Lender launches green loan

The Home Energy Helper, in partnership with BOOM! Power, will help organise all aspects of installing energy-efficient upgrades.

From sourcing quotes from installers to rebate eligibility to assessment of impacts, the service will help remove confusion in the process while becoming a “one stop shop” for customers.

The lender is also offering a Green Upgrade Loan at 3.74 per cent per annum (5.16 per cent per annum comparison rate). This product is supported by the Clean Energy Finance Corporation’s (CEFC) Household Energy Upgrades Fund (HEUF). This $1 billion investment provides discounted finance to co-financiers to increase sustainability across the housing sector.

ING Australia CEO Melanie Evans underscored the importance of energy-efficient solutions: “Household emissions are one of the biggest contributors to Australia’s carbon footprint, which is why ING, together with BOOM! Power, are helping customers to make improvements to their home to try to reduce their household emissions.

“We know that Australians find renovating their home for energy efficiency complex, costly and time consuming. The Home Energy Helper and Green Upgrade Loan aims to remove the complexities and barriers that are stopping people from making their homes more energy efficient.”

Customers who meet the eligibility criteria can borrow between $5,000 and $50,000. Further, existing home loans can be upgraded to include the upgrade, if the following criteria are met:

• It has a total balance of $150,000 or more at the time of application.
• The total loan-to-value ratio (LVR) of the existing ING home loan and the new Green Upgrade Loan is 80 per cent or less once the Green Upgrade Loan is settled.
• It is for the purpose of funding the purchase and installation of one or more home energy upgrades on the security property for the existing ING home loan. Home energy upgrades are those arranged through the Home Energy Helper platform.
• The security property of the existing ING home loan is located in NSW, Victoria, or the ACT and does not exceed $2,500,000 in value at the time of application.
• It is only available as a five-year fixed interest rate with principal and interest repayments for loan amounts between $5,000 and $50,000.
• You hold an active ING Orange Everyday account in the same names as your ING home loan at the time the Green Upgrade Loan is settled.

“Helping households lower their carbon footprint is a critical factor in achieving net zero emissions by 2050. Our work crowding in additional private capital through the HEUF will help deliver a catalytic outcome, providing low-cost financing together with a range of co-financiers for home upgrades that improve energy performance,” said CEFC CEO Ian Learmonth.

Related: Calls for United Nations to address bank lending for renewable energy

Jack Campbell is the editor of Broker Daily. After graduating from the University of Wollongong in 2022, Jack began his journalistic career working on Broker Daily’s sister brand, HR Leader. In August 2023 he was made the news editor and worked alongside some talented journalists writing articles and recording podcasts.

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