Interest rates are at an all time low and CommBank are looking to capitalise by providing a low 0.99% secured loan for “green” purposes, but it isn’t without its catches.
Announced by CommBank Group Executive Angus Sullivan the Green Loan will be offered to eligible CommBank customers to fund up to $20,000 in renewables repaid over 10 years with no set up, monthly service or early repayment charges.
To fit the bill you’ll unfortunately need your home loan with CommBank, which I can hear from here, has people rolling their eyes into the backs of their skulls. The Green Loan will be secured against the home and can be used to purchase solar panels (and inverters if applicable), EV charging stations and battery packs like the Tesla Powerwall.
Available to a small group of customers this month the plans are to roll out the Green Loan to all eligible CommBank customers by May.