Apartment purchasers at zero carbon Norwest Quarter may qualify for discounted green loans

14 May 2024

Buyers who purchase an apartment in Mulpha’s zero carbon precinct, Norwest Quarter in the Hills, may qualify for ‘green home loans’, rewarding them with lower interest rates on their mortgage and higher loan to value ratios (LVR) because of the development’s high sustainability credentials.

Stage 1 of Norwest Quarter will deliver 181 net zero-ready apartments which consume 50 per cent less electricity from the grid and are powered by 100 per cent renewable energy with an all-electric design. Norwest Quarter’s apartments have achieved a NatHERS rating of 8.1, putting them in the top 10 per cent of NSW and well above the Hills average of 6.6.

Norwest Quarter is one of Australia’s first urban masterplan developments to deliver full-cycle sustainable design principles from conception through to its construction and long-term performance.

A number of lenders offer ‘green home loans’ to borrowers who buy a property which has sustainable and energy-efficient credentials that satisfy the lender’s sustainability requirements. Buyers will need to satisfy their relevant lender’s financial and lending requirements.

Norwest Quarter’s ambitious sustainability measures exceed the standards set out in the new Sustainable Building State Environmental Planning Policy (SEPP), enacted in October 2023.

The new SEPP requires new builds implement measures to minimise the consumption of energy and potable water, reduce greenhouse gas emissions from energy use, monitor the embodied emissions of building materials, and deliver buildings that are comfortable in summer and winter.

The policy is the next step in a push toward Net Zero emissions from buildings by 2050. The new SEPP will increase the building sustainability index (BASIX) energy efficiency standards and will include an increase in the required energy rating for new homes and apartments to a minimum 7 Stars under the Nationwide House Energy Rating Scheme (NatHERS).

Mulpha Head of Developments, Tim Spencer said Norwest Quarter will be one of the most impressive precincts in Australia in terms of sustainable practices, initiatives, and design considerations.

“Our off-the-plan buyers in Norwest Quarter can be confident that we are committed to delivering quality apartment buildings that aim to exceed the new SEPPs code requirements.

“As well as making a real contribution to reducing their carbon footprint, buyers will benefit from reduced energy bills and potentially lower loan rates while also enjoying healthier buildings, better air quality and greater access to nature.

“An added benefit is that the value of your apartment will increase with any energy rating increase, according to Australia’s national science agency CSIRO.”

Auxiliary heating and cooling, which typically accounts for around 40% of energy use in the average Australian home, is effectively reduced through architectural passive design. Norwest Quarter incorporates smart passive design initiatives including high performance glazing and insulation, use of light-coloured materials, and building orientation and facades that invite winter sun to penetrate whilst blocking summer sun.

The Norwest Quarter environment has also been designed to minimise the urban heat island effect through substantial replanting of the natural landscape. Other sustainable community initiatives aim to promote nature and biodiversity of local flora and fauna, including communal gardens, productive beehives for enhanced pollination, worm farms, composting and natural landscapes.

Apartment buildings in Norwest Quarter will feature rooftop solar panels and high-performance, centralised air-conditioning. Apartments will have high efficiency lighting and appliances, induction cooktops, and electric hot water.
When complete, the Norwest Quarter masterplan will transform over 3.8 hectares of land into a vibrant village for over 2,000 residents who will live amongst 26,000m2 of green open space. Encompassed within the landscape will be nine residential towers containing 864 apartments, and up to 6,000m2 of space provided for cafes, restaurants, neighbourhood shops and childcare facilities.

Norwest Quarter is located within 400 metres within walking distance of the Norwest Metro Station and the emerging Norwest town centre as well as extensive parklands, pathways and cycleways.

Mulpha’s ambitious new sustainable residential development is being supported by an $80 million green loan from the CEFC and an an $80 million green loan from ANZ to cut energy costs by as much as 50 per cent, demonstrating how energy efficient homes can contribute to our net zero emissions future.