Enquiry levels strong, says bank
Amid power price hikes and the rising cost-of-living, Suncorp Bank said the level of enquiry on its Green Upgrades Home Loan Offer has been strong, particularly from borrowers looking to save money.
Launched in June, the offer enables customers to borrow between $10,000 and $25,000 at a discounted interest rate for the installation of green, energy-efficient features in their homes.
Customers taking up the offer can realise the dual benefit of helping the environment, with the end game of saving money.
Since launching, Suncorp home lending innovation lead Heidi Aspinall (pictured above) said the bank received feedback mainly from customers looking for ways to reduce their utility bills.
“In the first few weeks of the Green Upgrades Home Loan offer, Suncorp Bank has received a strong number of enquiries, with applications being submitted after customers obtained the necessary certified quotes for their planned green upgrades,” Aspinall said.
“They have also told us this offer has been the motivation for them to invest in making their homes more sustainable.”
Eligible features include solar panels, rechargeable solar batteries, home insulation, solar hot water systems, energy-efficient window glazing, and whiteware and home appliances with a seven-star energy efficiency rating.
Based on applications received so far, Aspinall said solar systems and batteries were the most popular features.
The bank has also seen a strong level of interest in insulation and glazing, as customers look to retrofit their homes, she said.
Brokers attending a recent forum told Suncorp Bank an increasing number of their customers were looking for sustainable and environmentally friendly products.
“The launch of our Green Upgrades Equity Loan is another way for our customers to participate in the transition to a net zero emissions economy, and it’s something we’re really proud of,” Aspinall said.
With interest rates and the cost-of-living on the rise, there are a number of ways home loan customers can save money, she said.
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“For Suncorp home loan customers, our standard variable rate loan includes an offset feature, allowing [customers] to link to their Everyday Options transaction account, plus up to nine ‘sub accounts’, to their home loan,” Aspinall said.
“This means [customers] can separate their money into different accounts, while still offsetting their home loan. Suncorp also offers a budget planner and repayment calculator tools on our website that can be used to help our customers review their budget.”
Available until January 31, 2023, the offer is available to new and existing customers, including owner-occupiers and investors.
The minimum borrowing is $150,000, and the LVR must be less or equal to 80%. Under the offer, customers are required to provide written quotes from approved suppliers and installers.
