A 'Green Loan' first for Bendigo
Bendigo Bank today launches the first of a planned series of "green" loans.
Managing Director Rob Hunt said the Bendigo Green Personal Loan would be available to customers to fund a variety of home improvement projects designed to promote sustainable energy use.
The personal loan would be followed by further "green" loans including a Bendigo Green Home Loan designed to promote environmental awareness in house design.
Mr Hunt said the Green personal and home loans would provide significant discounts to Bendigo Bank customers looking to improve the energy efficiency of their homes.
"This range of products makes a further commitment from Bendigo Bank to promoting sustainability in the communities we serve," Mr Hunt said.
"Our Community Bank initiative has proven to us that Australians do care about the fabric of their communities and are prepared to channel their co-operative spirit into securing their economic and social future.
"Now with these products, Bendigo will provide customers with the means of contributing towards environmental sustainability through the installation of environmentally-friendly products which also promise to deliver them energy cost savings.
"These initiatives are good for customers, good for the environment and are good business for our bank.
"Helping to build sustainable communities is essential for our business to reach its potential - and, frankly, it's the right thing to do. If we are not building sustainability into our customer base then we are jeopardising the long-term future of our own business.
"We have always said that successful customers and successful communities create a successful bank - in that order. Investing in sustainability is a great investment for our business."
Bendigo's marketing manager, Tricia Cox, said the Bendigo Green Personal Loan would be priced at a one per cent discount to the standard personal loan.
"This means that customers with two or more other accounts with us can obtain their Green loan at a rate fixed at 8.95% p.a. for one to five years.
"Customers with fewer account relationships will also receive a one per cent discount on standard personal loan pricing applicable to them."
Ms Cox said the Green Personal Loan would be available for a range of approved products including solar water heaters, water tanks, insulation and grey-water treatment systems.
"Bendigo Bank has conducted extensive research and consultation with government departments and environmental consultants to compile a list of approved products. We will also offer customers the opportunity to suggest other products which can be assessed for possible addition to the list."
Ms Cox said the bank was currently finalising a list of design features which would need to be incorporated into homes eligible for a Bendigo Green Home Loan. "We expect to launch the home loan in the next few months."
Bendigo Bank is Australia's only regionally-based bank, operating 136 company-owned branches and 59 Community Bank branches. It has assets of $7.5 billion.