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Impact Term Deposit

Impact Term Deposit pilot
April 2023 impact report

Impact Term Deposit highlights Impact at a glance Case studies Customer feedback Read the report

How you're creating change

In late 2022, 779 of our customers helped test an innovative savings product that supports lending into some of our key focus areas, including green homes and affordable and accessible housing. The initial 6-month pilot of our Impact Term Deposit was successful, with $29.7m in funding – here are some of the key findings.

Total value

29.7

‍

million

29.7

million

Your impact at a glance

Environmental impact areas

Green homes

Supporting green upgrades like adding solar panels, window glazing and insulation.

49 energy efficient green homes, with:

7.6 star average NatHERS rating

143kW of total solar PV capacity across 21 systems installed

4 new battery storage installations

51 energy efficiency upgrades installed, including: hot water systems, air conditioning systems, energy usage monitoring, thermal window and insulation upgrades

Emit – on average – 37% less^{^}co2-e than a typical Bank Australia-funded home

Construction

New energy efficient construction that protects an equivalent area in our conservation reserve.

8,290m² of land protected on our conservation reserve

_{^ based on analysis of our Clean Energy Home Loan portfolio compared against our residential mortgage portfolio. Emissions estimates are based on external modelling, incorporating data from the Australian Energy Regulator and Sustainability Victoria.}

Social impact areas

Affordable housing

Supporting lower and middle income buyers to help purchase a home through government backed programs.

16 homes for people on low and moderate incomes buying their own home

Inclusive and community housing

Organisations providing community housing and specialist disability accommodation.

33 residents housed in specialist disability accommodation

37 community housing bedrooms for people impacted by social and/or financial disadvantage

150kW of total solar PV capacity installed across multiple community housing properties

Charities or nonprofits

Charities or nonprofits working in education, health care, social inclusion, or disability.
‍

5 additional respite care beds for aged care or people with a disability

1 school renovation & extension, to benefit up to 60 students

These asset categories contribute to three UN Sustainable Development Goals (SDGs) including SDG10 Reduced Inequalities, SDG11 Sustainable Cities and Communities, and SDG15 Life on Land.

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What did our customers think?

"This is the first time I've ever had a term deposit. I started off small and hope to add to it when it rolls over. It's the first step towards saving for a house deposit. I really like the ethical and sustainable approach to this initiative. It makes me feel as though I'm doing something good, not just for myself."

"Seeing the kind of environmental things the deposit is being used for is a huge incentive. When my other term deposits mature, I will probably move it to Bank Australia."

"I love hearing about how my term deposit is making an impact. Great program!"

How Jake and Marian got off gas and electrified their home

Our Clean Energy Home Loan customers, Jake and Marian have spent the past 5 years making green building improvements to their home. The funds invested in your Impact Term Deposit have helped refinance more than 50 Clean Energy Home Loans for energy-efficient homes like Marian and Jake's.

Read the full case study

Above: Jake and Marian, Bank Australia customers

Case studies

Home sweet home: How Inspire Impact is growing the housing market for people with disability

Inspire Impact partners with disability services, including the National Disability Insurance Scheme (NDIS), to find tenants and buyers for the homes they own. Funds invested in the Impact Term Deposit pilot helped refinance this Inspire Impact loan for investment in the specialist disability accommodation sector.

How Catherine used our Impact Term Deposit to save for a home and help others

Catherine was drawn to the Impact Term Deposit because it helps create impact in areas that she cares about. Saving to become a first home buyer is one of Catherine’s financial goals so she enjoyed seeing her savings locked away in a term deposit.

Where to from here?

With customers enthusiastically supporting the initial 6 month term, we’ve extended the existing pilot for a further 6 months. We hope to offer options like the Impact Term Deposit to more customers in future.