"Green loans will provide people with easy access to practical household improvements that combined could reduce Australia's greenhouse gas emissions by more than 600,000 tonnes of carbon dioxide equivalent every year," Mr Garrett said.

The policy forms part of the Labor Government's first budget, and under the scheme up to 200,000 working families will be eligible for low-interest loans of up to $10,000, specifically for the installation of solar, water and energy efficient products in their homes, such as insulation and double glazing.

The loans are expected to be available by early 2009 and will run over five years. As home owners vie for the chance to retrofit their homes, the building sector is positioned to receive a much needed boost to counteract the drop in housing approvals.

It is anticipated that upon a homeowner applying for a green loan, a household sustainability assessment will be performed to determine the most effective approach in improving energy efficiency, with recommendations provided by a Thermal performance (previously Energy Rater) assessor.

ABSA President, David Howard, believes the scheme will provide an invaluable opportunity for the building industry and ABSA to work hand-in-hand.

"The government is to be commended on the green loans initiative," says Mr Howard. "Not only will it highlight the need for sustainable building measures within the residential sector, but it will also benefit many businesses within the building industry."

An update on the scheme and how it will operate will be revealed at the upcoming ABSA Conference. Running from the 28-30 August at the Langham Hotel, Melbourne, the inaugural conference is being conducted in association with the Commonwealth Department of the Environment, Water, Heritage and the Arts (DEWHA).

Speakers include The Hon Justin Madden, Minister for Planning (Victorian Department of Planning & Community Development), Sustainability Victoria representatives as well as presenters from CSIRO, BRANZ, EECA, ICANZ, Ecospecifier, AGGA and Save Water Alliance.

The conference is a must-attend event for those wanting to know more about the opportunities accompanying the green loans initiative.