Commonwealth Bank, Bank Australia and Loans.com.au are the three banks that have agreed to offer buyers of apartments in Mulpha’s Norwest Quarter precinct in Sydney’s Hills district access to green home loans thanks to the higher sustainability profile.
For buyers this means lower interest rates on their mortgage and higher loan to value ratios, Mulpha told The Fifth Estate.
For the developer it’s a green strategy that could well pay off with faster sales.
A spokesperson for Mulpha confirmed the banks involved in the arrangement and added that buyers must still satisfy their relevant lender’s financial and lending requirements.
Stage 1 of the precinct is due to deliver 181 net zero, all-electric apartments that consume 50 per cent less electricity from the grid and are powered by 100 per cent renewable energy. The apartments have already achieved a NatHERS rating of 8.1, meaning the apartments perform within the top 10 per cent of NSW.
Once complete, the precinct will house more than 2000 residents over 3.8 hectares of land, featuring 26,000 square metres of green open space. The landscape will also include nine residential towers and space for cafes, restaurants, shops, and childcare facilities – within 400 metres of Norwest metro station.
The development is also set to exceed standards set by the new Sustainable Building State Environmental Planning Policy (SEPP), which came into effect in October 2023 and required new builds to minimise energy and water consumption and reduce greenhouse gas emissions from energy use.
Developers claim that the precinct will be one of Australia’s first urban masterplan developments to implement sustainable design practices in its full cycle, from conception to construction to long term performance.
Other sustainable aspects include:
- auxiliary heating and cooling through architectural passive design
- smart passive design that includes high performance glazing and insulation, use of light-coloured materials, and building orientation and facades that support tenants through seasons
- environment designed to minimise the urban heat island effect through landscaping
- sustainable community initiatives that promote local biodiversity, such as communal gardens, beehives for enhanced pollination, worm farms and composting
- rooftop solar panels and high performing centralised air conditioning
- high efficiency lighting, appliances, induction cooktops and electric hot water
The development was supported through a $80 million green loan from the CEFC (Clean Energy Finance Corporation) and an $80 million green loan from ANZ bank – following an agreement to cut energy costs by as much as 50 per cent.