- CBA has announced a new Property Sustainability Upgrade Loan
- Existing commercial loans can increase by 20% for sustainability upgrades
- Upgrades can reduce emissions and operating costs
Commonwealth Bank (CBA) has launched a new loan program designed to incentivise business customers to reduce their environmental impacts while saving money.
The Property Sustainability Upgrade Loan is available for both new and existing customers.
Eligible businesses are able to increase their Commercial Property Investment Loan by 20% to invest in sustainability upgrades to the property. The upgrades must either meet NABERS rating improvement or reduce the property’s carbon emissions.
CBA’s Executive General Manager, Business Lending, Clare Morgan explained that the CBA plays an important role in helping businesses to reduce their emissions.
“Sustainability upgrades can significantly reduce a property’s carbon footprint while improving energy and water efficiency.”
Clare Morgan, CBA’s Executive General Manager
“To encourage businesses to play their part and make these upgrades, we are offering the ability to borrow up to an additional 20 per cent, with zero line fees and no establishment fee through these loans,” she said.
Ms Morgan explained that the benefits of an upgrade extend beyond reducing the emissions. Rather companies can reduce operational costs and increase the value of the property, making it more attractive for future renters of buyers.
There are an array of eligible upgrades including, energy-efficient lighting, lifts or escalators, solar panels and battery storage, and even water recycling systems.
The loan announced today is an addition to the existing suite of ‘green’ products offered by CBA. Another product helping customers reduce their carbon footprint is CBA’s Green Loan for up to 600,000 retail customers.