Confirm Eligibility
Tired of paying a home loan interest rate that starts with a 6? Discover how accessing a reduced mortgage rate of 5.38% and saving thousands each year is easier than you think.
Bank Australia's ‘Renovate’ Clean Energy Home Loan rewards homeowners who no longer use gas appliances in their home.
With a variable rate of 5.38% p.a., this home loan offers a significant discount on currently available market rates. For the average Australian with a mortgage of $680,000 at 6.11% - it represents a saving of just under $25,000 in 5 years.
Ready to check if you qualify?
What's Required?
To access the discounted interest rate, you'll need to have completed three upgrades to your home within the last 18 months.
What Upgrades Are Available?
There are plenty of upgrades to choose from that suit any budget. Available upgrades include solar panels, batteries, air-conditioning, heat pump hot water systems, induction cooktops, pool pumps, EV chargers, insulation, double-glazed windows, and ceiling fans.
What Does It Cost?
A low-cost three-upgrade package could cost as little as $4,000. If you're looking to make bigger upgrades like installing solar panels, home batteries, or EV charging stations - you can expect to pay more.
Is The Cost Upfront?
You can pay upfront and access the discount as soon as you refinance. Or, if you don't want to pay anything up-front, you may be able to access some of the equity in your home during the refinance process to cover the cost of your selected upgrades. One of our expert brokers will help guide you through this process.
What Else?
As a final step to accessing this game-changing rate, and saving thousands - Your home must be fully electric. This means no gas cooking, gas hot water, or gas heating systems. If you still use gas, replacing your appliances is easier than you may think. Plus, when it could save you thousands each year on your mortgage - it's a no-brainer.
Explore Your Savings Potential
| Example 1 | Example 2 | |
|---|---|---|
| Mortgage amount | $510,000 | $680,000 |
| Current rate | 5.98% | 6.11% |
| Upgrade cost | $4,000 | $20,000 |
| Annual interest saving | $3,060 | $4,964 |
| Annual bill saving | $1,149 | $6,592 |
| Annual total saving | $4,209 | $10,556 |