Glasgow COP26 inspired you to go green? Here are some loan options to reduce emissions at home

By Polly Fleeting · · 2 min read
Fact Checked
Advertiser disclosure
woman in front of solar panels bought with green loan

With talks around net zero emissions and green energy still circulating on the back of the Glasgow COP26 climate summit, it’s no surprise if it has inspired you to go green. 

From installing solar panels, rainwater tanks and water treatment systems to upgrading your white goods and appliances to energy efficient options, there are a range of ways to help the planet from your own home. 

But the question is: what are your funding options when it comes to a ‘green reno’? 

Well, if your nest egg doesn’t quite cut it, you may want to consider a green personal loan option. 

So, what’s a green loan? 

As the name suggests, a green loan is designed to cover the costs of a product that is considered to be environmentally friendly. 

This may be an electric vehicle or green reno items like solar panels. In such cases, you’ll usually have to prove to a lender that you intend to use the borrowed funds on green items as well as have a decent credit score. 

Currently on the Mozo database, there are over 10 green personal loan options available. The average interest rate for unsecured green personal loans sits at 6.30% p.a. 

Here’s some of the low-rate offers for green renovations right now: 

  • Community First Credit Union: Green Loan - 3.99% p.a. variable rate (4.99% p.a. comparison rate*)
  • Illawarra Credit Union: Green Eco Loan - 3.99% p.a. variable rate (5.15% p.a. comparison rate*)
  • Australian Military Bank: Unsecured Green Loan - 4.15% p.a. variable rate (5.09% p.a. comparison rate*) 
  • Police Credit Union: Solar Eco Loan - 4.69% p.a. variable rate (4.69% p.a. comparison rate*) 
  • Handypay: Green Loan - 5.79% p.a. fixed rate (6.14% p.a. comparison rate*)
  • Police Bank: Green Loan - 5.79% p.a. fixed rate (5.93% p.a. comparison rate*)

And if you’re looking for an award-winning green loan, Australian Mutual Bank’s Green Loan snagged best Green Personal Loan as part of the 2022 Mozo Experts Choice Awards for Personal Loans. 

Are there other personal loan options available for green renos? 

The truth is, green loans aren’t the only option for funding an environmentally friendly renovation. In fact, many regular unsecured personal loans cover home renovation costs too. 

Right now on the Mozo database, the average variable unsecured personal loan rate is 9.78% p.a. But many lenders offer rates much lower.  

With that in mind, for some low-rate renovation loan options check out the table below or head to our personal loans hub for even more providers.

Compare personal loans for renos - last updated 20 April 2024

Search promoted personal loans below or do a full Mozo database search. Advertiser disclosure
  • 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.

    Compare
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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.

    Compare
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  • Express Personal Loan

    Secured

    interest rate
    comparison rate
    Monthly repayment
    14.95% p.a.to 27.95% p.a.
    29.30% p.a.to 42.8% p.a.based on $10,000
    over 3 years

    Access fast finance on loans from $5,000 to $25,000 with a Jacaranda Finance Personal Loan. Terms from 24-48 months. Check if you qualify with no impact on your credit score. Enjoy a speedy, online approval.

    Repayment terms from 2 years to 4 years. Representative example: a 3 year $10,000 loan at 14.95% would cost $14,324.71 including fees.

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  • Featured Product
    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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  • Debt Consolidation Loan

    interest rate
    comparison rate
    Monthly repayment
    5.76% p.a.to 24.03% p.a.
    6.57% p.a.to 24.99% p.a.based on $30,000
    over 5 years

    Roll multiple debts into one loan to streamline your finances with one set of repayments and one interest rate. Competitive fixed interest rates with no monthly or early repayment fees and flexible repayment options. Easy online application and funding in as little as 24 hours (subject to approval).

    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.

    Compare
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    Details

* WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

^See information about the Mozo Experts Choice Personal Loan Awards

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