Consumers are becoming more discerning about where they take their business, based on how ethical and globally responsible an  organisation is. This movement is now making its way to the financial services industry as customers start to ask questions around what their invested money is being used for, and whether an institution strives to impact the planet in a positive manner.

Bank Australia is leading the charge with their commitment to provide clean money – which means, money that does good not harm.

What is clean money?

 The charter of Bank Australia is to never loan money to any industries who do harm, rather money is lent to responsible entities creating a positive global impact. For example, Bank Australia will never lend their customer’s money to the following industries:

• Fossil fuel industry
• Live animal export and intensive farming
• Gambling industry
• Arms industry
• Tobacco industry

Bank Australia is committed to lending to the following:

• Individual customers
• Housing for people with disabilities
• Affordable housing
• Community owned renewable energy
• Not-for-profit organisations

As a customer owned bank, Bank Australia is keen to respond to the global push demanded by those who care about the impact they are having on the world. They say they “exist to create mutual prosperity in the form of positive economic, social, environmental and cultural impact”.

But how do their rates and products compare?

Being part of the clean money movement does not mean having to pay extra. As Bank Australia is owned by its customers, profits don’t go to shareholders, instead they are returned to the consumer by way of competitive rates and low fees.

Rates start at 3.69% (4.04% comparison rate) for a variable rate product under their Premium Package and 3.74% (4.13% comparison rate) for a 2 year fixed loan also under the Premium Package. For fixed rate loans, customers can enjoy a full 100% offset account which is a major point of difference versus other lenders.

Bank Australia also offer 95% loan to value ratio loans for First Home Buyers plus full mortgage insurance capitalisation, giving a those with a low deposit another viable option.