Media releases
Westpac and CEFC unite for Australian first loan
18 August 2024
Westpac is launching Sustainable Upgrades home and investor loans for customers to make energy-efficient upgrades to their home, supported by the Clean Energy Finance Corporation (CEFC).
From Monday, 26 August, Westpac home loan customers can access a competitive variable interest rate of 4.49% p.a.* to install new features or technology in their property to improve its energy efficiency or climate resilience. Owner-occupier and investor home loan customers with an existing or approved eligible loan will be able to apply to borrow up to $50,000 with a loan term of up to ten years.
Westpac is the first bank to be supported by the CEFC’s $1 billion Household Energy Upgrades Fund (HEUF), a landmark program to help Australians access cheaper home energy solutions and affordable finance.
“Westpac’s new offering, backed by the Australian Government-owned ‘green bank’, will appeal to our customers wanting to make their home more energy-efficient,” said Jason Yetton, Westpac Chief Executive Consumer.
“We recognise more Australians want to play their part to reach a net zero future, and that starts at home. This announcement will help our customers to make more environmentally conscious choices and improve their homes at the same time.”
Research from Westpac shows nine out of ten Australians1 looking to renovate within five years would consider making a sustainable upgrade to their home.
“Increasing the uptake of renewable energy, storage, and related infrastructure is critical to Australia’s net zero ambitions and clean energy transition. The installation of more rooftop solar, home batteries and energy efficiency equipment will help manage household energy costs and unlock additional clean energy capacity. This means we can better manage energy demand and ultimately contribute to the creation of a stronger, more reliable and cleaner grid,” said Ian Learmonth, CEFC CEO.
Australians are increasingly looking to upgrade their homes with energy-efficient features and technologies. Close to two in five (38%) Australians would consider installing solar panels on their home, one in four would consider putting in solar batteries (27%) or changing to solar hot water (25%), and over a fifth would consider installing insulation (23%) or put in double-glazed windows (22%).
* Variable interest rates are subject to change.
1 89% of Australians who are looking to renovate their home within five years would consider making a sustainable/environmentally friendly upgrade to their home.
ENDS
ABOUT WESTPAC RESEARCH
The research was commissioned by Westpac and conducted by Lonergan Research in accordance with the ISO 20252 standard. Lonergan Research surveyed 1,007 Australians. Surveys distributed throughout Australia including both capital city and non-capital city areas. The survey was conducted online amongst members of a permission-based panel between 2nd August 2024 and 5th of August 2024. After interviewing, data was weighted to the latest population estimates sourced from the Australian Bureau of Statistics.
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