Weekly Kaths Credit Crunch 9th December 2024
Bank Australia – Bank Australia's criteria for Clean Energy Home Loans will be changing to focus on all-electric homes . As part of these changes, the eligibility criteria and evidence required for reduced rates under Eco/Eco Upgrades and Eco Plus for new builds will also change.
You can still apply for our current Clean Energy Home Loan under the existing criteria – Eco/Eco Upgrade and Eco Plus – until 3 January 2025. After this date, we will no longer accept applications under the existing criteria.
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Why are we making these changes? |
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Bank Australia, in partnership with the Clean Energy Finance Corporation (CEFC), has entered a new agreement under the Federal Government’s Household Energy Upgrade Fund (HEUF), which aims to encourage households to transition to all-electric homes and eliminate gas. As a result, we’re updating our Clean Energy Home Loan to offer new reduced rates for all-electric home upgrades and new builds. More details will be shared soon. |
ANZ
ANZ will now offer a 0.8 per cent discount on clean energy finance loans for small- to medium-sized business (SME) customers. This is eligible on loans up to $5 million. Speak to your ANZ business BDM to find out more.
MyState Bank
Treatment of Buy-Now-Pay-Later (BNPL) facilities:
- Repayment terms less than 2 months (AfterPay, PayPal Pay in 4) can be allocated to relevant living expenses
- Repayment terms greater than 2 months will be treated as a credit card
New Common Debt Reducer Policy:
- Joint debts and living expenses with a non-applicant spouse can be reduced according to the applicant’s percentage of household income (refer 12.1 Common Debt Reducer).
The Brokers' Bible News:
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Annual Memberships now available offering a ONE MONTH DISCOUNT!
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Coffee and Credit Webinars starting up again in Feb 2025 – what policies do you want to deep dive on? Send me an email with any suggestion!
Until next week, bye my finance friends!!
Kath
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