Turbocharging Your Mortgage Interest Savings in 2025

Access a 5.38% variable rate and save thousands in interest!

 

 

There's a game-changing opportunity that could save you thousands on your mortgage, and it's simpler than you might think. Bank Australia has unveiled a blockbuster 5.38% variable home loan rate for homeowners who have ditched gas appliances.

 

The Numbers That'll Make You Look Twice

Imagine saving almost $5,000 in the first year alone on a $690,000 mortgage. That's not a typo – by switching off your gas appliances you could pocket $23,805 in interest savings over just five years. Sounds too good to be true? Let's break it down.

 

Typical Upgrade Costs

Gas to induction cooking: $1,100

Heat pump hot water system: $2,600

Efficient reverse-cycle air conditioner: $1,600

Total upgrade cost: $5,300

 

Potential First-Year Savings

Interest savings: $4,761

Energy bill savings: $1,341

Total first-year savings: $6,102

... and over five years? A whopping $30,000!

 

Eligibility Explained

To qualify for this rate, you'll need:

• A property valued under $2.5 million

• No more gas appliances

• At least three upgrades completed within 18 months before your loan application (there are plenty of cost-effective options to choose from!)

 

What Makes This Loan Special?

Bank Australia's all-electric home loan isn't just about a competitive rate. It comes packed with premium features that make switching a no-brainer:

• 100% offset account

• Flexible redraw options

• No extra repayment fees

• Flexible repayment schedules (weekly, fortnightly, or monthly)

• Complimentary $0 annual fee Platinum Credit Card

• Option to split your loan

 

Not Quite Ready to Go Full Electric?

No pressure. We understand that some Aussies love their gas stoves. If you're curious but not committed, 28Watt offers a free home assessment to help you understand your potential savings without any obligation.

 

Your Next Steps

Want to know exactly how much you could save by making the switch?

 

Start Your Free Home Assessment

 

 

Disclaimer: Savings estimates are indicative and may vary based on individual home configurations, energy usage, and specific upgrade costs.

Terms and conditions apply. Loan subject to Bank Australia's standard lending criteria. 28Watt has no affiliation with Bank Australia.