CBA to offer lower rates for green homes

The Commonwealth Bank is trying to win millennial and younger customers by offering lower interest rates on mortgages for homes that meet high environmental standards, as banks compete to promote their green credentials.

The launch, which comes as smaller lenders are already targeting the green home loan market, is the latest sign of banks competing for environmentally-conscious customers, amid pressure on banks over their role in climate change. The bank’s executive general manager of home buying, Dr Michael Baumann, said the product would be open to people building new homes and those renovating, noting that many younger customers raised sustainability issues.

He acknowledged the number of homes that would be eligible for the rate would initially be “relatively limited.” However, he said the bank believed there would be strong growth in green home construction, and it wanted to provide financing to help customers improve their environmental footprint.

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