Hi All, Received the following from Commbank, was wondering if anyone else had taken this one up or had opinions.
On the face of it this seems like a great deal, although im guessing one of the kickers will be that they lock you in from taking your home loan elsewhere for the term of the green loan - im still trying to understand what the break fees might be, i think it may just be paying out the remainder of the loan.
Introducing CommBank Green Loan.
It's a secured, ultra-low rate loan that eligible CommBank home loan customers can use to make their homes more energy efficient. The CommBank Green Loan is available for products like solar panels, battery packs and hot water systems installed at the property used to secure your existing home loan.
While the rate is fixed for 10 years, you’ve got the flexibility to pay it off sooner with no additional charges.
10 Year fixed rate and Comparison rate^
Minimum loan size $5,000. Maximum loan size $20,000.
and more from their website (https://www.commbank.com.au/home-loans/commbank-green-loan.h...)
Eligible clean energy products
You can use a CommBank Green Loan to buy and install one or more of the eligible clean energy products listed below.
Solar panels with a system size equal to or greater than 6 kilowatts (kW) (and inverter if applicable)
Battery packs with a system size equal to or greater than 5 kilowatts-hour (kWh)
Solar hot water system with a minimum system size equal to or greater than 250 litres (L)
Heat pump hot water system with a system size equal to or greater than 250L
Electric vehicle charging station(s)
Keep in mind, solar panels (and inverters) and battery packs must be installed by a retailer and/or installer approved by the Clean Energy Council. This helps ensure the chosen systems meet all relevant Australian standards.