New experience to be met with Green Upgrade Loan with a competitive rate of 3.74% (5.16% p.a. comparison rate)* for eligible customers
ING Australia, in collaboration with BOOM! Power will soon launch a new experience to help make it easier for customers to improve the energy efficiency of their home.
The new Home Energy Helper creates a one stop shop for customers to source quotes from accredited installers, see what rebates they may qualify for and assess the potential impact of their renovation on their energy bills and household emissions. Eligible ING Home Loan customers could also apply for ING’s competitive Green Upgrade Loan at 3.74% p.a. (5.16% p.a. comparison rate)*.
The low-rate Green Upgrade Loan will be made possible thanks to the support of the Clean Energy Finance Corporation’s (CEFC) Household Energy Upgrades Fund TM (HEUF TM ). This $1 billion fund provides discounted finance to co-financiers to increase sustainability across the housing sector.**
ING Australia CEO, Melanie Evans says:
“Household emissions are one of the biggest contributors to Australia’s carbon footprint, which is why ING, together with BOOM! Power, are helping customers to make improvements to their home to try to reduce their household emissions.”
“We know that Australians find renovating their home for energy efficiency complex, costly and time consuming. The Home Energy Helper and Green Upgrade Loan aims to remove the complexities and barriers that are stopping people from making their homes more energy efficient.”
CEFC CEO Ian Learmonth says:
“Helping households lower their carbon footprint is a critical factor in achieving net zero emissions by 2050.. 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 will launch from December in Victoria, NSW and the ACT. It will then be rolled out nationally in early 2025. Eligible ING mortgage customers could also take advantage of the Green Upgrade Loan, which will be available from December.*
Customers wanting to know more can contact their broker or call ING Australia on 1800 467 415.
More information
*The comparison rate is based on a loan amount of $150,000 over a loan term of 25 years. Warning: This comparison rate is true only for the example given and may not include all fees and changes. Different terms, fees or other loan amounts might result in different comparison rate.
ING Home Loan customers who meet the eligibility criteria could also apply for ING’s competitive 5-year fixed rate Green Upgrade loan at 3.74% p.a. (5.16% p.a. comparison rate) to borrow between $5,000-$50,000. Eligibility and credit approval criteria apply.
Eligibility:
You may be eligible to apply to increase your existing ING home loan with the Green Upgrade Loan provided your existing ING home loan meets the conditions below:
- It has a total balance of $150,000 or more at the time of application.
- The total loan-to-value ratio (LVR) of the existing ING home loan and the new Green Upgrade Loan is 80% or less once the Green Upgrade Loan is settled.
- It is for the purpose of funding the purchase and installation of one or more home energy upgrades on the security property for the existing ING home loan. Home energy upgrades are those arranged through the Home Energy Helper platform.
- The security property of the existing ING home loan is located in NSW, VIC or the ACT and does not exceed $2,500,000 in value at the time of application.
- It is only available as a 5-year fixed interest rate with principal and interest repayments for loan amounts between $5,000 and $50,000.
- You hold an active ING Orange Everyday account in the same names as your ING home loan at the time the Green Upgrade Loan is settled.
** Under a Memorandum of Understanding (MOU) signed by both parties, the CEFC will consider investing up to $75 million to support the Green Upgrade Loan.
ING Bank (Australia) Limited (ABN 24 000 893 292, AFSL 229823, Australian Credit Licence 229823), (ING), has partnered with BOOMPower Pty Ltd (ABN 17 616 801 024) (BOOM! Power) to give you access to the Home Energy Helper Platform (Platform). The Platform is intended to help you understand your potential home energy bill savings and emissions reductions, which could result from making home energy upgrades.
If you arrange a home energy upgrade using the Home Energy Helper Platform, ING and BOOM! Power will receive a commission from the service provider that supplies and installs the home energy upgrade (installer).
BOOM! Power will not provide any credit assistance to ING customers.
All information in relation to the Platform is provided by BOOM! Power based on the information about your home that you provide. Estimated energy and emissions savings are calculated by BOOM! Power by estimating how much gas and electricity your home currently uses on an hour-by-hour basis. This is then compared to the amount your home will potentially use after the selected home energy upgrades are installed. BOOM! Power use typical electricity and gas prices for your region to calculate the potential savings. ING makes no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the Platform on the website or the information, products, services, or related graphics contained on the Platform on the website for any purpose.
The estimates you receive on the Platform are not a quote or binding agreement and are generated by BOOM! Power based on information provided by you. The actual price for the provision of this service will be determined following a visit to your home by an approved installer. ING accepts no responsibility for the accuracy of this estimate.
The relevant fixed rate that applies to a loan is the one that is available on the date of settlement or the date the fixed rate period commences, unless the customer locks in another fixed interest rate using the fixed rate lock-in feature (fees apply). At the end of the fixed interest period, the interest rate will convert to the Mortgage Simplifier variable rate. To refinance to ING you must have a maximum LVR of 80% or less. Fixed rate break costs are not applicable on the Green Upgrade Loan, however they may apply to other Fixed Rate Loans in certain circumstances such as if you repay or vary your fixed rate loan before the fixed rate term expires. These costs may be substantial. Refer to the ING Home Loan Terms and Conditions for more detail on break costs and when it is payable or contact us on 133 464 for an estimate of the break costs that may be payable. Any additional payments or advanced funds are not available for redraw during the fixed interest period.
The information on this website is general in nature and does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you. All applications for credit are subject to ING’s credit approval criteria. Fees and charges apply. Before making any decision in relation to our products, you should read the relevant Terms and Conditions booklet and Fees & Limits Schedule available at ing.com.au issued by ING Bank (Australia) Limited. ING recommends you seek independent financial or taxation advice where appropriate. Information is current as at the date of publication and is subject to change.