Eureka EUF advances you the cash to pay for the works. You then pay it back over a 7 to 10 year period through your fixed, quarterly Council rates. Repayment via Council rates enables the cost to be treated legislatively as an outgoing and can be recovered from your tenants.
Produce enough energy savings and you can recover 100% of the EUF through your outgoings. This means that Eureka EUF can be cheaper than traditional debt, or even cash, as you can pay less than the price tag of the works.
Find out how you can recover 100% of the EUF through outgoingsEnergy savings
But this is not the only benefit of financing your environmental upgrade with EUF rather than traditional debt or cash. With no upfront spend and repayments over a 7 to 10 year period there can be huge cashflow advantages.
The fixed Council rates are offset against energy savings received over the period ensuring your cashflow is likely to be neutral or positive.
This means you can upgrade your building without blowing your budget and forecasts.
Whether you are an owner occupier, or an owner with tenants, it’s the energy savings that pay back the finance.
The product was designed to encourage you to bring forward works so you can do more sooner, eliminating disruption to your tenants and helping you retain them.
Under an EUF the Council places a charge on the land. This means that no mortgage security is required. The product has been designed not to impact on your existing debt covenants or lines of credit.
Sounds like this is for me, how do I know if my buildings are eligible?Eligibility Criteria
The key benefits
- No mortgage security
- Designed not to impact on current debt and covenants
- Fixed interest rate
- No upfront spend
- Long term finance, up to 10 years
- Energy savings used to fund the repayments, good for budgets and forecasts