Reduce your home’s carbon footprint

Customers with an eligible homeloans.com.au home loan have access to our new Green Loan: an ultra-low rate home loan increase offered exclusively for the purchase and installation of energy-efficient property improvements such as solar panels, battery packs, and household appliances – all of which can help eligible customers save money on utility bills while also helping to reduce their environmental footprint.

Rates

0.89 % PA

Fixed Rate

1.73 %* PA

Comparison Rate

Rates shown apply to Principal & Interest repayments. Interest Only repayments are not supported for this loan.
*The comparison rate shown is based on a loan amount of $25,000 over 25 years, with an introductory rate of 0.89% per annum for 5 years, reverting to 2.24% per annum thereafter.

Green Loan features

  • Ultra-low 0.89% PA fixed interest rate
    (comparison rate 1.73%*PA) for the first five years only.

    The minimum repayments for the Green “Top Up” Loan are calculated based on the total term remaining of your existing home loan, with the initial five years at a fixed rate of 0.89% pa and the remaining term at the variable rate of your existing home loan.

  • Borrow from $10,000 to $25,000
  • No fees for early repayment
  • Unlimited additional repayments
  • A new tree planted on your behalf
 

How does the Green Loan work?

The Green “Top Up” Loan is a top-up (also known as an “increase”) on your existing home loan. Traditionally, top-ups have the same variable interest rate as your existing home loan. However, the Green “Top Up” Loan offers a much lower fixed interest rate of 0.89% pa for the first five years, with no break fees or early repayment fees if you pay the loan off faster. The minimum repayments for the Green “Top Up” Loan are calculated based on the total term remaining of your existing home loan, with the initial five years at a fixed rate of 0.89% pa and the remaining term at the variable rate of your existing home loan.

Mary has a home loan with an interest rate of 2.24% and a remaining term of 25 years.

She gets the Green “Top Up” Loan for $25,000 to purchase and install solar panels in her house.

Minimum repayments for the Green Loan are calculated based on the remaining 25-year term of her home loan at a fixed interest rate of 0.89% for the first five years, which works out to be $93 a month. This interest rate will revert to 2.24% after five years.
  • Scenario A: Mary makes the minimum repayments for the Green Loan every month.
  • Scenario B: Mary decides to make additional payments on the Green Loan so she can pay it off in full in fives years.
Monthly
repayments for
first five years
Interest rate
for first
five years
Amount
owing after
five years
Monthly repayments
for remaining
20 years
Interest rate
for remaining
20 years
Scenario A $93    0.89 %p.a. $20,435    $106    2.24 %p.a.
Scenario B $427    0.89 %p.a. $0    $0    N/A   
* The calculations shown above are based on a loan amount of $25,000 over 25 years, with an introductory rate of 0.89% per annum for 5 years, reverting to 2.24% per annum thereafter.

Say goodbye
to those pesky fees!

$0
Application fee
(usually $275)
$0
Settlement fee & Solicitor fees
(usually $300)
$0
Variation fee
(usually $165)

Availability

  • Existing homeloans.com.au customers with eligible owner-occupier or investment loans
  • LVR <70% at time of settlement
  • Loans between $10,000 and $25,000 to fund the purchase ands installation of energy-efficient products/improvements
  • No arrears
  • Never been in hardship
 

How to apply

To apply for the Green Loan, complete the Loan application form and the Energy efficient declaration form. Send both signed documents to greenloan@homeloans.com.au

FAQ's

Applying for the Green Loan

  • How does the Green “Top Up” Loan work?
    The Green “Top Up” Loan is a top-up (also known as an “increase”) on your existing home loan. Traditionally, top-ups have the same variable interest rate as your existing home loan. However, the Green “Top Up” Loan offers a much lower fixed interest rate of 0.89% pa for the first five years, with no break fees or early repayment fees if you pay the loan off faster.

    The minimum repayments for the Green “Top Up” Loan are calculated based on the total term remaining of your existing home loan, with the initial five years at a fixed rate of 0.89% pa and the remaining term at the variable rate of your existing home loan.

    Mary has a home loan with an interest rate of 2.24% and a remaining term of 25 years.

    She gets the Green “Top Up” Loan for $25,000 to purchase and install solar panels in her house.

    Minimum repayments for the Green Loan are calculated based on the remaining 25-year term of her home loan at a fixed interest rate of 0.89% for the first five years, which works out to be $93 a month. This interest rate will revert to 2.24% after five years.

    • Scenario A: Mary makes the minimum repayments for the Green Loan every month.
    • Scenario B: Mary decides to make additional payments on the Green Loan so she can pay it off in full in fives years.
    Monthly
    repayments for
    first five years
    Interest rate
    for first
    five years
    Amount
    owing after
    five years
    Monthly repayments
    for remaining
    20 years
    Interest rate
    for remaining
    20 years
    Scenario A $93 0.89 %p.a. $20,435 $106 2.24 %p.a.
    Scenario B $427 0.89 %p.a. $0 $0 N/A
    * The calculations shown above are based on a loan amount of $25,000 over 25 years, with an introductory rate of 0.89% per annum for 5 years, reverting to 2.24% per annum thereafter.
  • How do I apply for the Green "Top Up" Loan?
    Existing eligible customers can apply for the home loan by completing the form at www.homeloans.com.au/greenloan. Applicants are required to send the signed form to the specified address.
  • I didn’t receive an email about the Green “Top Up” Loan. Can I still apply for it?
    If you are an existing homeloans.com.au customer, you can call 1800 111 001 to speak to one of our lending specialists, who can determine whether you are eligible for the loan.

Green Loan features and eligibility

  • Can I make principal & interest or interest-only payments as I can with my home loan?
    The Green “Top Up” Loan only supports principal & interest payments.
  • Is the Green “Top Up” Loan for owner-occupiers only, or can I apply as an investor?
    The Green “Top Up” Loan is available for both owner-occupier and investor loans with homeloans.com.au. 
  • Can I split this top up loan?
    No. Our priority for this loan was providing our existing customers with a super-low interest rate, which we were able to do by making it a five-year fixed rate product. While you cannot split the Green “Top up” Loan into different portions, you do have the ability to split your existing homeloans.com.au loan.
  • Can I repay the top up loan early?
    Yes, you can pay the Green “Top Up” Loan off early. We are waiving early repayment fees on this loan.
  • What happens if I haven’t paid off the loan within five years?
    The Green “Top Up” Loan has an ultra-low fixed interest rate of 0.89% for the first 5 years only. If you haven’t paid the loan off in full within that five-year term, the interest rate reverts to the variable interest rate you are currently paying on your existing home loan.

    If you are having difficulty making repayments or need financial hardship assistance, please contact us on 1800 111 001 to speak to our dedicated team of specialists, who will work with you to determine the most suitable arrangement for you.

    Mary has a home loan with an interest rate of 2.24% and a remaining term of 25 years.

    She gets the Green “Top Up” Loan for $25,000 to purchase and install solar panels in her house.

    Minimum repayments for the Green Loan are calculated based on the remaining 25-year term of her home loan at a fixed interest rate of 0.89% for the first five years, which works out to be $93 a month. This interest rate will revert to 2.24% after five years.

    • Scenario A: Mary makes the minimum repayments for the Green Loan every month.
    • Scenario B: Mary decides to make additional payments on the Green Loan so she can pay it off in full in fives years.
    Monthly
    repayments for
    first five years
    Interest rate
    for first
    five years
    Amount
    owing after
    five years
    Monthly repayments
    for remaining
    20 years
    Interest rate
    for remaining
    20 years
    Scenario A $93 0.89 %p.a. $20,435 $106 2.24 %p.a.
    Scenario B $427 0.89 %p.a. $0 $0 N/A
    * The calculations shown above are based on a loan amount of $25,000 over 25 years, with an introductory rate of 0.89% per annum for 5 years, reverting to 2.24% per annum thereafter.

Energy-efficient products/works

  • Do energy-efficient products like new TVs, dishwashers, washing machines, etc count for the Green “Top Up” Loan?
    The products will need to use less energy to achieve the same outcomes compared with regular products in that category. The best way to check the energy efficiency of an appliance is by looking at its energy efficiency rating and comparing that to the average rating of other products in the same category. Generally, the product should have energy-efficiency rating of at least 4.5 stars.
  • What are considered to be energy-efficient products for household improvement?
    Energy-efficient products for household improvement fall into the following categories:
    • Battery packs and storage
    • Electrical energy storage
    • Hot water heat pump or solar hot water system
    • Insulation and/or double-glazed windows
    • Solar panels
    • Energy-efficient household appliances
    • Air conditioning system

    If your planned energy efficient works fall outside of these categories, then please contact us at 1800 111 011 to speak to one of our lending specialists.
  • Does the Green “Top Up” Loan cover installation of the energy-efficient product?
    Yes, installation of the energy-efficient product that has been purchased is covered by the Green “Top Up” Loan.
  • Does the Green “Top Up” Loan cover the purchase of second-hand energy-efficient products?
    Yes, the Green “Top Up” Loan can be used to purchase second-hand energy-efficient products, provided it is purchased from a registered supplier with an ABN number and they are able to provide a quote and tax invoice for the sale.

Quote for energy-efficient

  • How quickly will the top up funds be released by homeloans.com.au after I send the quote in?
    Providing your quote is verified and is no older than 30 days, the Green “top up” loan will proceed to formal approval, at which you will receive your loan contract to sign and submit back to us. Once the top up loan has settled, the funds will be released into your existing bank account within 72 hours.
  • Is a quote enough to secure the funds?
    To secure the extra funds, you will need to fill out an application form and supply both the supporting documents and an Energy Efficient Declaration form. Before formal approval can take place, you will need to send a quote to homeloans.com.au for the planned energy-efficient product/works you will be purchasing. After verifying your quote (it should be no older than 30 days and come from a registered business), the loan will proceed to settlement, at which point you will receive your loan contract to sign and submit back to us. Once the loan has settled, the funds will be released to your bank account within 72 hours.
  • Can I apply for a loan before I get a quote for energy-efficient works?
    Yes, you can fill out an application form and supply both the supporting documents and an Energy Efficient Declaration form before you get a quote for the energy-efficient works. However, before formal approval can take place, you will need to send a quote to homeloans.com.au for the planned energy-efficient product/works you will be purchasing.
  • What information does the quote need to contain in order for it to be valid?
    Information that needs to be in the quote in order for it to be valid include:
    • The seller’s Australian business number (ABN)
    • The date the quote was issued
    • An itemised description of the works
    • The GST amount payable

General

  • How long do I have after approval before I need to make the purchase/install the energy-efficient equipment? 
    You have up to three months after you settle the top up loan to utilise the approved funds for the agreed energy-efficient purposes. If there are any delays with your supplier, please contact us at 1800 111 011 to arrange for an extension. If we do not hear from you, we will put the funds back into the loan and the Green Loan will be discharged. Please be aware if this happens, the interest over the three months will still be payable.
  • What documents will I need to provide to apply for the Green “Top Up” Loan?
    The information you will need to support your top up loan application will differ based on your loan type and income sources. In addition to an Energy Efficient Declaration form and the quote for the energy-efficient works, generally the following will be required:

    Everyone:
    • ID details 

    Purchase and pre-approval:
    • Savings account statements for the last three months
    • Contract of sale
    • Deposit receipts for funds already paid
    Refinancing:
    • Home loan statements for the last six months
    • Latest council rates notice

    PAYG income
    • Two most recent payslips
    • Last year’s payment summary – if casual
    • Two years’ payment summary if you earn bonus or overtime income 

    Self-employed/trust income
    • Individual tax returns for last two years
    • Accompanying ATO notices of assessment
    • Company/trust tax returns and financial statements for the last two years (where applicable)
    • Most recent quarter BAS or the last three months’ business bank account statements 

    Rental income
    • Latest rental statement

    Note: depending on your circumstances, other documents may also be requested.
  • Can the extra funds be used for non-energy-efficient purposes?
    No, the Green “Top up” Loan can only be used for energy-efficient purposes within the home.
  • What if I change my mind after I receive the funds? Do I have to give the loan back?
    If you do not utilise the approved funds for the agreed energy-efficient purposes within three months of settling the loan, please contact us and we will put the funds back into the loan and the Green Loan will be discharged. Please be aware if this happens, the interest over the three months will still be payable.
  • Can I get more than one Green “Top Up” Loan?
    As the Green “Top Up” Loan is meant for energy-efficient improvements to your home, you can apply for one Green “Top Up” Loan for every home loan you have with homeloans.com.au.
  • If I have received a Green “Top Up” Loan for less than $25K, can I apply for another Green “Top Up” Loan to make up the difference to $25K?
    No, the Green “Top Up” Loan is capped to one per existing home loan.
  • If I have been declined for a Green “Top Up” Loan, can I reapply? And if so, how long should I wait before reapplying?
    Yes, as with other top up loans, you are able to reapply if you have previously been declined. The length of time you should wait before reapplying will depend on why you were declined. If you were declined due to credit defaults, you would generally need to demonstrate good payment conduct for a minimum of six months before reapplying.
  • Can a Company/Trust existing customer apply for a Green “Top Up” loan?
    Yes. To secure the funds, you will need to fill out an application form and supply both the supporting documents and an Energy Efficient Declaration form. These will need to be printed, signed and sent via post.

    Provided homeloans.com.au then approves the top up loan in principle, you will need to send a quote to homeloans.com.au for the planned energy-efficient product/works. After the quote is received and verified, the funds will be released into your existing nominated bank account within 72 hours of settlement.

Any other questions?
We'd love to help

Need to know:

Eligibility criteria, terms and conditions apply. Interest rates are effective from 1st August 2021 and are subject to change. The Green “Top Up” Loan is only available to existing customers. The Green “Top Up” Loans is an increase to an existing secured loan with us and is established as a new portion. When settlement of the Green “Top Up” loan occurs, it will be rounded up to the nearest dollar value. Fees and charges are payable on all existing loan portion(s) in accordance with your agreement(s) with us.. The comparison rate shown is based on a loan amount of $25,000 over 25 years, with an introductory rate of 0.89% per annum for 5 years, reverting to 2.24% per annum thereafter. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
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