Gateway Bank is offering $ 2,000 cashback on green home loans
On Monday, Gateway Bank launched a $ 2,000 cashback offering for those looking to refinance a green home, make green upgrades, or build an energy efficient new home.
The $ 2,000 cashback deal is tied to two home loans:
- Green plus: 2.34% pa advertised tariff (2.68% pa comparative tariff *)
- Green: 2.44% pa advertised tariff (2.78% pa comparative tariff *)
Both come with a 100% equalization account, however the former is for home loans that achieve a 7-star energy efficiency rating from “Nathers”, while the latter is for borrowers who are making at least three ecological upgrades to their home, e.g. B. solar panels, water storage tanks or double-glazed windows.
These home loans are for owner-occupiers who pay principal and interest with a maximum loan-to-value of 80%.
The cashback offer is valid from September 20 to December 31, the financing should be completed by March 31, 2022.
“There is a rapidly growing segment of the market looking to reduce the environmental impact of their home and borrowing to add energy efficient features or to buy a new home with built-in features,” said Lexi Airey, CEO of Gateway Bank.
On Thursday, Gateway Bank also cut rates on a number of its investor home loans, cutting some of them by as much as 43 basis points.
Gateway Bank joins a chorus of other lenders offering discounts and special âgreenâ home loans for those who are upgrading their home or buying a new energy efficient home.
However, in August, a CEO of a non-bank lender warned borrowers about cashback offers, saying the basics remain – always check the advertised and comparative rates.
Would you like to buy your own home or refinance? The table below shows home loans with some of the lowest interest rates in the owner-occupier market.
Photo by Harrison Astbury
When selecting the above products, the entire market was not considered. Rather, a stripped-down portion of the market was considered, including retail products from at least the four major banks, the ten largest customer-owned institutions, and Australia’s larger non-banks:
Some vendors’ products may not be available in all states. In order to be considered, the product and the price must be clearly published on the product provider’s website.
In the interests of full disclosure, Savings.com.au, Performance Drive and Loans.com.au are part of the Firstmac Group. To learn how Savings.com.au handles potential conflicts of interest and how we are paid, please click through the website links.
*Comparison rate is based on a $ 150,000 loan over 25 years. Please note that the comparison price only applies to the examples given. Different loan amounts and terms lead to different comparison rates. Costs such as redemption fees and cost savings such as fee exemptions are not included in the comparison price, but can affect the cost of the loan.