ING's Green Upgrade Loan will offer a five-year fixed interest rate of 3.74% p.a. (comparison rate* 5.16% p.a.) and will be available to borrowers from December 2024. 

The loan product will allow homeowners in NSW, Victoria, and the ACT access to between $5,000 and $50,000 to fund sustainable home upgrades with a repayment period of 30 years.

The new program is expected to be worth $150 million and will be supported by up to $75 million from the Clean Energy Finance Corporation's (CEFC) $1 billion Household Energy Upgrades Fund.

"We've designed our Green Upgrade Loan following customer and mortgage broker feedback that the retrofitting process is complex and time consuming," ING Australia CEO Melanie Evans said.

"If we want to accelerate decarbonisation, we need to remove the complexities and barriers that are stopping people from making their homes more energy efficient."

To be eligible for the Green Upgrade Loan, ING customers must hold a home loan balance of at least $150,000 with a loan-to-value ratio (LVR) of 80% or less after the new loan's addition on a property worth no more than $2.5 million.

ING also announced its new Home Energy Helper tool, created via a collaboration with BOOM! Power, on Wednesday.

The tool allows homeowners to receive quotes for energy-efficient upgrades, assess if they're eligible for any grants, and estimate the impact of any planned upgrades on their energy bills and household emissions.

The Home Energy Helper will launch in NSW, Victoria, and the ACT in December and will be available across the rest of the country in early 2025.

How does ING's Green Upgrade Loan compare to others on the market?

The deal between CEFC and ING is the third of its kind, with Plenti and Westpac having previously received Household Energy Upgrades Fund support.

Westpac uses the support to provide its Sustainable Upgrades loan, allowing existing home loan borrowers to access between $4,000 and $50,000 extra to be repaid over 10 years or less.

The Sustainable Upgrades loan advertises a variable rate of 4.49% p.a. (comparison rate* 4.87% p.a.) at the time of writing.

Non-bank personal loan lender Plenti also uses CEFC support to discount rates on its standard green loans to households turning to its network of partners and installers for home upgrades.

Other major lenders also offer add-on loan products to home loan customers upgrading their home with sustainable features, CommBank's Green Loan being one example.

It allows existing CommBank home loan customers to borrow $5,000 to $30,000 extra over a 10-year fixed rate period, with an advertised interest rate of 3.99% p.a. at the time of writing.

Meanwhile, many home loan lenders offer green home loans, providing discounted interest rates to those who own or plan to buy an energy-efficient home, and those who have completed sustainable home upgrades.

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In the market for a green home loan? Find some of the market's most competitive below:

Update resultsUpdate
Filters
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees Max LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkComparePromoted ProductDisclosure
6.43% p.a.
6.69% p.a.
$2,679
Interest-only
Variable
$0
$530
80%
  • Interest only during construction period
  • No monthly or ongoing fees
  • Offset sub-account available after completion
  • Unlimited additional repayments after completion
 Disclosure
5.94% p.a.
5.99% p.a.
$2,978
Principal & Interest
Variable
$null
$null
80%
5.99% p.a.
6.44% p.a.
$2,995
Principal & Interest
Variable
$0
$530
90%
  • No application, ongoing monthly or annual fees.
  • Available for refinance or purchases. Quick and easy online application process.
  • Dedicated loan specialist throughout the loan application.
  • Discounted interest rate for 5 years for homes with an eligible solar system
 Disclosure
6.14% p.a.
6.85% p.a.
$3,043
Principal & Interest
Variable
$0
$720
90%
5.95% p.a.
6.23% p.a.
$2,982
Principal & Interest
Variable
$299
$0
80%
6.19% p.a.
6.53% p.a.
$3,059
Principal & Interest
Variable
$0
$530
90%
90% LVR
  • Discounted interest rate for 5 years for homes with an eligible solar system
  • Available for refinance or purchase
  • No monthly, annual or ongoing fees
 Disclosure
Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of .

Important Information and Comparison Rate Warning

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