It also rolls out its Home Energy Helper platform to simplify the process of adopting sustainable upgrades
ING Australia has introduced a new Green Upgrade Loan and Home Energy Helper platform, aiming to make sustainable home improvements easier for homeowners.
Partnering with electrification software provider BOOM! Power, the initiative offers a streamlined approach for identifying energy-saving opportunities, connecting with certified installers, and accessing government rebates.
The Green Upgrade Loan provides a five-year fixed interest rate of 3.74% p.a. (5.16% comparison rate) for owner-occupiers making principal and interest repayments, enabling more Australians to finance energy-efficient upgrades. The loan is supported by the Clean Energy Finance Corporation (CEFC) through its $1 billion Household Energy Upgrades Fund, designed to improve access to affordable green financing.
“Household emissions are one of the biggest contributors to Australia’s carbon footprint, which is why we, together with BOOM! Power, are doing all we can to help customers make improvements to try to reduce their household emissions,” said George Thompson (pictured above), head of mortgages at ING.
Focus on sustainability
The initiative aligns with Australia’s climate goals, which aim to achieve net-zero emissions by 2050. Household energy use is a significant contributor to the nation’s carbon output, and improving energy efficiency is seen as a key strategy to address this challenge.
“Helping households lower their carbon footprint is a critical factor in achieving net-zero emissions by 2050,” said Ian Learmonth, CEFC chief executive. “Our work crowding in additional private capital through the HEUF will help deliver a catalytic outcome, providing low-cost financing together with a range of co-financiers for home upgrades that improve energy performance.”
The Home Energy Helper platform is set to launch in December for homeowners in Victoria, New South Wales, and the Australian Capital Territory, with plans to expand to other states by early 2025. The platform simplifies the process of adopting sustainable technologies, offering products such as solar panels, heat pumps, and home battery systems.
Opportunities for mortgage brokers
Mortgage brokers stand to benefit from these new offerings, particularly as demand grows for green financing solutions. ING has highlighted the role brokers can play in educating clients about the financial and environmental benefits of energy-efficient upgrades. The Green Upgrade Loan and Home Energy Helper platform provide brokers with tools to assist clients in accessing government incentives and overcoming cost barriers.
“There is growing demand in Australia for green financing options, driven by increased awareness of environmental issues and government support,” Thompson said. “The ING Green Upgrade Loan was created to meet this demand by providing easy access to energy-efficient upgrades.”
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