Commonwealth Bank working with customers to save water & support the environment

14 April 2005

The Commonwealth Bank today launched a new water conservation initiative linked to its popular Economiser Home Loan that could potentially generate up to $3 million in spending on water saving devices by Bank customers.

The new "Economiser Water Package Rebate" offers borrowers who take up an Economiser home loan a rebate of up to $600 on their establishment fee when they purchase eligible water saving devices for their house and garden.

Eligible household water saving devices include water conservation minimum AAA-rated (Australian Standards) washing machines, dish washers, bathroom shower heads and dual flush toilets. Rain water tanks and drip irrigation systems with a rain or soil moisture sensor are also eligible for the rebate. Existing Commonwealth Bank Economiser home loan customers are also eligible for the rebate when they take out a top-up or new loan of $10,000 or more.

To be eligible for the rebate customers will be required to present proof of purchase of water saving devices to the Bank before 30 December 2005.

Geoff Austin, Executive General Manager, Retail Products said: "The Commonwealth Bank is committed to protecting the environment and this rebate will assist our customers in a tangible way to conserve water usage. Water conservation is a major environmental issue today, and we can make an immediate and positive impact by rewarding customers who take the initiative to save water now. Up to $3 million could be spent on water saving products by Commonwealth Bank customers during this offer."

The CEO of the Australian Water Association, Chris Davis, commented: "We think the Commonwealth Bank’s scheme to offer customers a rebate on their loan establishment fees is exciting. People need to be offered attractive financial incentives to conserve water. The price of water is generally too low to encourage savings, but a $600 rebate on a loan establishment fee will talk to people’s pockets."

Mr Austin also said: "Our Economiser home loan also assists customers by providing access to an interest rate typically 0.50% lower than our standard variable rate throughout the life of a loan. Together with the Economiser Water Package Rebate, this initiative is a win for our customers and the environment." For more information visit:

The Commonwealth Bank is committed to improving the environmental performance of its operations, including refitting many of its branches to minimise greenhouse gas emissions.