Suncorp launches green home loan product

by Mike Wood24 Sep 2021

Suncorp has announced a new green home loan that can help customers with solar panels to get cash off their mortgage, in what is thought to be a market first.

The major bank is offering cash bonuses to new and old customers alike, with a $3,000 cashback for new customers who have solar panels on their homes.

The product, which Suncorp is calling the Solar Home Bonus, will also see customers who have their mortgage with the bank and a solar panel system eligible for $500 as a loyalty bonus.

Suncorp claim that this is a market first, though it is not the first green slant on the mortgage market: CBA has a Green Loan product that can give customers loans to get solar panels installed, while Firstmac has placed RMBS deals made entirely of green home loans.

Suncorp CEO Clive van Horen said that it was vital for banks to keep pace with customers, who were increasingly concerned about the environment.

“We know what’s important to our customers, and we are delivering banking that is good for them and for the world,” he said.

“We are committed to providing banking solutions for customers that support sustainability and our Solar Home Bonus is a practical step towards a more sustainable world.”

“Not only will we continue to offer our customers more environmentally friendly banking options, the Bank has also committed to being 100% powered by renewable electricity by 2025, and to reach net zero greenhouse emissions across our operations by 2050.”

 

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