Westpac the first supported by ‘landmark’ green energy program

Westpac’s Sustainable Upgrades home and investor loans are set to launch on Monday (26 August) for its home loan customers, supported by the Clean Energy Finance Corporation (CEFC).

The major bank’s customers will have access to a competitive variable rate of 4.49 per cent p.a. (subject to change) for the installation of new features or tech in their property to improve energy efficiency or climate resilience.

Westpac has confirmed that owner-occupier and investor home loan customers that hold an existing or approved eligible loan will be able to apply to borrowers up to $50,000 with up to a 10-year loan term.

Notably, the launch of this new loan marks Westpac as the first bank to be supported by the CEFC’s $1 billion Household Energy Upgrades Fund (HEUF), which is a “landmark” program aimed at helping Australians access cheaper home energy solutions and affordable finance.

Westpac’s CEO, consumer, Jason Yetton, said: “Westpac’s new offering, backed by the Australian Government-owned ‘green bank’, will appeal to our customers wanting to make their home more energy-efficient.

“We recognise more Australians want to play their part to reach a net zero future, and that starts at home. This announcement will help our customers to make more environmentally conscious choices and improve their homes at the same time.”

According to Westpac research, 89 per cent of Australians who are looking to renovate within five years said they would consider making a sustainable or environmentally friendly upgrade to their home.

The research was commissioned by the major bank and conducted by Lonergan Research, which surveyed 1,007 Australians throughout both capital city and non-capital areas.

Those included installing solar panels on their home (38 per cent), putting in solar batteries (27 per cent), or changing to solar hot water (25 per cent), while just over a fifth of respondents (23 per cent) said they would consider installing insulation or putting in double-glazed windows (22 per cent).

Ian Learmonth, CEO of the CEFC, said the increasing uptake of renewable energy, storage, and related infrastructure is “critical to Australia’s net zero ambitions and clean energy transition”.

“The installation of more rooftop solar, home batteries and energy efficiency equipment will help manage household energy costs and unlock additional clean energy capacity,” Learmonth said.

“This means we can better manage energy demand and ultimately contribute to the creation of a stronger, more reliable, and cleaner grid.”

[RELATED: SMEs to receive $50m boost for green equipment]

Adrian Suljanovic is a journalist at Broker Daily with more than two years experience reporting on all facets of the third party distribution channel.

Adrian has written for a range of business and finance titles including IFA, Investor Daily and Lawyer’s Weekly before joining the mortgages team in 2022.

He graduated from the University of Wollongong in 2021 gaining a Bachelor of Communication & Media with a major in Digital & Social Media.

E-mail Adrian at: This email address is being protected from spambots. You need JavaScript enabled to view it.