GREEN YOUR HOME AND SAVE ON YOUR LOAN
Did you know that by greening your home,
you can save thousands off your loan?
CUT ENERGY BILLS – REDUCE CARBON FOOTPRINT – SAVE MONEY ON YOUR HOME LOAN
GreenMortgages will show you how to save serious dollars off your home loan, and also dramatically reduce your environmental footprint by installing green home solutions such as water tanks, solar panels and insulation.
The energy cost savings that come from green home solutions, when applied to your loan can result in huge reductions in loan term and costs. By applying the additional funds to the principal loan amount, you can save as much as $90,000 over the term of your loan.
HOW IT WORKS
The following is an estimate of green home solutions that when installed in the average home will dramatically reduce the carbon footprint and water usage, whilst saving you money.
HOME IMPROVEMENT |
COST |
Water Tanks |
$1200 |
Solar Water Heating |
$3000 |
Double Glazing |
$4000 |
High Quality Insulation |
$2300 |
Grey Water Recycling - Treatment |
$1500 |
Photovoltaic Solar Panels |
$10,000 |
TOTAL COST : $23,000
By refinancing your mortgage to cover the installation of green home improvements (approximately $23,000) the savings you make on your energy bills will cover the additional loan repayments. Improvements as detailed above include the government rebates.The above figures are illustrative only, exact costs will vary according to choice of equipment and suppliers. A GreenMortgages consultant will help calculate the exact investment
Based on an average household, these green home improvements would save approximately $58 per week in energy and water bills. This $58 saving will not only cover the extra $32 needed for repayments. The extra $26 per week if directed into your loan will potentially result in substantial additional interest savings.
HOW IT SAVES MONEY
HOME IMPROVEMENT |
SAVING |
Water Tanks |
$10 per week |
Solar Water Heating |
$8 per week |
Double Glazing |
$5 per week |
High Quality Insulation |
$3 per week |
Grey Water Recycling - Treatment |
$10 per week |
Photovoltaic Solar Panels |
$22 per week |
TOTAL SAVED : $58 per week
By making extra mortgage repayments using the money you save from greening your home, the repayments over 20 years on an average mortgage with the refinance for green improvements included ($223,000) can be reduced by up to $80,000
The graph below provides an indication that if you repay an additional $26 per week on a $223,000 , 30 year loan, you can save $80,000 and 6 years off the term of the loan.
By refinancing your existing mortgage, you save money in the long term, help out an environmental organisation of your choice, and reduce your carbon footprint and water usage. It is a win-win-win situation, and all it takes is for you to speak to one of our consultants.
Another benefit of greening your home is that it allows you to mitigate against potential future rises in energy and water costs. Global warming, drought and increased demands on natural resources mean that you will be paying a lot more for your utilities in the near future. In Victoria alone the cost of electricity will go up 17%, and the cost of water 14% in 2008.
HOW IT HELPS ENVIRONMENTAL ORGANISATIONS
When you switch your current residential loan to GreenMortgages, or when you take up a new residential loan through GreenMortgages, we contribute a portion of the rebate paid by lenders to a registered environmental organisation on your behalf. We will continue to make a contribution every year for the life of your loan.
It won’t cost extra on your mortgage repayments either! We offer over 30 lenders to choose from so they will all be competing for your business. Whichever loan ends up being right for you, you will be making a difference. Your decision to source your finances through GreenMortgages is a decision to help fight climate change.
At GreenMortgages we want to encourage all Australians to act responsibly and continue to to reduce your personal impact on the environment through your everyday choices.
F.A.Q
DOES THIS EFFECT THE GREENMORTGAGE REBATE
No it does not. Your nominated organisation or local community group will still get the full rebate for the life of the loan.
DOES THIS EFFECT THE GOVERNMENT GRANTS AND REBATES
The state and federal government rebates are not effected at all. Government grants and rebates may be available for the green improvements to your home. These rebates are factored into the calculations above.
SUMMARY
If you are interested in how GreenMortgages can help you to achieve a reduced total mortgage cost and a reduced carbon footprint, give us a call today on 1800 776789 or email info@greenmortgages.com.au
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