The Sustainable Home Loan is a discounted rate loan available to owner-occupiers who tick one or more of Regional Australia Bank’s list of environmentally-friendly criteria. Eligibility features include a grey water treatment system, solar hot water, solar power system or external awnings.
In return, Regional Australia Bank gives borrowers a sizeable interest rate discount and a number of features, including multiple 100 per cent offset accounts, repayment holidays, additional repayments and a redraw facility.
Borrowers can also make interest-only payments for up to five years.
The loan is available for terms up to 30 years and requires a deposit of 20 per cent of the property value without lenders’ mortgage insurance, or as low as 5 per cent with lenders’ mortgage insurance.
The Sustainable Loan may suit borrowers who are committed to sustainable housing and want to be rewarded for their commitment with a rate discount.
It is not suitable for investors or borrowers who do not meet the lender’s environmentally-friendly property criteria.
For borrowers looking for a green loan, this option ticks most of the boxes. It has a low, discounted rate and an impressive list of features to improve flexibility, including repayment holidays and split rate options. It also allows early repayments.
The list of eligible borrowers may be limited by Regional Australia Bank’s sustainable property criteria.
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