Commbank’s new green loan and how it can save you money

Submitted by Andrew on Thu, 27/05/2021 - 10:33
Commbank Green Loan

 

What is it?

Commbank has recently announced that they’ll be making a fantastic green loan available for their customers. We’re over the moon about this, because green loans are a fantastic way for those who might not otherwise be able to access solar to add systems to their home. More than that, thanks to how the loan is set up, we’re able to offer a truly cash flow positive battery package for those taking advantage of it.

The Commbank Green Loan is a 0.99% PA loan with a 10-year fixed-rate, no establishment, service or additional payment fees and a minimum loan of $5,000 or a maximum of $20,000. What all this amounts to is a very easy to pay loan with little in the way of additional interest or hidden fees.

Who’s Eligible

Being eligible is a cinch too. Application is open to anyone who currently has a home loan from Commbank with an existing balance of $150,000 or more. The loan must be secured against a single property, and the loan to value ratio cannot exceed 80%. However, if you have multiple home loans you are eligible to take out multiple green loans as well.

So you might be asking yourself, what’s so special? A loan is a loan, right? Well, no, not when it comes to solar. You see, due to solar saving you money on your power bill, with the right loan and package it’s possible to be what’s called cash-flow positive. 

Being cash-flow positive means you’re seeing a return on your solar investment, even while paying it off. This occurs when the monthly savings from your system are greater than your monthly repayments. Here is an offer we have available for those taking out a Commbank green loan, to help get you cash-flow positive sooner.

Solar & Battery Package

With this loan, you can secure yourself a battery package in one of three sizes, outlined below. They all come with:

  • 18 x 370 W JinkoSolar P-type panels (Averaging 10,200 kWh of annual solar production)
  • A Huawei SUN2000-STKL-L1-5 kW inverter
  • A Huawei Smart Meter

Combining these with any of the batteries below will see you enjoying a cash-flow positive return, but as the saying goes, bigger is better, and the larger your battery, the more of your system’s power you’ll be able to enjoy in your home during the evening.

As you can see there are plenty of good reasons to consider a green loan, and every one of them can fit quite nicely in your wallet. With a minimum savings of $140 per month (that’s $1,680 annually), it’s hard to go wrong with a green loan. If you’d like to learn more about these packages, you can read all about them here or get in touch with us on 1300 73 93 55 or by filling out the form below.
 

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