Bank Australia ‘Renovate’ Clean Energy Home Loan
Bank Australia's ‘Renovate’ Clean Energy Home Loan is the most innovative and impactful green finance product available today. Unlike most green loans that offer a separate personal loan, the 'Renovate' home loan rewards homeowners by reducing the interest rate on their entire mortgage. This approach delivers substantial long-term interest savings, making home electrification even more accessible and cost-effective.
With a variable rate currently set at 5.38% p.a., this loan offers a significant discount of around 0.7% on widely available market rates. On the average Australian mortgage of $680,000, that's a saving of more than $23,000 in five years. For homeowners looking to make their homes more valuable, safe, and cheaper to run - the 'Renovate' Clean Energy Home Loan provides a fantastic opportunity.
Why We're Obsessed
The interest rate discount offered by Bank Australia’s Renovate Clean Energy Home Loan isn’t just competitive—it’s a game-changer. On the average mortgage in New South Wales, it would save a homeowner almost $30,000 in five years. Imagine saving $30,000 in interest just by making the switch to an all-electric home!
This is a pioneering approach to green finance, where sustainability isn’t just encouraged—it’s rewarded at scale by making home electrification more affordable than ever. The eligibility criteria are straightforward—simply electrify your home with three eligible upgrades or improve your energy rating, and you unlock some of the best mortgage pricing available today. With a loan this simple and impactful, it's easy to see why we're so excited.
We know what you're thinking... it sounds great, but it also sounds expensive! Not so fast - Getting rid of gas and qualifying for the discount can be done for as little as $4,000. Plus, if you don't have the cash you can draw some funds from your mortgage to help.
| 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 |
Maximise Bill Savings With a 28Watt Free Home Assessment
The mortgage interest savings offered by the Bank Australia ‘Renovate’ Clean Energy Home Loan are tempting enough, but when paired with the energy bill savings you'll enjoy with an all-electric home, they become irresistible!
The 28Watt Free Home Assessment shows you which upgrades will deliver the most bang for buck, providing a clear roadmap of upgrades tailored to your home. Here’s what you’ll get:
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A personalised plan: Discover which upgrades —like solar panels, solar battery systems, or heat pumps—will save you the most money.
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An accurate preliminary quote: Not only will you see your expected bill savings, but you'll get an accurate estimate of what each upgrade costs.
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A trusted network: We’ll connect you with accredited and experienced installers who meet Bank Australia's eligibility requirements.
By completing our Free Home Assessment, you’ll be equipped to maximise the value of your Clean Energy Home Loan and start your journey towards an electrified and efficient home.
Start your free home assessment
Option A – Eligible Upgrades
Your home must have had at least three of the following energy-efficient upgrades completed in the past 18 months:
- Solar panels
- Solar battery
- Heat pump hot water system
- Induction cooktop
- Reverse-cycle heating and cooling
- Insulation
- Double-glazed windows
- Ceiling fans
- Electric vehicle charger
- Energy-efficient pool pump
Option B – Residential Energy Scorecard Improvement
As an alternative to Option A - Your home must have achieved at least a one-star improvement in its Residential Efficiency Scorecard rating (excluding solar panel upgrades). Note that you just need to meet one of the above options, not both. We generally recommend Option A, to avoid the additional costs involved with getting a Residential Efficiency Scorecard Assesor to visit your property.
Handy tip!
Like other Green Loan products, to meet eligibility requirements - All installations must be carried out by accredited installers. 28Watt ensures the contractors you connect with are trusted professionals who have the appropriate accreditations, so you can stress less and enjoy your savings!
To qualify for the 'Renovate' Clean Energy Home Loan:
You must:
- Be buying, refinancing, or renovating an eligible home
- Own a property valued at up to $2.5 million
- Have no gas appliances—your home must be all-electric
- Meet one of the two upgrade pathways (Option A or Option B)
A Simple Process
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Complete Your Free Home Assessment: Find out which upgrades will deliver the best financial and energy savings and whether you qualify for the Clean Energy Home Loan.
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Let Us Know You're Interested: Let us know you're looking into the 'Renovate' Clean Energy Home Loan, and we'll connect you with a trusted broker who can guide you through the application process and ensure you maximise the benefits.
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Refinance: Refinance to Bank Australia's Premium Home Loan. If you meet eligibility requirements, you may be able to access the funds required to complete your upgrades. Until the upgrades are completed, you'll have access to Bank Australia's Premium Home Loan rate (which varies based on LVR).
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Complete Upgrades: 28Watt will arrange the installation of your requested upgrades on an agreed-upon date.
- Enjoy Your Savings: Once your upgrades are complete, we'll send evidence to Bank Australia, who will update your home loan to the discounted rate.
28Watt's Takeaway
The Bank Australia ‘Renovate’ Clean Energy Home Loan is the best green finance option in Australia today. The key difference? Instead of a separate small personal loan, you get a lower interest rate on your entire home loan balance. This means significantly higher savings over time.
At 5.38% p.a. variable, this loan is currently offering a discount of around 0.7% compared to standard variable home loan rates from most other lenders. That’s a huge advantage, especially in a market where interest rates are poised to remain steady in the short term.
This loan offers one of the most financially attractive ways to electrify your home, reducing both your mortgage repayments and energy bills. The combination of home loan savings, access to sustainable finance, and eligibility for future-proofing upgrades makes this a standout choice for Australian homeowners.
With 28Watt’s Free Home Assessment, you’ll know exactly which upgrades will maximize your energy savings and ensure you meet Bank Australia’s eligibility requirements. Start your home electrification journey today and take advantage of one of the best mortgage discounts available in the market.
Start your free home assessment
Not the green loan you're looking for? Check out some alternatives below.
- ING Green Upgrade Loan
- Westpac Green Loan
- Commbank Green Loan
- Community First Green Loan
- Plenti Green Loan
- RACQ Green Loan