Mission Australia social housing in Frankston. Image: Mission Australia
Mission Australia and Great Southern Bank have put together a sustainable housing partnership that will include solar power system installations for Mission’s community housing properties.
The bank is putting $1 million over three years into the Mission Australia program, to fund both energy and water efficiency upgrades and improvements for hundreds of eastern Australia properties managed by the community housing provider. The goal is to help tenants cut their utility bills and reduce their emissions.
In a media release, the bank explained the initiative is part of a wider financial inclusion action plan it has had in place in place since 2021.
In this LinkedIn post, Great Southern Bank CEO and managing director Paul Lewis explained the partnership includes “funds for installing solar panels, insulation, window glazing, LED lighting, and energy and water meters”.
“I believe this partnership with Mission Australia could make a difference in the lives of people who often have little or no financial safety net. Much credit for this goes to Sharon Callister and the Mission Australia team for making it possible.”
“Some of the homes that will be upgraded are over 40 years old and amongst the least energy efficient in the country. The tenants are mostly on low to medium incomes and will be able to redirect savings from lower utility bills towards essentials such as food and medication.”
The new partnership follows the August launch of a “green loans” package for Great Southern Bank borrowers, which offers concessional interest rates on:
- Hybrid and electric cars (via a car dealer or private seller)
- EV chargers (when buying a hybrid or electric car)
- Solar panels
- Battery packs
- Hot water heat pumps
- Solar hot water systems
The bank’s chief customer officer Megan Keleher said more than 60 percent of borrowers consider sustainability “a priority in their financial decisions”.
Great Southern Bank said qualifying criteria for the loans include, among other things, the size of the solar and battery systems, the professional accreditation of any retailers or installers, and the type and model of any electric or hybrid vehicle.
On a related note, learn more about financing a solar power system – the options, and what to watch out for.
About Richard Chirgwin
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60% of borrowers consider sustainability a priority in their financial decisions?
And what share consider service and physical branch access a priority?
I had a relative who banked with what is now GSB. Branch closures meant he was no longer able to access their services. GSB seem to largely limit their branches to city cores so other banks, even Commonwealth (!!!), are a far far better choice for customers who need or prefer service. Thankfully Commonwealth support GSB customers accessing their funds so it wasn’t a total loss of service.
Yes the $1 million over 3 years will help Mission Australia tenants, but isn’t it simply a cheap form of advertising?
Call me a skeptic! : – )