26 May 2022
Commonwealth Bank of Australia (CBA) and Green Building Council of Australia (GBCA) have a shared vision of an Australia that is sustainable, ready to respond to climate change and healthier for all. This month we spoke to Dr Michael Baumann, Executive General Manager Home Buying, CBA, and our own CEO Davina Rooney about the bank’s new Green Home Offer.
Financing and rewarding sustainability at home isn’t new to CBA. In July 2021 the bank launched a Green Loan, and with a 0.99% secured fixed rate for 10 years it aims to help households lighten their environmental footprint by boosting the sustainability features of an existing home that’s attached to a CBA home loan.
Customers have used the loan to purchase solar panels, battery packs and solar hot water systems. It also gives them insights into of how their daily actions impact the environment, insights that more Australians are seeking.
Research shows Australians are increasingly interested in ways they can make their home healthy for them and the planet, without costing the earth. An IPSOS report commissioned by GBCA this year found:
CBA has now expanded its focus to include new homes, meaning customers wanting to build a sustainable, healthier home can enjoy a discount on their home loan. With one in four Australian home loans with CBA, Dr Michael Baumann says the bank has a duty to lead the industry towards a future that’s sustainable, climate resilient and fit for customers and their families, and last month CBA launched its new Green Home Offer.
“The Green Home Offer rewards our new and existing customers who are taking actionable steps to reduce their environmental footprint by providing them with access to a low standard variable rate on their home loan,” explained Dr Baumann.
Dr Baumann says that transitioning the residential housing sector towards a future that is sustainable is a priority for both CBA and GBCA and that he’s delighted that the organisations can lead the way together.
“We’re really excited to work together to raise awareness of the GBCA’s Green Star Home standard and increase adoption among customers and the industry including volume homebuilders.
“We have introduced this new offer because we know, like GBCA, that homes which are well built and energy efficient are good for the environment whilst significantly reducing living costs and improving the wellbeing of homeowners,” said Dr Baumann.
Davina Rooney agrees, saying Australians want better homes that are healthier for their families, lighter on their wallets and better for the planet, this loan will help make those homes more accessible to buyers wanting to make a difference at home.
“The CBA’s new Green Home Offer will help bring more liveable, healthy, climate positive Green Star Homes within reach of everyday Australians. We are thrilled to work with Australia’s largest lender to grow awareness of the financial and environmental benefits of building a Green Star Home,” said Davina.
Now that the loan is readily available to buyers enthusiastic about creating their own green home, we asked Dr Baumann what the interest has been like so far.
“There has been strong interest from our lenders and brokers and excitement from customers since we announced the Green Home Offer. The offer has also been well received by media and we’re already hearing really positive feedback from industry and customers who have reached out directly to the Bank, to thank us for helping Australia become more sustainable. With the offer now live, we expect interest to grow in the coming weeks,” said Dr Baumann.
Are you ready to start your Green Star Homes journey? You can learn about what we’re doing to deliver homes that are positive, resilient and healthy for all Australians, here and you can find out more about CBA’s Green Home Offer, here.
*Solar PV equivalent: Minimum requirement for solar size relative to size of the house: Up to 150m2 = 5.5kWe | 150 - 250m2 = 7.5kWe | 250m2+ = 10kWe