Have you ever thought about what your bank does with the interest it makes from your home loan?
A home loan is probably the biggest investment you will ever make in your life, so where the interest you pay goes makes a big difference to the world.
Just like every dollar in your savings account, every dollar you are paying in interest goes somewhere. The question is, where?
Banks use their customer’s money to lend to other people and businesses. Depending on who you bank with, this means your home loan interest could be supporting industries or practices that go against your values.
Here are three compelling reasons to think about the impact your home loan could be having.
1. Your mortgage could be supporting industries that harm people and the planet
Have you asked your bank what industries they lend to and invest in? If the answer includes fossil fuels, weapons, tobacco or gambling, it is likely that the interest you are paying on your mortgage is supporting these industries. To find out how much your bank invests in fossil fuels check out the Market Forces comparison table.
2. Divestment makes a significant difference
People from all walks and stages of life across Australia are already ditching plastic bags for canvas, and takeaway cups for KeepCups, or buying products that are free from animal crulety. But have you thought about the power of your home loan in creating positive social and environmental change? If more people move their home loan to banks that do not fund harmful industries such as the fossil fuel, weapons and tobacco industries, we’ll be able to create a more positive future for people and our planet – and for future generations to come.
3. Your mortgage can help you make a positive difference in the world
As well as reducing the power and money behind harmful industries, your home loan can contribute to creating positive change.
With a Bank Australia home loan you are ensuring your money isn’t supporting industries that harm people and the planet. As a customer you’ll also see your money contributing to investments that create positive social and environment impact such as being a part-owner in our Conservation Reserve – 927 hectares of biodiverse bushland which is protected from development, forever.
By having your home loan with a bank that puts people and the planet before profit, you can ensure your money isn’t supporting industries that you don’t want your money to be supporting. You can read more about what we do and don’t invest our customer’s money in here.