Renovate
Making green upgrades to your home comes with great rewards.
Clean Energy Home Loan for renovated homes
Have you made energy efficient and electric upgrades to your home? Whether you’re a current Bank Australia home loan customer or new to us, our Clean Energy Home Loan Renovate offers a reduced^ variable home loan rate for 5 years or fixed rate for 3 years.
Buying or building a new green home? See our Clean Energy Home Loan New Build.
If you’re interested in upgrading your home to all electric and energy efficient, the tools and resources in our Electrify Your Home hub can help you get started.
Our Renovate rates
Signature features
How to qualify
To be eligible for the Clean Energy Home Loan Renovate, you'll need to meet these general conditions and the eligibility criteria below.
You must be a resident in Australia for tax purposes and the property must be in Australia
The loan must be for the purpose of buying, building or refinancing an eligible property. If you're using multiple properties to secure your loan, the property eligible for the Clean Energy Home Loan New Build must account for at least 65% of the total security value.
The eligible property has a value up to $2.5m.
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House or apartment
To get started, select if you have a freestanding house or apartment / strata title home.
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Eligibility criteria
All of these requirements must be fulfilled in order to be eligible for this loan.
All electric
The property has all electric fixed appliances and no gas (cooking, hot water, space heating).
Required evidence:
One or more of the following that adequately demonstrates your property has only electric fixed appliances and no gas:
- NatHERS certificate with Whole of Home rating, listing only electric fixed appliances under the Appliance schedule;
- Residential Efficiency Scorecard detailing all electric fixed appliances;
- Confirmation of gas abolishment or disconnection from your gas retailer or distributor;
- Gas plumbing compliance certificate(s) for works to cap your gas meter;
- Gas plumbing compliance certificate(s) for works to remove all fixed gas appliances (cooking, hot water, space heating);
- A Contract of Sale or property valuation (issued by a certified property valuer) detailing that the home is not connected to gas;
- Confirmation that your property is not connected to gas, issued by an appropriate Government department or agency, or the relevant gas distributor.
If you’re unable to provide sufficient evidence, you may supplement the above with:
- A signed ‘All electric’ customer declaration supported by a signed statutory declaration confirming the ‘All electric’ customer declaration is true and correct. State or Commonwealth statutory declarations are acceptable.
All electric
The property has all electric fixed appliances and no gas (cooking, hot water, space heating).
For apartments and strata title, this means any common systems must also be electric (no gas in the base building).
Required evidence:
One or more of the following that adequately demonstrates your property has only electric fixed appliances and no gas:
- NatHERS certificate with Whole of Home rating, listing only electric fixed appliances under the Appliance schedule;
- Residential Efficiency Scorecard detailing all electric fixed appliances;
- Confirmation of gas abolishment or disconnection from your gas retailer or distributor;
- Gas plumbing compliance certificate(s) for works to cap your gas meter;
- Gas plumbing compliance certificate(s) for works to remove all fixed gas appliances (cooking, hot water, space heating);
- A Contract of Sale or property valuation (issued by a certified property valuer) detailing that the home is not connected to gas;
- Confirmation that your property is not connected to gas, issued by an appropriate Government department or agency, or the relevant gas distributor.
If you’re unable to provide sufficient evidence, you may supplement the above with:
- A signed ‘All electric’ customer declaration supported by a signed statutory declaration confirming the ‘All electric’ customer declaration is true and correct. State or Commonwealth statutory declarations are acceptable.
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Qualification option
The requirements for either Option A or Option B must be fulfilled to be eligible for this loan.
A
Three eligible upgrades
Option A
The property has had three eligible upgrades from the Renovate Eligible Upgrades List completed within the preceding 18 months.
Eligible upgrades made by the Owners Corporation – that service your property – are acceptable.
B
Residential Efficiency Scorecard
Option B
Achieved a 1 star or better (excluding the impact of solar PV) improvement across two Residential Efficiency Scorecards.
The Residential Efficiency Scorecard is a national, government-backed program that offers an energy efficiency star rating for your home and a clear pathway to reduce your energy costs and emissions, while making your home more comfortable.
Required Evidence:
Two Residential Efficiency Scorecards from accredited assessors, both dated within the preceding 18 months, that demonstrate a 1 star or better (excluding the impact of solar PV) improvement across the two scorecards.
Where any of the technology types listed on the Renovate Eligible Upgrades List contributed to the improved star rating, the Renovate Eligible Upgrades List eligibility criteria and evidence requirements apply for those technologies.
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Renovate Eligible Upgrades List
Select eligible options on the right
Your selection
Selection
Three of these upgrades must be completed. Click 'Learn More' to read the eligibility criteria and evidence requirements for each upgrade.
Rooftop solar
I have purchased and installed the following:
A rooftop solar system whose main components are included on the Clean Energy Council approved product lists for both: solar modules (panels) and inverters.
The suppliers and installers I have engaged are:
- A New Energy Tech (NET) Approved Seller (for solar PV) and;
- A Solar Accreditation Australia (SAA) accredited installer.
I can provide the following evidence:
- Tax invoice(s) or electrical compliance certificate(s) from the supplier & installer with equipment and installation details.
- Supplier is a New Energy Tech (NET) Approved Seller for solar PV.
- Installer is Solar Accreditation Australia (SAA) accredited for solar PV.
- Make and model of solar modules (panels) are listed on the Clean Energy Council approved product list.
- Make and model of solar inverter is listed on Clean the Energy Council approved product list.
- Optional: if evidence of supply or installation is not available or missing required information, you may supplement your evidence with a statement of supply / installation– rooftop solar.
Battery
I have purchased and installed the following:
A battery that is included on the Clean Energy Council approved product list for batteries.
The suppliers and installers I have engaged are:
- A New Energy Tech (NET) Approved Seller (for energy storage) and;
- A Solar Accreditation Australia (SAA) accredited installer (for energy storage/ batteries)
I can provide the following evidence:
- Tax invoice(s) or electrical compliance certificate(s) from the supplier & installer with equipment and installation details.
- Supplier is a New Energy Tech (NET) Approved Seller for energy storage (batteries).
- Installer is Solar Accreditation Australia (SAA) accredited for energy storage (batteries).
- Make and model of battery is listed on the Clean Energy Council approved product list.
- Optional: if evidence of supply or installation is not available or missing required information, you may supplement your evidence with a statement of supply / installation– battery.
Electric hot water system
I have purchased and installed the following:
Either a hot water heat pump, or solar hot water system (electric boost) that is:
- For NSW & VIC: listed under the Essential Services Commission register of approved products (see product list 1C and 1D), or;
- For all other locations: listed under the Clean Energy Regulator register of air source heat pumps or solar water heaters, and;
- the equipment is covered by a minimum five year whole-of-system warranty on all major components from the product manufacturer.
The suppliers and installers I have engaged are:
- Appropriately licensed to install a solar hot water or hot water heat pump system.
- At a minimum, installers must hold a current plumbing license in the State/Territory. Additional qualifications may be required for electrical work, and or refrigeration components. More information is available in the Clean Energy Home Loan key information document.
I can provide the following evidence:
- Tax invoice(s) or electrical compliance certificate(s) from the supplier & installer with equipment and installation details.
- Installer is appropriately licensed for this type of installation.
- Make & model of hot water system is listed on either the Essential Services Commission (product list 1C and 1D) (NSW & VIC), or Clean Energy Regulator (all other locations) approved product registers.
- Minimum five year whole-of-system warranty on all major components from the product manufacturer.
- Optional: if evidence of supply or installation is not available or missing required information, you may supplement your evidence with a statement of supply/installation – electric hot water system.
Induction cooktop
I have purchased and installed the following:
An induction cooktop.
The suppliers and installers I have engaged are:
An electrician that is licensed in my State/Territory.
I can provide the following evidence:
- Tax invoice(s) or electrical compliance certificate(s) from the supplier & installer with equipment and installation details.
- Optional: if evidence of supply or installation is not available or missing required information, you may supplement your evidence with a statement of supply/installation – induction cooktop.
Heating and cooling
I have purchased and installed the following:
A non-ducted single-split air conditioner that meets the minimum energy star rating for both heating and cooling, based on the system size and climate zone, as per the eligibility table in the Clean Energy Home Loan key information document.
The suppliers and installers I have engaged are:
A licensed electrician with an Australian Refrigeration Council (ARC) refrigerant handling licence.
I can provide the following evidence:
- Tax invoice(s) or electrical compliance certificate(s) from the supplier & installer with equipment and installation details.
- Make & model of non-ducted, single split air conditioner meets the minimum energy star rating for both heating and cooling based on the system size and the property’s climate zone, as per the eligibility table in the Clean Energy Home Loan key information document.
- Installer is a licensed electrician and has an Australian Refrigeration Council (ARC) refrigerant handling licence.
- Optional: if evidence of supply or installation is not available or missing required information, you may supplement your evidence with a statement of supply/installation – heating and cooling.
Insulation
I have purchased and installed the following:
A minimum invoiced value of $5,000 of insulation that meets the following minimum thermal performance:
- Walls and underfloor: R2.5
- Ceilings: R4 (all states except ACT & TAS which is R5); and;
- was installed following completion of an electrical safety inspection.
The cost of electrical safety inspection is excluded from the $5,000 minimum spend.
The suppliers and installers I have engaged are:
- For insulation: an Energy Efficiency Council (EEC) Certified Insulation Installer for the type of insulation being installed, and;
- For electrical safety inspection: An electrician that is licensed in my State/Territory.
I can provide the following evidence:
- Tax invoice(s) or electrical compliance certificate(s) from the supplier & installer with equipment and installation details.
- Tax invoice(s) or electrical compliance certificate(s) for the electrical safety
- inspection.
- Confirmation that the insulation meets the minimum R-values for the type and State/Territory of installation.
- Insulation installer is Energy Efficiency Council (EEC) Certified for the type of insulation installed.
- Electrical safety inspection performed by a licensed electrician.
- Optional: if evidence of supply or installation is not available or missing required information, you may supplement your evidence with a statement of supply/installation – insulation.
Double glazed windows
I have purchased and installed the following:
A minimum invoiced value of $15,000 of double glazed windows that have a maximum whole-of-window Window Energy Rating Scheme (WERS) U-value of 4.0.
The suppliers and installers I have engaged are:
An accredited Australian Glazing and Window Association (AGWA) member.
I can provide the following evidence:
- Tax invoice(s) from the supplier & installer with equipment and installation details.
- Installer is an accredited Australian Glazing and Window Association (AGWA) member.
- Confirmation that the windows meet the maximum WERS U-value of 4.0.
- Optional: if evidence of supply or installation is not available or missing required information, you may supplement your evidence with a statement of supply/installation – double-glazed windows.
Ceiling fans
I have purchased and installed the following:
Two or more new ceiling fans.
The suppliers and installers I have engaged are:
An electrician that is licensed in my State/Territory.
I can provide the following evidence:
- Tax invoice(s) or electrical compliance certificate(s) from the supplier & installer with equipment and installation details.
- Installer is a licensed electrician.
- Optional: if evidence of supply or installation is not available or missing required information, you may supplement your evidence with a statement of supply/installation – ceiling fans.
Electric vehicle charger
I have purchased and installed the following:
A level 2 electric vehicle charger.
The suppliers and installers I have engaged are:
- A New Energy Tech (NET) Approved Seller (for EV charging) and;
- an electrician that is licensed in my State/Territory.
I can provide the following evidence:
- Tax invoice(s) or electrical compliance certificate(s) from the supplier & installer with equipment and installation details.
- Supplier is a New Energy Tech (NET) Approved Seller for EV charging.
- Installer is a licensed electrician.
- Optional: if evidence of supply or installation is not available or missing required information, you may supplement your evidence with a statement of supply/installation – electric vehicle charger.
Pool pump
I have purchased and installed the following:
- A pool pump that has a minimum Energy Rating of 6 stars or better.
The suppliers and installers I have engaged are:
An electrician that is licensed in my State/Territory.
I can provide the following evidence:
- Tax invoice(s) or electrical compliance certificate(s) from the supplier & installer with equipment and installation details.
- Make & model of pool pump meets the minimum Energy Rating of 6 stars or better.
- Installer is a licensed electrician.
- Optional: if evidence of supply or installation is not available or missing required information, you may supplement your evidence with a statement of supply/installation – pool pump.
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Clean Energy Home Loan key information
Learn more about the Clean Energy Home Loan options, eligibility criteria and additional guidance in the key information document.
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Start your application now
Apply for a loan or pre-approval. All you need is your driver's licence or passport, and your Medicare card, to get started.
Fees and disclosure documents
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 | Cost |
|---|---|
| Establishment fee | $0 |
| Annual fee | $350 |
| Monthly fee | $0 |
| Redraw fee | $0 |
| 1st valuation fee | $0 |
| Platinum Visa Credit card annual fee | $0 |
| Mortgage discharge fee | $350 + Government fees |
See our home loan rates and fees for more information.
Customer story
How Murray and Bec switched to electric at their family home
“The major thing, for us, was getting off gas,” Murray says. “Environmentally, gas isn’t the best thing to use in your house. I knew going electric was best for us, and would give us a more sustainable way of living. It was an easy choice in the end.”
Things you need to know
GENERAL ADVICE
- 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 as per effective date set out above however are subject to change at anytime.
CLEAN ENERGY HOME LOAN
- The Clean Energy Home Loan Package variable and fixed interest rates are for Owner Occupiers and Investors making Principal and Interest repayments with a Loan to Value (LVR) ratio of less than or equal to 90%.
- 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 and not applicable to other Bank Australia home loan products.
- 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 Offset Home Loan rate at that time.
- Minimum new borrowings of $10,000 for an Owner Occupied and Investor Home Loans.
- Available to new borrowers who submit their loan application as per effective date set out above.
- The Clean Energy Home Loan annual 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. The fee waiver on the Platinum Awards Visa credit card will cease to apply once the loan is repaid in full. Other fees and charges may be payable. Refer to the Lending and Credit Card fees, charges and transaction limits available from bankaust.com.au or by calling 132 888 for more details.
- Please note we make no representation or warranty about the suitability or appropriateness of any home upgrades or appliances for your particular circumstances. Please make your own investigations and seek any independent advice you require.