Lending Perspectives: Empowering members to help the planet and their pockets
The evolution of green products at Australia’s Community First Credit Union
Credit unions only exist for the benefit of members, but empowering members requires more than good intention. Similarly, the creation of corporate green objectives includes more than meeting compliance initiatives or producing sustainability reports, and Community First has more than 16 years of experience of delivering practical benefits to members in this area.
Australia’s climate is characterized as a land of drought and flooding rain, so meeting these environmental challenges requires constant improvisation.
In 2006, the Central Coast of New South Wales was facing a drought, and residents were being asked to consider rainwater tanks to store water. However, rainwater tanks needed concrete pads and plumbers to install them. That could mean an outlay of $10,000 or more, which was expensive. Therefore, Community First adapted its personal loan product to be a low interest personal loan specifically designed to help homeowners help themselves and the environment.
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