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Home loans / CommBank Green Loan

Introducing CommBank Green Loan

  • 3.99 % PA
    10 Year fixed rate and Comparison rate^
    Minimum loan size $5,000. Maximum loan size $30,000. ^Comparison rate warning.

  • A low, secured fixed rate loan with no establishment fee, monthly loan service fee or early repayment fee.

    Customers with an eligible CommBank home loan or investment home loan can use the CommBank Green Loan to buy and install eligible clean energy products such as:

    • solar panels
    • battery packs
    • solar/heat pump hot water systems
    • electric vehicle charging stations
    • switching from gas to electric cooking equipment
    • enabling components to support solar PV and batteries
    • smart/connected home products
    • energy-efficient window treatments
    • switching from non LED to LED lighting
    • virtual power plants

    at the property secured by their eligible CommBank home loan or investment home loan.

At a glance

  • What you’ll get:

    • Low-rate loan to be repaid over 10 years
    • The flexibility to make additional payments or pay off your loan sooner with no fees or penalties
    • $0 establishment fee
    • $0 monthly loan service fees
    • Borrow from $5,000 to $30,000 to fund the purchase and installation of eligible clean energy products.

  • Things to consider:

    • You won’t have access to an offset account, redraw or features like top-ups
    • Switching and splitting aren’t available for this loan
    • Total home loan balances (CommBank home/investment home loan(s) and CommBank Green Loan/CommBank Investment Green Loan) must not exceed Loan to Value Ratio (LVR) of 80% (subject to any postcode restrictions).

  • Eligible clean energy products

    You can use a CommBank Green Loan to buy and install one or more of the eligible clean energy products listed below.

    • 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 kilowatt-hour (kWh) 
    • Solar hot water system with a minimum system size equal to or greater than 250 litres (L) 
    • Heat pump hot water system with a system size equal to or greater than 250L 
    • Electric vehicle charging station(s)
    • Switching from gas to electric cooking equipment (products must be all-electric and may include induction cooktop, electric element cooktop, electric oven, electric steam oven)
    • Enabling components to support solar PV and batteries
    • Smart/connected home products (for example smart thermostats, hot water control, lighting control, smart plugs for appliances and equipment control, home automation systems for the purpose of improving energy efficiency)
    • Energy-efficient window treatments
    • Switching from non LED to LED lighting
    • Virtual power plants.

    Keep in mind, solar panels (and inverters) and battery packs must be installed by a retailer and/or installer approved by the Clean Energy Council. This helps ensure the chosen systems meet all relevant Australian standards. 

    TIP: It’s important to do some research and spend time finding the right solar retailer and/or installer for your project. We suggest contacting the Australian Energy Foundation, a trusted organisation providing independent advice and guidance for customers to help make their home energy efficient. Be sure to get multiple quotes and compare them before choosing the right one for you. You can also check out approved solar retailers near you.

    You can find out more about eligible products in the FAQs.

Sustainability hub

Check out our range of resources to help you on your journey towards a more sustainable life.

Visit sustainability hub

Are you eligible?

  • You can apply for the CommBank Green Loan (personal borrower/s only) provided your new or existing CommBank home/investment home loan(s) meets the conditions below:

    • Has a total CommBank home loan balance of $150,000 or more at the time the CommBank Green Loan is funded (not including any redraw balances, loans for bridging purposes, Viridian Line of Credit limits, Equity Unlock for Seniors loan or the new CommBank Green Loan);
    • The eligible CommBank home loan is secured by the same property as the CommBank Green Loan;
    • The total Loan to Value Ratio (LVR) of the existing and/or new CommBank home loan(s) or investment home loan(s) plus CommBank Green Loan(s) does not exceed 80% (subject to any postcode restrictions);
    • The installation address of the eligible small scale renewables matches the address we have listed as security for your CommBank Green Loan and CommBank home loan or investment home loan (not an apartment or commercial property). 

    For more information, download the CommBank Green Loan guide (PDF).

How to apply

    1. Contact your Home Lending Specialist, call us on 13 2224 or or visit your nearest branch to confirm your eligibility and complete a CommBank Green Loan application. 
    2. If you're conditionally pre-approved, source a quote for eligible clean energy products from an approved retailer.
    3. Share the quote with CommBank and we’ll let you know when your new CommBank Green Loan is approved. You can then instruct your retailer and/or installer to proceed.
    4. Once installation is complete, sign the final invoice and send it to CommBank.
    5. We’ll pay the invoice directly to the approved installer or into your nominated Direct Debit account for your CommBank Green Loan and you’ll be able to see your CommBank Green Loan in NetBank and the CommBank app.

FAQs

  • What is an Approved Solar Retailer and how can I find them?     

    Approved Solar Retailers have been approved by the Clean Energy Council as demonstrating their commitment to responsible sales and marketing activities and solar industry best practice.

    Find an Approved Solar Retailer near you.

  • What should I do if my Approved Retailer/Installer requires an upfront deposit? 

    If a deposit is required up front, you’ll need to pay this from your own savings.

    We’ll reimburse (pay) the deposit amount into your nominated Direct Debit account for your CommBank Green Loan once we receive the final signed invoice.

  • What should I communicate with my Approved Solar Retailer or Installer regarding payment terms? 

    We’re committed to paying the total outstanding amount directly to your Approved Solar Retailer within 14 days of receiving a verified invoice from you (the customer).

  • Will I need to pay my Approved Solar Installer upon completion of works in order to claim the small-scale technology certificate (STC) rebate? 

    No. The STC rebate can be claimed within 12 months of installation. For any questions regarding customer requirements and STC rebates, please visit the Clean Energy Regulator website.

  • Do I need to verify the brand of solar panel being installed by my Approved Solar Retailer or Installer? 

    As a Clean Energy Council Approved Solar Retailer or Installer, they have committed to conduct their business activities in a responsible manner and in accordance with solar industry best practice. This includes the use of approved solar modules and participating brands.

    For any concerns or complaints regarding your Approved Solar Retailer or Installer, please visit the CEC website. If you have any concerns regarding your consumer rights, please visit the ACCC website for more information or to lodge a complaint.

  • Am I eligible for a CommBank Green Loan if the quote from my installer is less than $5,000?       

    No, the minimum loan amount is $5,000. Get in touch with your Home Lending Specialist to discuss your options.

  • Can I borrow more than $30,000 to install eligible small-scale renewables to my property with a CommBank Green Loan?   

    No, $30,000 is the maximum loan amount. If the cost of the eligible clean energy products installed is more than $30,000, you must pay the difference from your own savings before we can make a payment to the installer.

    So if, for example, the total cost for your project is $35,000 and you’ve been approved for the maximum loan amount of $30,000, you’ll need to pay the difference of $5,000 from your own savings.

  • Can I have more than one CommBank Green Loan?

    Yes, if you have multiple properties and home loans with us, then you may be eligible to apply for more than one CommBank Green Loan.

  • What is my CommBank Green Loan scheduled maturity date?

    Your CommBank Green Loan/Investment Green Loan maturity date is the scheduled last day of your fixed term – find out more about maturity dates. At the end of day on your scheduled maturity date, if your Commbank Green Loan/Investment Green Loan is not paid in full it will switch to a Standard Variable Rate Home Loan/Investment Home Loan, and the interest rate will revert to the Standard Variable Rate applicable to your loan and repayment type at the time, less any Wealth Package/MAV discount. 

  • Can I apply for a CommBank Green Loan if I already have an existing eligible small-scale renewable(s) installed? 

    If you wish to upgrade your existing small-scale renewables (by adding a battery pack or more solar panels, for example), you may be eligible for a CommBank Green Loan.

  • Does the minimum outstanding balance of $150,000 (on my CommBank home loan) include redraw?

    No. The loan balance that we use for eligibility is the outstanding balance you see in NetBank or the CommBank app. The calculation of minimum $150,000 also excludes, loans for bridging purposes, Viridian Line of Credit limits, Equity Unlock for Seniors loan and the new CommBank Green Loan.

  • What do I need to provide?

    In addition to your loan application documents (evidence of your income, expenses, assets and liabilities), there are other documents you’ll need to provide.  

    • A ‘supply and installation’ quote (on the installer’s business letterhead), if available.
    • The final signed invoice from your approved installer (on the installer’s business letterhead) showing:
    • Outstanding amount owing; and
    • Itemised system details such as Solar panels with an output size equal to or greater than 6 kilowatts (kW).
    • Invoices or receipts for all of your eligible clean energy product purchases.

Things you should know

  • ^ Comparison rate calculated on a $30,000 secured loan over a 5-year term. WARNING: Comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

    This information has been provided without considering your individual objectives, financial situation or needs. Before making any decisions, you should consider its appropriateness to your circumstances and consider obtaining professional advice.

    Applications are subject to credit approval, satisfactory security and minimum requirements. Full terms and conditions will be set out in our loan offer, if an offer is made. Fees and charges are payable. Interest rates are subject to change.

    Commonwealth Bank of Australia ABN 48 123 123 124, Australian credit licence 234945.