Westpac will introduce a new interest free ‘green loan’ that will help families install solar, water saving and energy efficient products that will reduce greenhouse gas emissions.
The interest free ‘green loan’ is worth up to $10,000 and will be available from November 16.
According to a statement released by the bank, the loans will support the Australian Government Green Loans Program and will give homeowners an opportunity to improve their energy and water use efficiency.
"The loans have the potential to help around 360,000 Australian households save on energy and water bills,” a statement from Westpac said.
The loan, which includes no monthly service fees, establishment fee or prepayment fee, are interest free but have to be repaid over a maximum of four years.