Australians are increasingly aware of the importance of environmental protection, with climate change consistently ranking among their top concerns.
According to Griffith University, three-quarters of Australians express worry about climate change and endorse policies aimed at mitigating its effects, with a significant portion considering it an “extremely serious” issue.
Firstmac shares these concerns and has responded by introducing a series of innovative Green Home Loan and Car Loan products.
These initiatives reward customers who contribute to combating climate change by either building energy-efficient homes, installing solar power systems, or driving low-emission vehicles.
Not only do these Green Loans encourage environmentally responsible choices, but they also assist consumers in managing their finances during a period of heightened inflation and rising interest rates.
Let’s look deeper into the specifics of Firstmac’s Green Loans.
Green Home Loan
Firstmac’s Green Home Loan, developed in collaboration with the Clean Energy Finance Corporation (CEFC), offers customers a substantial interest rate discount for purchasing or building energy-efficient homes. Qualifying homes can get a lower upfront interest rate and up to a 1.05 per cent discount on the home loan rate for the first five years of the loan term.
Energy efficiency for these homes is assessed using the Nationwide House Energy Rating Scheme (NatHERS). Homes must have a minimum 7.0-star NatHERS rating and be less than a year old to qualify as green. Importantly, applying for a Green Home Loan is streamlined and follows the same efficient approval process as other home loans, with minimal bureaucratic hurdles.
Solar Home Loan
The Solar Home Loan from Firstmac provides borrowers with a significantly lower interest rate if they have solar panels installed. This loan allows borrowers to include the cost of the solar system in their mortgage, immediately reducing their energy bills. The savings from reduced energy costs typically exceed the initial investment in the solar system.
Green Car Loan
Firstmac’s Green Car Loan offers a 1.0 per cent interest rate discount for electric vehicles. The application process is straightforward and brokers can quickly verify vehicle eligibility through the Broker Tools app.
Our commitment to sustainability
At Firstmac, we are firmly committed to environmental responsibility and the long-term sustainability of housing in Australia. Our Green Loan suite not only helps customers save money but also helps them contribute positively to the environment. By encouraging the adoption of energy-efficient homes, solar power systems, and electric vehicles, Firstmac supports Australians in making environmentally conscious choices without compromising financial wellbeing.
Economic benefits
In addition to their environmental benefits, Firstmac’s Green Loans offer substantial financial advantages. The interest rate discounts provided can lead to significant long-term savings, making these products attractive not only from an environmental but also from an economic standpoint. This dual benefit addresses both immediate financial concerns and the broader goal of environmental responsibility.
Conclusion
Firstmac’s initiative with Green Home Loans, Solar Home Loans, and Green Car Loans reflects a proactive approach to addressing climate change concerns in Australia. By incentivising eco-friendly choices through financial benefits, Firstmac enables consumers to contribute positively to the environment while managing their financial obligations effectively.
These Green Loan products reflect our commitment to sustainability and responsible lending practices, aligning with the evolving priorities of Australian consumers who are increasingly mindful of their environmental footprint. As climate change remains a pressing issue, initiatives like those offered by Firstmac will help brokers play a valuable role in promoting a sustainable future for all Australians.
