Interest-only during construction from SMSMAN's blog

For most of us the idea of a “green” home is limited to the use of a water tank and solar panels. Both are admirable additions to any residence but very few people stop to consider how efficient their home is.

One of our lenders, Firstmac is encouraging new home builders and anyone who is purchasing a newly built home (less than 12 months old) to factor efficiency into their plans with the Green Home Loan.

Offering a significant interest reduction for the first five Mortgage broker years of the loan the GreenHome Loan is a great incentive to achieve a 7-star NatHERS rating on a new home purchase. Currently all new construction in Queensland is required to have a minimum NatHERS (Nationwide Home Energy Rating System) rating of 6-stars. You may find that your new build is able to achieve a 7-star rating with very little change in your current building plans.

The Nationwide Home Energy Rating System (NatHERS) measures the efficiency of a home based on the following.

• size and function of rooms
• size and specification of openings
• building materials/windows/products
• type of construction
• dwelling orientation
• location

Building efficiency is defined as the amount of additional resources (heating and cooling) required to keep a home at a comfortable temperature through the year. 

• A 0-star rating means the building shell does practically nothing to reduce the discomfort of hot or cold weather.
• A 6-star rating is the minimum standard in most states and territories. It indicates good, but not outstanding, thermal performance.
• A 10-star rated home may not need any artificial cooling or heating to keep you comfortable.

The benefits of an energy efficient home aren’t limited to a reduction in the home loan rate. By needing less energy to heat and cool a home, less greenhouse gas is produced and there is an ongoing financial benefit with reduced power bills.  Environment Victoria has reported that an energy-efficient home can cut electricity and gas bills by up to 40%.

At Zest Mortgage Solutions we look forward to seeing more lenders and local Springfield and Brookwater builders embrace green strategies that benefit the environment and the home resident.

The Firstmac Green Home Loan package has a raft of additional benefits including:

• Interest-only during construction Only pay interest on the amount you have drawn down
• No ongoing fees Save money with no annual or account keeping fees
• Additional Repayments Get ahead on your loan with unlimited free additional repayments
• No redraw fee You can access loan repayments made ahead of your contracted monthly repayment without any fees
• Visa Debit Card Access your money with our free Visa Debit Card and unlimited free Eftpos
• Offset sub-account Save interest with a fully featured offset sub-account with unlimited redraws

If the FirstmacGreen Home Loan has sparked your interest, schedule a time to chat to Mel to learn more. With a 99% approval rate, the team at Zest Mortgage Solutions are the local Springfield experts and are here to make your home loan journey a positive and stress-free experience.