Aussies say yes to green loans with Bendigo Bank seeing a 600% increase in demand

By Sara Borman · · 1 min read
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green loan on the brain helping the environment

Wondering if Australians are taking eco-friendly finance seriously? Wonder no more - reporting from Bendigo and Adelaide Bank shows that demand for green loans has increased by more than 600% from one year ago. 

As one of many tools to help in going green with your finances, green loans can be used to help finance your transition to a more energy-efficient lifestyle. Bendigo Bank’s green personal loans can be used to fund new and used electric vehicles (EV’s), solar panels, solar hot water, grey water treatment systems, double glazing, energy efficient white goods, solar batteries, electric vehicle charging stations and more (check eligibility on application).

The bank is seeing the highest number of green loan applications ever by a long shot, despite overall indicators from the Australian Bureau of Statistics (ABS) showing stable lending commitments year on year.

This boom in green personal loans is far from unexpected. We’ve seen an influx of new green loan products into the market, with offerings from big banks like Commonwealth and Westpac. 

Other lenders, like Bank Australia, have committed to phasing out loans for new combustion engine cars by 2025. More still offer some of their most competitive rates to those in the market for electric and hybrid vehicles, or making renovations that reduce their carbon footprint.

If you’re looking for a loan, our experts have done the hard yards and picked the best personal loans on the market. We’ve also outlined some ethical banking options you might want to check out.

Personal loan comparisons on Mozo

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can search our database of 247 personal loans.
Last updated 27 July 2024 Important disclosures and comparison rate warning*
  • Mozo Expert Choice Badge
    Unsecured Personal Loan

    Fixed

    interest rate
    comparison rate
    Monthly repayment
    6.75% p.a.to 26.95% p.a.
    6.75% p.a.to 26.95% p.a.based on $30,000
    over 5 years

    Borrow up to $50,000 unsecured. Perfect if you earn more than $22,100 p.a. and have good to excellent credit. Multi-year winner of Mozo’s Experts Choice Unsecured Personal Loan Award, 2021, 2022, 2023 & 2024^'

    Repayment terms from 2 years to 7 years. Representative example: a 5 year $30,000 loan at 6.75% would cost $35,430.23 including fees.

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  • Mozo Expert Choice Badge
    Low Rate Personal Loan

    Excellent Credit

    interest rate
    comparison rate
    Monthly repayment
    6.57% p.a.to 8.48% p.a.
    7.19% p.a.to 8.84% p.a.based on $30,000
    over 5 years

    Competitive low rates for borrowers with excellent credit on 1-7 year loans from $2,001 up to $75,000, plus free extra repayments. Winner of Mozo's Experts Choice Excellent Credit Unsecured Personal Loan 2024 and Excellent Credit Secured Personal Loan 2024 awards ^. Min. income of 25k after tax, to apply.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.57% would cost $35,528.12 including fees.

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  • Unsecured Personal Loan

    Fixed

    interest rate
    comparison rate
    Monthly repayment
    5.76% p.a.to 24.03% p.a.
    6.55% p.a.to 24.98% p.a.based on $30,000
    over 5 years

    Fast, easy and 100% online, this is a low cost loan with no ongoing fees or extra repayment penalties. It's perfect for savvy borrowers with great credit. If you’re over 18 and earn above $30,000, you could qualify (other eligibility criteria may apply).

    Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 5.76% would cost $35,173.52 including fees.

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  • Holiday Loan

    Excellent Credit

    interest rate
    comparison rate
    Monthly repayment
    6.57% p.a.to 8.48% p.a.
    7.19% p.a.to 8.84% p.a.based on $30,000
    over 5 years

    Travel the globe with competitive low rates for borrowers with excellent credit on 1-7 year loans from $2,001 up to $75,000, plus free extra repayments. Winner of Mozo's Experts Choice award for 2024 ^. Min. income of 25k after tax, to apply.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.57% would cost $35,528.12 including fees.

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    Details

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