This App Ranks Home Loans According To ‘Green’ Credentials
Lenders are ranked on Acacia’s app based on sustainability goals and practices.
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With a firm want from the finance industry to look to ‘greener’ options, Acacia Money pulls together collates the trends driving the market, including a growing desire for climate action, bank funding of the energy transition, the emergence of a platform economy and data-driven analytics used by more empowered consumers.
The two-year-old start-up provides a consolidated view of users’ finances plus insights on the coasts and environmental credentials of energy, superannuation, mortgage and savings products — also helping consumers switch providers.
Joining Acacia this week is Uno Home Loans, a digital mortgage broker that will aid in assessing 85% of the mortgage lenders in the market based on commitments to net-zero and the amount of group revenue earned from lending to fossil fuel-intensive industries. Acacia will show users a host of financial providers ranked in order of ‘sustainability’ on its app.
Beyond mortgage lenders, Acacia is analysing deposits and super funds, encouraging customers to think about shifting to financial institutions with the strongest ESG profiles.
The start-up relies on a range of data feeds to create its environmental scores and is in talks with a range of data providers to get more detail on emission intensity. Currently, it has built tools ranking lenders on governance and their 2030 and 2050 sustainability commitments alongside its lending books.
For Acacia, the goal is to give consumers clarity on where their financial institution of choice lends their money. Some banks have responded to calls for a greener industry and products by offering “green loans”, whereas Acacia wants to bring to light where corporate and institutional lending is being offered.
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CommSec research reveals this state is leading the country in economic growth, unemployment, construction and dwelling starts
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South Australia is currently the strongest state or territory economy in the country, with economic activity 9.1 percent above its decade-average in the December quarter, according to CommSec research. NSW was second with economic output running 8.6 percent above its long-run average, followed by Victoria with 8.5 percent, the ACT at 8.3 percent and Western Australia at 6 percent.
Economic activity in both Queensland and Tasmania was 4.5 percent above average while the Northern Territory underperformed its long-term average by 0.5 percent.
The CommSec research ranks states and territories on several key economic metrics and compares the latest quarterly data with each area’s decade average. South Australia ranks first on four of the eight key indicators. They are economic growth, unemployment, construction and dwelling starts.
Western Australia ranks first on population growth and business and equipment investment. Population growth has been a key element in Perth and regional Western Australia becomingthe country’s hottest property markets over the past 12 months. CoreLogic figures released this week show home values are up 21.1 percent in Perth and 13.3 percent in the state’s regions.
Despite high inflation, retail spending remained above the long-term average in all states and territories in the December quarter. The ACT led with retail expenditure 12.2 percent higher than its long-term average, followed by Western Australia with 11.3 percent, Victoria at 11.2percent and Queensland at 11.1 percent.
Queensland is in the top spot for new home loans. Propelling this is very strong internal migration and a doubling of the First Home Owners Grant to $30,000 from 20 November last year. New home loans issued to first home buyers in November surged to a 15-month high, according to data from the Australian Bureau of Statistics. Queensland is currently the second strongest housing market, with home values up 16.1 percent in Brisbane and 11.2 percent in regional areas over the past year.
In all states and territories except the Northern Territory, housing finance commitments remained above decade averages in the December quarter. The value of home loans in Queensland was 21.1 percent higher than the state’s long-term average. The next strongest was Western Australia, up 17.5 percent, South Australia, up 14.2 percent, and the ACT, up 12 percent. The new CoreLogic data reveals 15 consecutive months of growth in the national median price, despite high interest rates.
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Consumers are going to gravitate toward applications powered by the buzzy new technology, analyst Michael Wolf predicts
