Doors open for Westpac customers to boost home sustainability
Unlocking clean energy potential for households with competitive loans
Westpac customers can boost the energy efficiency of their homes using competitive rate loans backed by the CEFC to install new features or technology including energy-efficient appliances, solar batteries, EV chargers, double-glazed windows and insulation.
$320 million
home loans
Competitive
rates
Boosting
household energy efficiency
CEFC wholesale finance, combined with a significant contribution by Westpac, has delivered a low rate that will improve accessibility to Australians and drive further take up of green home loan products.Ian LearmonthCEO, CEFC
Our investment
The CEFC has committed $160 million towards the Westpac Sustainable Upgrades Home Loan product that is expected to support at least $320 million in discounted loans to eligible Westpac home loan customers.
Through the product, Westpac owner-occupier and investor home loan customers with an existing or approved eligible loan are able to apply to borrow up to $50,000 with a loan term of up to 10 years to install new features or technology at their property to improve its sustainability.
The features and technologies covered through the product include energy-efficient appliances, solar batteries, EV chargers, double-glazed windows and insulation.
Details about the Westpac Sustainable Upgrades Home Loan are available on the Westpac website
OUR IMPACT
Helping households lower emissions
Australia’s existing 11 million households are set to play an important role in the nation’s transition to net zero emissions.
Responsible for more than 10 per cent of total emissions and more than 25 per cent of electricity consumption, the vast majority of existing Australian homes were built to lower standards than we expect of new homes today and many rely on outdated, inefficient equipment to make them comfortable.
The CEFC through the $1 billion Household Energy Upgrades Fund (HEUF) is working with co-financiers to create easy-to-access low-cost finance products that unlock the energy, cost and environmental benefits for households that are available through installing proven technology and equipment.
The commitment to Westpac is the second CEFC investment made through the HEUF and the first with a major Australian bank.
The CEFC does not provide discounted loans directly to households and is not involved in individual financing decisions. We rely on counterparties like Westpac to meet the day-to-day needs of individual borrowers. Interested borrowers should contact Westpac directly.
Find out more about the Household Energy Upgrades Fund
