A partnership between a fintech and a digital mortgage broker is promising to make it easier to compare banks, mortgage lenders, and other finance companies by their green credentials, which many Australians are prioritising when choosing home loans and other financial products.
Fintech start-up Acacia Money recently partnered with digital mortgage broker Uno Home Loans to assess Australia’s mortgage lenders based on their commitments to net zero and revenue earned from lending to fossil fuel-intensive industries.
The partnership is set to expand the services offered by Acacia Money, which released its app in 2021 to help users analyse their personal finances, understand the environmental impact of their choices, and to help users switch their home loans, bank accounts, superannuation funds, and energy providers.
Additionally, Acacia pledges to plant a tree ever time user switches banks or finance providers following using their app.
Climate change and related environmental concerns are understood to be increasingly on the minds of both everyday Australians and Australian businesses. It’s proven to be a central issue for voters in the lead-up to the 2022 federal election. It’s also been reported that some advertising agencies and related businesses are becoming hesitant to associate with companies deeply involved with fossil fuels, such as AGL.
Australians wanting to improve the environmental impact of their own finances have a range of options to choose from:
- Green home loans can be used to purchase or refinance properties that score highly for energy efficiency.
- Green personal loans can help pay for renovations and installation of green technologies, such as solar panels or rainwater tanks.
- Green car loans can help you purchase a hybrid car or electric vehicle (EV).
- Green energy providers can be found in Greenpeace's 2022 Green Electricity Guide.