CBA Considering Rewarding Loaners With Energy-Efficient Houses

The Commonwealth Bank of Australia’s green initiative has been going full steam, and, as part of the financier’s endeavours, they are working on launching a reward scheme for homeowners that meet, or, ideally, surpasses the requirements of a basix certificate in Sydney or anywhere else in Australia in creating energy-efficient properties.

CBA CEO Matt Comyn first hinted at the programme, dubbed the Green Mortgage Initiative, when he appeared at the Trans-Tasman Business Circle lunch, which was held recently. The initiative looks to offer cash back, up to $500 for loaners who manage to get certified solar panels installed for their homes.

CBA Executive General Manager for Home Buying, Daniel Huggins, explained why the bank was working on the idea, and the reasoning behind it, saying that the reward scheme is just one of many of the bank’s efforts to go for more than just simple basix certificate in Sydney or anywhere in the country, and make greener choices.

In a statement on the matter, Huggins says that the CBA is always looking for innovative ways to support their customers, and the initiative is being launched as part of that vision. He notes that the CBA is aware that many of their home loan clients can reduce their energy volume and use, as well as pay less or even become net positive for energy simply by getting more energy efficient devices, and this programme is meant to incentivize them to do just that.

The bank hasn’t released any detail on the Green Mortgage initiative, but they did imply that the programme will be implemented soon, within the next couple of months or so.

Notably, the CBA isn’t the only Aussie home-loan provider with green initiatives aimed at encouraging customers to cut down on their carbon footprint, as Yahoo! Finance notes that Bendigo Bank, Hunter United, and Regional Australia Bank also offer interest rate discounts to borrowers who have houses that meet set sustainability criteria.

The AU property market is taking matters like climate change seriously. A report from the Climate Council shed some light as to why, noting that the Aussie property market risks losing $571bn in value over the next 10 years thanks to the effects of climate change, and other extreme weather phenomena.