Go Green with a Personal Loan

Thinking about installing a clean energy product such as solar panels or buying an electric car?
A CommBank Personal Loan might be right for you.

This guide will help you understand how to access discounts on our Personal Loans for clean energy purposes and electric/hybrid cars, as well as important information to consider before applying.

When you apply for a CommBank Personal Loan, in addition to meeting our lending criteria, you’ll also need to meet all the requirements below to qualify for the green discount:

• You must select Green Purchase as your loan purpose in the application
• Your loan must be for the purchase and/or installation of one or more ‘eligible clean energy product/s’ (see ‘Clean energy products eligibility’ below)
• If your loan is to be used to buy an ‘eligible small scale renewable’ (e.g. solar panels, battery packs or electric car charging station), the installation must be completed by an approved installer certified and trained to ensure systems meet industry best practice standards and all relevant Australian Standards (as approved by the Clean Energy Council)
• Prior to funding, you must provide us a tax invoice or quote from your retailer and/or installer (on company letterhead), which confirms:
  • Purchase amount (the loan amount must not exceed the purchase amount)
  • Retailer and/or installer details; and
  • Itemised system^{^} details for the eligible clean energy product(s).

We’ll check the documentation you have provided and apply the green discount to your loan once we’re satisfied you’ve met the above conditions. If we’re not satisfied you have met the above conditions, our standard pricing (without any discount) will apply should you wish to proceed with your loan. 

Note: If you’ve already bought and installed eligible clean energy products, you can't use a CommBank Personal Loan for clean energy purposes to recoup your out-of-pocket costs or to refinance an existing loan. 

Clean energy products eligibility

A CommBank Personal Loan for eligible clean energy purposes can only be used for the purchase and/or installation of these eligible clean energy products:

• Electric car
• Hybrid car emitting less than 120g C02 emissions per kilometre (check your car’s emission data on the Green Vehicle Guide)
• Solar panels with a system size equal to or greater than 6 kilowatts (kW) (and inverter if applicable) 
• Battery packs with a system size equal to or greater than 5 kilowatts-hour (kWh) 
• Solar hot water system with a system size equal to or greater than 250 litres (L) 
• Heat pump hot water system with a system size equal to or greater than 250 litres (L) 
• Electric car charging station(s) 

Keep in mind that only an approved retailer and/or installer can install eligible solar panels (and inverter if applicable) and battery packs to ensure systems meet industry best practice standards and all relevant Australian Standards (as approved by the Clean Energy Council).  

TIP: It’s important to do some research and spend time finding the right solar retailer and/or installer for your project. You can get multiple quotes and compare them before choosing the right one for you. 

A CommBank Personal Loan for clean energy purchases might not be right for you if: 

• You’re after a loan for small scale renewables (e.g. solar panels) and you have total CommBank home loan balance/s of $150,000 or more (not including any redraw balances, construction loans which are not yet fully funded, loans for bridging purposes, Equity Unlock for Seniors loan, Viridian Line of Credit or a new CommBank Green Loan). You should instead consider a Commbank Green Loan secured by an existing CommBank home loan.
• You’re an existing CommBank customer and are looking for an interest free loan to purchase solar panels and/or batteries. You may be eligible for InstalPay, our interest free loan available at checkout via approved CommBank merchant UPowr.
• The features listed above aren’t suitable and don’t meet your needs.

Other considerations

• Applications for finance are subject to our normal credit approval – view our Personal Loan Terms and Conditions (PDF). Full terms and conditions will be included in our loan offer. Fees and charges are payable.  
• Interest rates, fees, terms and conditions may be subject to change (although we won’t change a fixed interest rate during a fixed rate period). We’ll let you know of any changes in accordance with our contract.
• A CommBank Personal Loan for clean energy purposes can only be used for clean energy purposes. If you wish to borrow money for other purposes, you can apply to increase your existing CommBank Personal Loan or apply for a standard Personal Loan for which the standard Personal Loan pricing (without discount) will apply. 
• You’re unable to increase or refinance an existing CommBank Personal Loan for clean energy purposes.
• You may want to review any existing building insurance you hold and consider if the cover is adequate with your new eligible clean energy product(s) installation.
• Before purchasing and installing clean energy products (excluding cars), consider if you need any additional approvals such as body corporate/strata approvals. 

In addition to our standard loan application documents (evidence of your income, expenses, assets and liabilities etc.), there are other specific documents you’ll need to provide to be eligible for a green discount:

For your application

A tax invoice or quote from your retailer and/or installer (on a company letterhead) showing the: 

• Purchase amount
• Retailer and/or installer details; and  
• Itemised system details for the eligible clean energy product(s) in line with the ‘Clean Energy products eligibility’ above.