Westpac Joins Forces With The Federal Government's Green Loans Program

Westpac Joins Forces with the Federal Government's Green Loans Program

Westpac today announced they are leading the way in the banking sector in supporting the Australian Government Green Loans Program and offering an interest free Green Loan1. The industry-leading move will provide homeowners with a real opportunity to improve their energy and water use efficiency.

The average Australian household produces approximately 13 tonnes of greenhouse gases each year, enough to fill over 700 balloons each day. The Green Loans Program assists families to install solar, water saving and energy efficient products to reduce greenhouse gas emissions. It also has the potential to help around 360,000 Australian households save on energy and water bills.

Peter Hanlon, Westpac's Group Executive for Retail and Business Banking, is a keen supporter of a program that helps Australians take actions toward an environmentally sustainable future.

"We are delighted to work alongside the Federal Government to deliver this important initiative which I'm sure many will agree is a vital investment in our future.

"Sustainability is an integral part of Westpac's business strategy, having already reduced our emissions by 40% between 1996 and 2008 with a further reduction of 30% targeted by 2013. We will continue to develop innovative new products and services which meet emerging consumer needs on these issues."

The bank has been working with the Federal Government for the last six months to offer the new Green Loan. Over 35,000 Australians have already taken advantage of the free home assessment provided by the government, valued at over $250 each. Westpac's Green Loan can be used to make the changes recommended in the home sustainability assessment report, giving the opportunity for homeowners to save on the cost of energy and help to minimise water usage.

"Many of our customers choose to bank and invest with Westpac because they share our views on sustainability," said Mr Hanlon.

"We believe it is important to educate and assist our customers to take responsible actions towards creating an environmentally sustainable future," he concluded. Westpac's new Green Loan will be available from 16 November 2009. It includes no monthly service fees, establishment fee or prepayment fees and it is interest free, repaid over a maximum of four years. More information on Westpac's new Green Loan is available from www.westpac.com.au


The free home sustainability assessment is the first step in qualifying for an interest-free loan of up to $10,000 over four years. A qualified home sustainability assessor visits the household and investigates energy and water consumption patterns to identify actions that households can take to save energy and water. Each household then receives a tailored report outlining recommended actions ranging from small things like switching to energy efficient light bulbs to larger scale changes such as installing rainwater tanks and solar panels. Households may wish to access a green loan to make the larger scale improvements.


Westpac's commitment to reducing emissions includes:

* saving 310 tonnes of paper by offering customers electronic statements.
* establishing a five year climate change strategy focused on greater engagement
with employees, suppliers
and customers.
* sustainable purchasing policies for fleet vehicles, paper and IT equipment.
* In addition to the reduction of our emissions by 40% between 1996 and 2008,
with a further reduction of 30% targeted by 2013.

For Further information
Julia Collard
Media Relations
0409 311 176
[email protected]


1 to a maximum of $10,000

SOURCE: Westpac