Leading ‘green finance’ offering hits the market

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As Australia works to reduce its carbon footprint, this lender is targeting one of the biggest sources of emissions – households. Its new package will help customers create more energy-efficient homes

IN A significant move towards greener living, ING Australia has launched the Home Energy Helper platform and a Green Upgrade Loan. These innovations aim to simplify the often-daunting process of making homes more energy efficient. Partnering with BOOM! Power, a leading electrification software provider, ING’s initiative gives customers a one-stop shop to identify cost-saving opportunities, connect with accredited installers and assess potential rebates. For homeowners looking to go green, this could be a game changer. ING’s Green Upgrade Loan offers a competitive five-year fixed interest rate for owner-occupiers with principal and interest repayments of 3.74% p.a. (5.16% comparison rate), making sustainable home improvements more accessible. The project has backing from the Clean Energy Finance Corporation (CEFC), leveraging its $1 billion Household Energy Upgrades Fund (HEUF) to deliver affordable financing.

ING Bank (Australia) Limited trades as ING and is wholly owned by ING Group. ING changed the way Australians bank more than 20 years ago by launching the country’s first high-interest, fee-free online savings account. Since then, we’ve brought continued value to customers with home loans, transactional banking, superannuation, credit cards, personal lending and insurance. We are now Australia’s fifth-largest bank. Headquartered in Sydney, with a 24/7 contact centre in Wyong NSW, we are proud to have more than two million customers and counting! Simplicity of approach is part of the ING success story. We want to empower people to stay a step ahead in life and in business every day.

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“Household emissions are one of the biggest contributors to Australia’s carbon footprint, which is why we ... are doing all we can to help customers make improvements to try to reduce their household emissions”

George Thompson, ING Bank

Why all the fuss about energy-efficient homes? Australia’s ambitious climate goals hinge on reducing carbon emissions, with household energy use playing a major role. “Helping households lower their carbon footprint is a critical factor in achieving net zero emissions by 2050,” CEFC CEO Ian Learmonth says. “Our work crowding in additional private capital through the HEUF will help deliver a catalytic outcome, providing low-cost financing together with a range of co-financiers for home upgrades that improve energy performance.”

The Home Energy Helper, launching in Victoria, NSW, and the ACT this December (and in all other states progressively over Q1 2025) provides a structured pathway for customers to cut energy bills and emissions. Beyond environmental benefits, the platform makes financial sense for many, offering insights into potential long-term savings. It also makes a tricky process manageable by presenting clear options for upgrades like solar panels, heat pumps and home battery systems. For mortgage brokers, the tool and loan present an opportunity to better serve environmentally conscious clients. ING emphasises that brokers can be pivotal in educating customers about the benefits of these upgrades. Brokers can highlight how the platform and loan make it easier to access government incentives, a key motivator for customers navigating high upfront costs.

The timing of this launch couldn’t be better. ING has noted a surge in demand for green financing products, driven by rising awareness of climate change and government support for sustainability. This aligns with broader global trends showing that financial institutions are increasingly focused on ‘going green’ and integrating environmental sustainability into their products. For ING, this is part of a larger strategy to stay at the forefront of sustainable banking, and the lender is leveraging its innovative edge to meet growing consumer and regulatory expectations. The Green Upgrade Loan isn’t just a product – it’s a statement of intent about the future of home lending in Australia.

“There is growing demand in Australia for green financing options, driven by increased awareness of environmental issues and government support,” Evans states. “ING Green Upgrade Loan was created to meet this demand by providing easy access to energy-efficient upgrades.”

Whether you’re a homeowner looking to save on energy bills or a mortgage broker exploring options for clients, ING’s Green Upgrade Loan offers an accessible path towards sustainability. By addressing barriers like cost and complexity, ING is helping Australians embrace energy-efficient upgrades. With the government and private sector working together on initiatives like this, the future of sustainable living looks brighter. To find out more about the new Green Upgrade Loan and Home Energy Helper offering from ING Australia, click here.

The bigger picture of sustainability

Meeting growing demand for green financing

Published 16 Dec 2024

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ING Green Upgrade Loan offering

5-year fixed rate of

3.74%

5.16%

5-year comparison rate of

$5,000 to $50,000

Borrow from

“Helping households lower their carbon footprint is a critical factor in achieving net zero emissions by 2050”

Ian Learmonth, CEFC

solar panels and converter

Use the ING Green Upgrade Loan for:

hot water heat pump

air conditioner

induction cooktop

ING head of mortgages George Thompson says, “Household emissions are one of the biggest contributors to Australia’s carbon footprint, which is why we, together with BOOM! Power, are doing all we can to help customers make improvements to try to reduce their household emissions.”

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