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.
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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.
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
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.
16 homes for people on low and moderate incomes buying their own home
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
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.
"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 studyLiamNeal-03442-580x350-9e0e60c.jpg)
Above: Jake and Marian, Bank Australia customers
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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.
Learn more about the pilot's impact and how the Impact Term Deposit is managed.
