 6.26% p.a. | $2,820 | Principal & Interest | Fixed | $350 | $0 | 90% | |||||||||||||
6.14% p.a. | 6.85% p.a. | $3,043 | Principal & Interest | Variable | $0 | $720 | 90% | |||||||||||||
7.64% p.a. | – | $3,544 | Principal & Interest | Variable | $25 | $0 | 70% | |||||||||||||
6.19% p.a. | 6.53% p.a. | $3,059 | Principal & Interest | Variable | $0 | $530 | 90% | 90% LVR |
| Disclosure |
Image by Thomas Despeyroux via Unsplash
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