We are proud to be the first bank globally to provide such an offering to our customers. Consider its appropriateness to these factors before acting on it. Lending criteria apply to approval of credit products. Terms and Conditions or Product Disclosure Statement, Westpac partners with LGS on first green loan in superannuation. Westpac to offer sustainability-linked loans. With a Westpac Car Loan, you could: Our new, better rate. † applies to all personal loans. We use cookies to secure and tailor your web use. Unless otherwise specified, the products and services described on this website are available only in Australia from © Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714. The green loan, worth up to $10,000, has no approval fee, no loan administration charges, no early break cost and no interest repayments. Owner Occupied, Principal & Interest, Package Loans. Proceeds from the green bond would be used to finance or re-finance sustainable New Zealand projects, such as renewable energy and low carbon commercial property. Green loans make up 27% of sustainable products invested in with that set to grow to 35% within three years”, said Eliza Mathews, Director, Sustainable Finance at Westpac. Our notice explains how we use cookies and how you can manage them. Developed by the NZ Green Building Council, HomeFit offers a list of local installers to do the work based on the assessment report, and even helps landlords check if rental properties meet standards set by the Residential Tenancies Act. The $5m social benefit bond was used to fund the Youth CONNECT program in Queensland to support young people 15 to 25 years old who are exiting or have exited statutory care, and are homeless or are at risk of homelessness. Australian bank Westpac is to offer green loans whose terms are determined by borrowers' sustainability performance. 18-29? Westpac’s current home loan lending criteria and terms and conditions apply. Full details are available on request. $395 annual package fee. Westpac Green Tailored Deposit Product In November 2018, Westpac launched the World’s first CBI certified Green Tailored Deposit Product. Click here to logon and retrieve your application. Westpac will begin offering customers interest free ‘green loans’ from today, worth up to $10,000. We use cookies to secure and tailor your web use. You can get a loan online for a new or a used car, with competitive interest rates and repayment terms that suit your budget. Our sustainable finance team supports sustainable business opportunities within Westpac Institutional Bank. Find out more. Comparison rate from. Our Green Tailored Deposit is an innovative approach as it allows our customers to invest funds with us to support the transition to a low carbon economy. The green loan market aims to facilitate and support environmentally sustainable economic activity, with proceeds being allocated to finance or refinance green projects or assets. Westpac Institutional Bank is today proud to announce Australia’s first green loan developed for the superannuation sector, specifically for Local Government Property Fund (LGPF), managed by Local Government Super (LGS). Haven't found the answer to your question? Existing variable rate home loan customers & new loans. Our dedicated team can provide you with: As a major financial institution in our region and a founding signatory of the Principles for Responsible Banking, we are committed to setting the agenda for responsible banking and leading meaningful environmental and social progress. LGS also sought verification from DNV, with the CBI providing certification that this loan meets the Climate Bonds Standard. Our loans are unsecured loans, so you won’t need to use your new vehicle as security. Compare features, rates and fees here. Earn up to 3% P.A variable interest. How do investors and issuers in Asia Pacific’s sustainable finance market view the present market opportunities and constraints to future growth? The assets that sit behind our Green Tailored Deposits are reviewed by an external verifier on an annual basis and have been certified by the Climate Bonds Initiative. We are open to assisting interested organisations develop their own program that supports their social and community ambitions. An additional fee or higher interest rate may apply to loans if the application is accepted but does not meet the standard lending criteria. We are pleased to work with our customers to determine what your pressing sustainability issues are, what you are targeting to achieve, and how we can help you to get there. We partner with our institutional customers to lead the transaction through each of these steps, to ensure a successful transaction. * Comparison rate warning › The solar loan is a personal loan that can help you make environmentally friendly purchases on solar panels and hot water systems. Our notice explains how we use cookies and how you can manage them. Eligibility criteria and T&Cs apply Find out more Find out more. When funds are allocated to sustainable assets or linked to sustainability outcomes, borrowers and issuers can achieve their sustainability goals and a range of other benefits. By continuing to use this site we assume you're ok with our notice. Sustainability linked loans look at the sustainability performance of the entire company and loan pricing is tied to this performance. Conditions, fees and charges apply. The $10m Benevolent Society Social Benefit Bond draws on our expertise in structured finance. T&Cs apply. Terms are between 1 and 5 years, with a minimum transaction size of AUD $1million, flexibility in coupon payment frequency and floating or fixed rate return. This information does not take your personal objectives, circumstances or needs into account. Westpac Banking Corporation is set to introduce interest free "green loans" worth up to $10,000. 'Green loans are still relatively new to Australia with LGS's Local Government Property Fund being just the fifth Australian entity to borrow under a green loan.' More sustainability insights from Westpac IQ >. "We have an … How it works Sorting out finance for your new car is simple with Westpac. GIVE HOPE THIS YEAR. Westpac NZ supports Meridian Green Finance Programme Meridian Energy is today launching its Green Finance Programme recognising the company’s commitment, leadership and investment in renewable energy. (comparison rate 8.68% p.a.^), fixed for 1-7 years. The recent report ‘Financing sustainability: Asia Pacific embraces the ESG challenge’ by The Economist Intelligence Unit, sponsored by Westpac, shows the drivers and constraints to sustainable finance growth. In its efforts to help Australia become a net-zero emissions economy, energy company AGL is leading the way with a commitment to meet strict sustainability criteria via an innovative type of loan. 1. Eligible projects and assets were verified under the following Sector Criteria: Low Carbon Buildings – Commercial Buildings, and Renewable Energy – Wind. Owner Occupier loans (P&I repayments) and Investment loans, with LVR+ up to 80% and min $250k loan per property. Westpac has become the first New Zealand bank to raise wholesale funding through a green bond. We publicly report on the underlying assets on an annual basis. Because help is what we do. The company will offer an interest free loan worth up to $10,000 to go towards the purchase of energy saving and greenhouse gas reduction items such … LGS is committed to ethical and sustainable investment and is one of the very few to be certified as a ‘whole of fund’ responsible super fund by the Responsible Investment Association of Australasia. So, whether it's improving skills you already have or taking a completely different direction, a Westpac Personal Loan could be exactly what you need to start something exciting and new. “In the report it’s clear that investors have considerable interest in sustainable finance instruments. Helping you transition to more sustainable business models. Financing sustainability: Asia Pacific embraces the ESG challenge, How AGL is powering its shift to renewables, Terms and Conditions or Product Disclosure Statement, An understanding of the value and importance of sustainable finance to your business, Sustainable finance solutions designed to help grow your business and achieve your sustainability goals, Specialist insights regarding the developing sustainable finance market, Assistance in executing the sustainable finance aspects of your transaction. Sustainability linked loans are designed to incentivise a borrower to achieve ambitious, predetermined sustainability … You can also complete an unfinished application. Interest rate from. Product innovation to ensure we proactively address your evolving needs. Westpac worked closely with LGS to structure the $65 million green loan by determining which of the buildings in the LGPF meet international standards for green buildings set by the Climate Bonds Initiative (CBI). We are at the forefront of developing the social finance market in Australia. LGS prepared a Green Financing Framework aligning to the Green Bond Principles and Climate Bonds Standard, with Westpac assisting as the Green Structuring Advisor. Apply online Personal loan calculator Call us on 0800 177 277 ; Interest rate of 13.90% p.a. 7.49% p.a. This information does not take your personal objectives, circumstances or needs into account. ANZ has joined Westpac in launching an interest-free Green Loan that will allow Australian households to invest in solar, water saving, and energy-efficient products. Westpac is the largest lender of greenfield renewable energy in Australia, supporting corporate and institutional customers to achieve their pathway towards a net-zero emissions economy. Westpac is to offer interest-free loans of up to $10,000 to encourage people to insulate or install heat pumps or solar panels on their homes as part … At a glance... No monthly account keeping fees and pay your loan out early without penalty. [BENGALURU] Westpac Banking Corp said on Wednesday it would sell its general insurance arm to German insurer Allianz for A$725 million (S$715.5 million), further trimming its portfolio to beef up capital and focus on core banking. Whether you've applied online, at a branch, or over the phone, you can track your Unsecured Personal Loan application here. Westpac is the latest financial institution in Australia to partner in the Federal Government’s Green Loans program. we can bring the right solution to the table. Green bonds, green loans, social bonds & sustainability bonds Use of proceeds instruments include green loans and bonds, social bonds and sustainability bonds – essentially any debt instrument where proceeds are used to finance or refinance assets or projects that meet certain green or social criteria. 5.99% p.a. To access this article please sign-in below or register for a free one-month trial. This can be measured using an independent ESG assessment, or through specific performance indicators, with the key consideration being that the chosen performance measurement is material to the borrower’s business, and that targets set are ambitious and meaningful. “In 2017, our property portfolio was the first in Australia to receive a 5-Star Green Star Performance rating from the Green Building Council of Australia, and last year we were the first property portfolio to achieve carbon neutral certification under the Australian government’s Climate Active program for all of our NABERS rated buildings”, said Scott Armstrong, Head of Property at LGS. Solar loan. Use of proceeds instruments include green loans and bonds, social bonds and sustainability bonds – essentially any debt instrument where proceeds are used to finance or refinance assets or projects that meet certain green or social criteria. ANZ joins Westpac in green loans. We look not only at a borrower’s financial performance, but also at its sustainability performance. These may change or we may introduce new ones in the future. Conditions, fees and charges apply. Westpac customers with a typical $500,000 home loan are set to pay $28,601 extra in interest under a plan to automatically reduce monthly repayments in line with an official rate cut. Positive signs are emerging as Australia tackles the difficult reality of keeping its waste and recycling onshore in its moves towards a circular economy. Green loans; Green loans. Meridian’s Chief Financial Officer, Mike Roan says the programme enables Meridian to connect its company strategy to its financing requirements. Unless otherwise specified, the products and services described on this website are available only in Australia from © Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714. “We’re proud to partner with our long-standing customer, LGS to help them extend their sustainability leadership into the area of responsible finance”, said Chris Cahill, Head of Real Estate NSW and ACT at Westpac. An establishment charge may apply. The Green Tailored Deposit is a medium to long term investment product (1-5 years) with a minimum transaction amount of AUD $1 million, designed for investors who want or need investments that genuinely contribute to addressing climate change. The monies raised are being used to support the establishment and operation of the Resilient Families program that seeks to reduce the incidence of out of home care in New South Wales. 6.26% p.a. By continuing to use this site we assume you're ok with our notice. “Green loans are still relatively new to Australia with LGS’s Local Government Property Fund being just the fifth Australian entity to borrow under a green loan.” Green loans make up 27% of sustainable products invested in with that set to grow to 35% within three years', said Eliza Mathews, Director, Sustainable Finance at Westpac. See what we’re doing to drive Westpac’s sustainability strategy forward. There are certain steps that need to be undertaken for an issuer to be able to claim the “green” or “social” label for their bond. Meridian’s Chief Financial Officer, Mike Roan says the programme enables Meridian to connect its company strategy to its financing requirements. In 2017, we partnered with Social Outcomes to support Churches of Christ in Queensland. Consider its appropriateness to these factors before acting on it. 13 November 2009 Reporter. Read the disclosure documents for your selected product or service, including the Terms and Conditions or Product Disclosure Statement, before deciding. Flexi First Option or packaged# home loans only ($395 annual package … Westpac has a full range of home loans, including basic, package, line of credit and other specialist loans. $2k per refinanced property and a bonus $1k for your first application. Read the disclosure documents for your selected product or service, including the Terms and Conditions or Product Disclosure Statement, before deciding. “Green loans are still relatively new to Australia with LGS’s Local Government Property Fund being just the fifth Australian entity to borrow under a green loan.”. Lending criteria apply to approval of credit products. Westpac has provided $1.6 billion in lending to "green tech" businesses providing climate change solutions, and had a target to lend $2b by October. “We are seeing the wider market becoming increasingly focussed on ‘green’ targets and ESG generally, and it is great to be able to offer a product that assists our customers with that objective.”. In 2013, we developed the first bank arranged social benefit bond in Australia. We provide strategic guidance and tailored banking solutions to Australian, New Zealand and Global customers or potential customers of Westpac Institutional Bank. Content. A Low Equity Margin may apply. No early repayment penalty fee. Westpac has a legitimate claim to be an Australian banking pioneer in the sustainability sector, and indeed one of the world leaders. Share. Westpac NZ supports Meridian Green Finance Programme Meridian Energy is today launching its Green Finance Programme recognising the company’s commitment, leadership and investment in renewable energy. LGPF is one of the most sustainable property portfolios in Australia, and LGS is committed to responsible management practices that minimise the environmental impact of the properties in their portfolio. Full details are available on request. In this Economist Intelligence Unit report, sponsored by Westpac, we explore the drivers of sustainable finance growth in Asia Pacific as well as the factors constraining it. Green loans make up 27% of sustainable products invested in with that set to grow to 35% within three years”, said Eliza Mathews, Director, Sustainable Finance at Westpac. 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