July 2005
‘GO GREEN’ HOME IMPROVEMENT LOAN HELPS YOU SAVE MONEY WHILE YOU HELP SAVE THE ENVIRONMENT
Leading credit union and mortgage specialist first in NSW
to offer ‘green’ loan in time for BASIX
Specialist mortgage broker, Mortgage Force, and mecu, one of Australia’s largest community credit unions, have joined forces to offer residents of NSW a banking first – a ‘green’ home improvement loan with a lower than standard interest rate for secured loans.
The goGreen® Home Improvement Loan for home renovations rewards consumers for choosing to make their home more energy and water efficient. Customers receive a discounted interest rate of 1% lower than the standard interest rate on the component of the loan that relates to the purchase and installation of appliances, fittings and systems, selected or designed for their efficient use of energy and water.
“We are proud to be able to offer customers the goGreen® Home Improvement Loan,” said Tim McKay, director of Mortgage Force, the broker of mecu products in NSW. “And hope that in doing so we can make a contribution to the environmental sustainability of our environment.”
“Also, in light of the fact that all new homes, and all alterations and additions to existing homes must soon comply with the new BASIX, it makes sense for customers to save on this component of their building or renovating costs,” Tim added.
The BASIX or Building Sustainability Index measures the potential performance of residential dwellings against sustainability indices. BASIX ensures that each dwelling design meets the NSW Government’s target of 40% reduction in water and a 25% reduction in greenhouse gas emissions, compared with the average home.
From July 1 2005 all new residential dwellings, including single dwellings and multi-unit developments, throughout NSW will have to comply with the BASIX. By October 1 this year this will be extended to include all alterations and additions made to existing homes throughout NSW. In fact, councils will not accept any development application without a BASIX certificate showing the proposed home or alterations have been designed to save energy and water.
Mayor of Hornsby Shire Council, Nick Berman said, “The type of loan offered is a great initiative in encouraging property owners to undertake environmentally friendly works on their homes.”
“Local, State and Government bodies have long been working to encourage environmentally sustainable programs and it’s great to see the private sector coming up with green incentives for their customers,” he added.
BASIX means that new homes will save water and energy and renovated homes will become more water and energy efficient through both architectural design and the choice of appliances, fittings and systems. These choices include insulation, energy efficient heating and cooling, wind or solar generated electricity, rainwater tanks, glazing and awnings, and grey water recycling systems.
“Currently, environmentally friendly products and systems are generally more expensive to purchase and install than the many BASIX non-compliant products on the market today,” said Tim. “Just take double glazed windows for example. One major benefit of the goGreen® loan is that the savings in interest can offset these expenses.”
Rowan Dowland, Group Manager of Marketing and Development for mecu says, “Consumers are increasingly driving change as they become more environmentally aware and demand goods and services that have less environmental impact and enhance the quality of life.”
“In response to this shift in focus, we believe achieving sustainability requires creative and innovative thinking about approaches to banking, including developing new services, processes and products such as the goGreen® Home Improvement Loan,” he added.
Mortgage Force and mecu have formed an exclusive partnership in NSW. Mortgage Force is therefore the only mortgage broker in the state to offer the goGreen® Home Improvement Loan. It is a synergistic partnership, with both parties believing in economically and environmentally responsible banking. mecu is a co-operative financial institution whose profits go back to members and has been offering personal banking services to Australians for almost fifty years.
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