On Monday, Gateway Bank launched a $ 2,000 cash back offer for those refinancing a green home, making green upgrades, or building a new, energy-efficient home.
The $ 2,000 cash back offer is tied to two home loans:
- Green Plus: 2.34% pa advertised rate (comparison rate 2.68% pa *)
- Green: 2.44% pa advertised rate (2.78% pa comparison rate *)
Both come with a 100% offset account, but the former is for home loans that achieve a 7-star “NatHERS” energy efficiency rating, while the latter is for borrowers who make at least three upgrades. environmental protection in their home, such as solar panels. , water reserve or double glazed windows.
These home loans are for homeowners who pay principal and interest with a loan-to-value ratio of up to 80%.
The cashback offer is available from September 20 to December 31, with funding to be finalized by March 31, 2022.
“There is a rapidly growing market segment that wants to reduce their home’s impact on the environment and is borrowing to add energy efficient features or to buy a new home with those built in,” said Lexi Airey, CEO of Gateway Bank. .
Gateway Bank also cut rates on a number of its home loans to investors on Thursday, with a few cuts of up to 43 basis points.
Gateway Bank joins a chorus of other lenders offering discounts and special “green” home loans for those who are upgrading their homes or buying a new, energy-efficient home.
However, in August, the CEO of a non-bank lender warned borrowers against repayment offers, saying the fundamentals remained – always checking advertised and comparison rates.
Buying a home or looking to refinance? The table below shows home loans with some of the lowest interest rates on the market for homeowners.
Photo by Harrison Astbury
The entire market was not taken into account in the selection of the above products. Instead, a smaller part of the market has been envisioned, which includes the retail products of at least the Big Four Banks, the Top 10 Customer-Owned Institutions and Australia’s largest non-banks:
Products from some vendors may not be available in all states. To be taken into account, the product and the price must be clearly published on the website of the supplier of the product.
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*Comparison rate is based on a loan of $ 150,000 over 25 years. Please note that the comparison rate only applies to the examples given. Different loan amounts and terms will result in different comparison rates. Costs such as withdrawal fees and cost savings such as fee waivers are not included in the comparison rate but may influence the cost of the loan.