Do green loans stack up against regular loans?
In the current world we live in, it’s no surprise that many Aussies are looking to go green.
While it’s unlikely that recycling, composting or steering away from single-use plastic will cost you an arm and a leg, other efforts come with a heftier price tag.
Meet the green personal loan.
Whether you’re installing solar panels, getting a water tank or even making the switch to an eco-friendly car, these loans are designed to make your sustainable dream come true.
How do green loans differ from regular personal loans?
Unlike a general personal loan, a green loan is specifically for the purchase of products that are environmentally friendly.
These could include:
- Solar panels
- Solar hot water systems
- Solar battery systems
- Water tanks
- Grey water treatment systems
- Double glazing
- Eco-friendly or “green” vehicle.
And the good news is, these loans often come with a lower interest rate.
“Not only do green personal or car loans make it easier for Aussie customers to fund their eco-friendly initiatives, lower rates also act as a reward for people choosing more sustainable options when it comes to their home or car,” Mozo Director, Kirsty Lamont said.
According to the Mozo database, here are how current personal and green loan interest rates compare:
| Loan Type | Average Personal Loan Rate | Average Green Loan Rate |
| Secured Multi-Purpose Loan | 8.09% | 6.29% |
| Unsecured Loan | 10.47% | 7.73% |
| Car Loan | 6.58% | 6.23% |
Which lenders offer green loans?
Currently on the Mozo database, there are 10 lenders that offer some sort of green personal loan option.
Here’s a rundown of what’s on offer:
Australian Military Bank
- Unsecured Green Loan: 3.15% (4.10% comparison rate*)
- Green Personal Loan (Variable, Unsecured): 8.75% (10.10% comparison rate*)
- Green Personal Loan (Fixed, Unsecured): 8.75% (10.10% comparison rate*)
- Discounted Green Car Loan (Fixed, Secured): from 5.29% (5.56% comparison rate*)
- Discounted Green Car Loan (Variable, Secured): from 5.29% (5.56% comparison rate*)
- Green Car Loan (Fixed, Secured): 8.29% (8.57% comparison rate*)
- Green Car Loan (Variable, Secured): 8.29% (8.57% comparison rate*)
- Green Personal Loan (Fixed, Secured): 6.79% (7.14% comparison rate*)
- Green Personal Loan (Fixed, Unsecured): 11.79% (12.84% comparison rate*)
- Green Loan (Up to 10 years, Variable, Unsecured): 5.99% (6.26% comparison rate*)
- Green Loan (Up to 5 years, Variable, Unsecured): 7.99% (8.27% comparison rate*)
- Green Loan (Fixed, Secured): 5.79% (5.93% comparison rate*)
- Green Loan (Fixed, Unsecured): 5.79% (5.93% comparison rate*)
South West Slopes Credit Union
Remember that each of these loans may have different eligible purchases. So make sure when applying for the loan you are able to buy what you intend to with the money you are borrowing.
Want to see how other personal loans stack up? Take a look at some options below or head to our personal loan hub for more.
Compare Personal Loans - rates updated daily
No Fee Unsecured Personal Loan
Fixed
interest ratecomparison rateMonthly repayment5.95% p.a.to 17.95% p.a.5.95% p.a.to 17.95% p.a.based on $30,000
over 5 yearsNo Fee Unsecured Personal Loan
Pay ZERO fees on loans up to $50,000 with NOW Finance. With no establishment fee, ongoing fees or early payout fee. What’s more, get your guaranteed, tailored interest rate in two minutes with no impact on your credit score! Winner of Mozo's Experts Choice Unsecured Personal Loan 2021 award.
- interest rate
- 5.95% p.a.to 17.95% p.a.
- comparison rate
- 5.95% p.a.to 17.95% p.a.based on $30,000
over 5 years
- Upfront fee
- $0
- Monthly fee
- $0.00
- Exit fee
- $0.00
- Late payment fee
- $35.00
- Repayment options
- Weekly, Fortnightly
- Early repayment penalty
- 0
- Minimum loan amount
- $5,000.00
- Maximum loan amount
- $50,000.00
- Minimum loan term
- 2 Years
- Maximum loan term
- 7 Years
- Security required
- Unsecured
- Other benefits
- -
- Other restrictions
- Rates based on borrower with excellent credit score. Maximum 3 year term for loan amounts $8,000 or less.
Read our Mozo Review to learn more about the NOW Finance No Fee Unsecured Personal Loan
Personal Loan
Unsecured, Fixed, Excellent Credit
interest ratecomparison rateMonthly repayment6.39% p.a.to 7.49% p.a.6.39% p.a.to 8.19% p.a.based on $30,000
over 5 yearsPersonal Loan
With low rates for borrowers with excellent credit, a quick 1 minute rate estimate and simple online application, there’s a lot to love about this loan! You’ll not only benefit from no exit fees, there are also no early repayment fees. To qualify, simply earn above $25,000 and you’ll be on the way to start spending.
- interest rate
- 6.39% p.a.to 7.49% p.a.
- comparison rate
- 6.39% p.a.to 8.19% p.a.based on $30,000
over 5 years
- Upfront fee
- $0
- Monthly fee
- $0.00
- Exit fee
- $0.00
- Late payment fee
- $30.00
- Repayment options
- Monthly
- Early repayment penalty
- $0.00
- Minimum loan amount
- $2,001.00
- Maximum loan amount
- $50,000.00
- Minimum loan term
- 3 Years
- Maximum loan term
- 5 Years
- Security required
- Unsecured
- Other benefits
- Up front fee may be higher than shown depending on your application. Application fee is $149 for a three year term.
- Other restrictions
- Displayed interest rate is for customers with an excellent credit history. Application fees may be higher depending on loan amount.
Read our Mozo Review to learn more about the Plenti Personal Loan
- Hot DealA discounted rate of 5.40% p.a. for the first 12 months (comparison rate 6.36%) will apply for all eligible applicants
Special Offer Low Rate Personal Loan
Fixed, Unsecured, 12 Month Introductory Rate
interest ratecomparison rateMonthly repayment5.40% p.a.6.36% p.a.based on $30,000
over 5 yearsSpecial Offer Low Rate Personal Loan
OurMoneyMarket offer competitive low rates on loans up to $75,000, plus free extra repayments and fee-free redraw facility. Winner of Mozo's Experts Choice Unsecured Personal Loan 2021 award.
- interest rate
- 5.40% p.a.
- comparison rate
- 6.36% p.a.based on $30,000
over 5 years
- Upfront fee
- $150
- Monthly fee
- $0.00
- Exit fee
- $0.00
- Late payment fee
- $35.00
- Repayment options
- Weekly, Fortnightly, Monthly
- Early repayment penalty
- $0.00
- Minimum loan amount
- $2,001.00
- Maximum loan amount
- $75,000.00
- Minimum loan term
- 1 Year
- Maximum loan term
- 7 Years
- Security required
- Unsecured
- Other benefits
- -
- Other restrictions
- Special Offer fixed rate available for the first 12 months of the loan term. After 12 months the interest rate reverts to the offered rate available on application depending on risk profile.
Read our Mozo Review to learn more about the OurMoneyMarket Special Offer Low Rate Personal Loan
- Featured Product
Personal Loan
Variable, Unsecured
interest ratecomparison rateMonthly repayment5.75% p.a.to 25.99% p.a.6.47% p.a.to 29.2% p.a.based on $30,000
over 5 yearsPersonal Loan
Get a personalised rate quote in just 2 minutes, apply in just 7 minutes. Money transferred to your account the next business day. No exit or early repayment fees. Borrow up to $50,000.
- interest rate
- 5.75% p.a.to 25.99% p.a.
- comparison rate
- 6.47% p.a.to 29.2% p.a.based on $30,000
over 5 years
- Upfront fee
- $0
- Monthly fee
- $10.00
- Exit fee
- $0.00
- Late payment fee
- $35.00
- Repayment options
- Monthly
- Early repayment penalty
- $0.00
- Minimum loan amount
- $5,000.00
- Maximum loan amount
- $50,000.00
- Minimum loan term
- 1 Year
- Maximum loan term
- 7 Years
- Security required
- Unsecured
- Other benefits
- -
- Other restrictions
- Loan application fee ranges between 0% and 5% for loans with interest rates above 5.75% p.a.
Read our Mozo Review to learn more about the Symple Loans Personal Loan
Personal Loan
Unsecured, Fixed
interest ratecomparison rateMonthly repayment5.49% p.a.to 19.99% p.a.5.49% p.a.to 19.99% p.a.based on $30,000
over 5 yearsPersonal Loan
Excellent credit score needed to obtain this rate. Enjoy no-fuss personal loans of up to $30,000 with Alex. No hidden early repayment penalties. Terms from 6 months to 5 years. Convenient and fast 100% online approval. Must be over 18 to be eligible. Winner of Mozo's Experts Choice Best New Loan Product award 2021^.
- interest rate
- 5.49% p.a.to 19.99% p.a.
- comparison rate
- 5.49% p.a.to 19.99% p.a.based on $30,000
over 5 years
- Upfront fee
- $0
- Monthly fee
- $0.00
- Exit fee
- -
- Late payment fee
- $20.00
- Repayment options
- Weekly, Fortnightly, Monthly
- Early repayment penalty
- -
- Minimum loan amount
- $2,100.00
- Maximum loan amount
- $30,000.00
- Minimum loan term
- 1 Year
- Maximum loan term
- 5 Years
- Security required
- Unsecured
- Other benefits
- Establishment fee of $295 waived for applications made by 30 June 2021.
- Other restrictions
- -
Read our Mozo Review to learn more about the Alex Personal Loan
Unsecured Personal Loan
Fixed
interest ratecomparison rateMonthly repayment6.49% p.a.to 19.95% p.a.6.76% p.a.to 20.26% p.a.based on $30,000
over 5 yearsUnsecured Personal Loan
Low personalised rates, ideal for borrowers with excellent credit. No monthly account fees, no early payout fees, so you can pay off your loan sooner. Borrow between $5,000 and $63,000. Easy online application, receive a response in minutes and approved funds within 24-48 hours!
- interest rate
- 6.49% p.a.to 19.95% p.a.
- comparison rate
- 6.76% p.a.to 20.26% p.a.based on $30,000
over 5 years
- Upfront fee
- $195
- Monthly fee
- $0.00
- Exit fee
- $0.00
- Late payment fee
- $25.00
- Repayment options
- Weekly, Fortnightly, Monthly
- Early repayment penalty
- $0.00
- Minimum loan amount
- $5,000.00
- Maximum loan amount
- $63,000.00
- Minimum loan term
- 3 Years
- Maximum loan term
- 5 Years
- Security required
- Unsecured
- Other benefits
- -
- Other restrictions
- -
Read our Mozo Review to learn more about the Wisr Unsecured Personal Loan
^See information about the Mozo Experts Choice Personal Loans Awards
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