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2022-11-07 12:47 pm

Eco Upgrade

Reduced variable rate
Comparison rate*
LVR ≤ 90% applies.
Effective 12 March 2024

Upgrading a property comes with great rewards for you and the planet.

Clean Energy Home Loan for property upgrades

Are you upgrading your home’s efficiency? Whether you’re a current Bank Australia home loan customer or new to us, our Eco Upgrade Clean Energy Home Loan could help you save on variable interest repayments for 5 years, or fixed rates for 3 years. We celebrate you, planet-conscious people.

Buying a new energy efficient home? See the criteria for Eco Clean Energy home Loans.

Our Eco Upgrade rates

Finder Green Awards 2023
Green Bank of the Year
See all reviews
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Reduced variable rate
LVR ≤ 90% or Home Guarantee
Scheme Loan
Effective 12 March 2024
Comparison rate*
Based on a loan of $150,000 for 25 years.
Fees and charges may apply
Comparison rate warning
View full rates table
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Who and what it's for

  • Owner occupiers
  • Qualifying properties in Australia - check the criteria below

Is this product right for you? Find out more

Upgrade criteria

"We are proud to be with Bank Australia knowing it’s an ethical choice that supports a healthy environment."
Marnee and Diego from NSW
You must have done one of the following in the last 12 months to be eligible to apply for an Eco Upgrade Clean Energy Home Loan. And just so you know, you will need to provide documentation confirming this.

The standard eligibility rules also apply before you can take out a home loan.

A. Completed 3 or more of these upgrades

Upgrade type
What to provide
Energy monitoring system
Invoice showing you’ve purchased an energy monitoring system

Eligible devices include Wattwatchers, Solaranalytics, Efergy, Smappee, Sense, Curb, Nuerio, Flukso, Reposit Power, PowerPal – others can be considered if you provide evidence that it will keep you informed of your home’s energy usage in real time
Solar panels (minimum 3kW)
Invoice showing the purchase and installation of the solar system by a Clean Energy Council approved installer or retailer
Home battery (minimum 5kWh)
Invoice showing the purchase and installation of the battery by a Clean Energy Council approved installer or retailer
Hot water heat pump or solar hot water system
Invoice showing the purchase and installation of the hot water heat pump/solar hot water system
Window double glazing and/or low emissivity coatings
Invoice showing the purchase and installation of windows at the property

Statement from the window installer that at least 75% of the windows have been upgraded
Underfloor, wall and ceiling insulation
Invoice showing the purchase and installation of insulation in the floor, walls and ceiling at the property

Statement from the installer to show you have upgraded at least 75% of the home and the insulation meets the prevailing National Construction Code (noting it differs slightly by state)
Electric vehicle charging point
Invoice showing the purchase and installation of an electric vehicle charging point

Copy of the certificate of registration to show that you own an electric vehicle
Efficient air conditioning
Invoice showing the purchase and installation of an air conditioning unit with an eligible star rating for the size of the system:
- 5 stars for units under 4kW
- 4 stars for units 4kW and over
A pool pump with a minimum Energy Label Rating of 6 stars.
An invoice for purchase and installation of a pool pump with an Energy Rating Label of 6 stars

B. Residential Efficiency Scorecard

Upgrade type
What to provide
Improve efficiency rating by 1 star or more
The scorecard rates the energy performance of your home using a star rating out of 10 (both with solar and excluding the impact of solar). It can be completed by a licensed assessor, who can also make recommendations for things you can do to get more stars.

The scorecard is widely available in Victoria, with some availability in other states and territories.

What to provide
Two Residential Efficiency Scorecards:

The first should be completed before you make any improvements

The second afterwards to show that you’ve increased your home’s rating by at least 1 star
Above: Sarah's 1950's weatherboard Clean Energy home

Customer story

How Sarah made her home sustainable

"The more I read, the more I realized we could do all this stuff. Our energy bills have more than halved.”

Read more

Fees and charges

Here’s what to expect with our Clean Energy Home Loan. Be sure to factor in related costs like stamp duty, legal fees, building reports, and insurance.
Fee and description
Establishment fee
Annual package fee
Monthly fee
Redraw fee
1st valuation fee
Construction progress inspection
Credit card annual fee
Up to 10% off
Discharge fee
$250 + government fees

See insurance fine print for discount conditions.

Banking done differently

We’re 100% customer-owned, which means you have voting rights. We don’t pay our execs bonuses, which means more funds are used to support people and the planet. And we’ll never use your money (or anyone’s, for that matter) to fund harmful industries like fossil fuels, live animal exports or nuclear weapons.

Why us
Sheep grazing in an open field with wind turbines in the distance.

Things you need to know


  • Any information and advice does not take into account your personal needs and financial circumstances and you should consider whether it is appropriate for you and seek any third party advice you need.
  • Before deciding to apply, we provide and recommend you read our Financial Services Guide.
  • All applications are subject to a credit assessment and approval. Terms and conditions apply. All applicable terms and conditions will be included in our loan offer.
  • Additional fees and charges may be payable – all relevant details will be included in our loan offer.
  • Information and interest rates are current as at the date of publication and are subject to change at any time, at the discretion of Bank Australia Limited.
  • This document does not constitute a contract for finance.
  • * Comparison Rate: The Comparison Rate is based on a loan of $150,000 for 25 years. Fees and charges may be applicable.
    IMPORTANT: The Comparison Rate applies only to the example given. Different amounts and terms will result in different Comparison Rates. Costs such as redraw fees, early repayment fees, and cost savings such as fee waivers, are not included in the Comparison Rate but may influence the cost of the loan.
  • Terms and conditions, fees and charges apply. Loans subject to normal lending criteria and approval.
  • Rates apply to new applications received from 12 March 2024 however are subject to change at anytime.


  1. The Clean Energy Home Loan Package variable interest rate is for Owner Occupiers making Principal and Interest repayments with a Loan to Value (LVR) ratio of less than or equal to 90%.
  2. When you qualify for a Bank Australia Clean Energy Home Loan you receive a reduced interest rate at the time that is only applicable to the Clean Energy Home Loan Package and not applicable to other Bank Australia home loan products.
  3. For variable rate loans, a reduced variable rate applies for 60 months from the date the loan is settled. For fixed rate loans, the reduced rate applies for the length of the 3 year fixed rate period. In either case, the rate payable on the loan will then revert to the lowest advertised variable Premium Home Loan Package rate at that time.
  4. Minimum new borrowings of $10,000 for an Owner Occupied Home Loan.
  5. Available to new borrowers who submit their loan application on or after 12 March 2024;
  6. For construction loans, Bank Australia protects an equivalent amount of land on the Bank Australia Conservation Reserve as is being constructed to help offset the environmental impact of land clearing. Homes constructed on large lots of land such as hobby farms will be offset according to the amount of land occupied by the dwelling.
  7. The Annual package fee of $350 is payable in advance and is non-refundable. The fee is debited to the loan balance on funding, and then annually on the anniversary date of funding. Package benefits cease to apply once the loan is repaid in full. Other fees and charges may be payable. Refer to the Loan Fees schedule available from or by calling 132 888 for more details.
  8. Repayment Pause. Loans must be established for a full 12 months and a maximum Loan to Value Ratio of 90% (Family-Pause) or 90% (Eco-Pause) applies. Pausing repayments will result in interest continuing to accrue on the loan, potentially increasing the term of your loan. Full conditions available from Bank Australia.
  9. Redraw is not available during the interest only period of the loan and the amount available for redraw is governed by the terms set out in your Loan Offer.
  10. Fixed Rate Loans. If a Fixed Rate is selected, then that rate may vary from the date of application anytime up until the date of funding, unless a rate lock agreement applies. Redraw is not available on fixed rate loans. Additional repayments are capped at $30,000 for the term of the fixed rate loan, and cannot be redrawn. Repayments in excess of the cap may be subject to a Break Fee. A limit of one mortgage offset account applies to Fixed Rate Loans. Mortgage Offset is capped at $20,000 and one account can be linked to one Fixed Rate Loan only.
  11. Insurance. This insurance is issued by Allianz Australia Insurance Limited ABN 15 000 122 850 AFSL234708. Bank Australia ABN 21 087 651 607 AFS Licence No. 238431321 acts as an agent of Allianz and not as your agent. Before making a decision about this insurance, please refer to the relevant Product Disclosure Statement available on 132888 or visit Up to 10% discount applies to Building, Contents and Comprehensive Motor Insurance, and/or standalone building insurance, when you sign up for this home loan package. Minimum premiums apply. Any discounts/entitlements only apply to the extent that any minimum premium is not reached. If you are eligible for more than one, we also apply each of them in a predetermined order to the premium (excluding applicable taxes and government charges) as reduced by any prior applied discounts / entitlements. Discounts may not be applied to the premium for optional covers.