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Australian Military Bank Green Loan

Interest rate from
3.15% p.a.
Comparison rate from*
4.10% p.a.based on $30,000
over 5 years
Upfront fee
$150

Mozo editorial review Australian Military Bank Green Loan

Last updated: 8 April 2020.

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What's hot
  • 3.15% variable rate (4.10% comparison rate*)
  • Extra repayments without penalty
  • 2019 Mozo Experts Choice Award Winner
What's not
  • $150 application fee
Mozo snapshot

Keen to go green? Say hello to the Green Loan by Australian Military Bank, which could lend a hand to help fund the purchase and installation of environmentally friendly energy products for your home. This unsecured personal loan took out the top spot for the 2019 Mozo Experts Choice Awards Best New Personal Loan, as it comes with a competitive 3.15% variable rate (4.10% comparison rate*) and also has handy features like complimentary extra repayments. With flexible repayment frequency and a bunch of loan term options, there’s no reason not to consider this personal loan so you can go greener sooner. 


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Key features

While switching to cleaner energy products for your home can help you reduce your power bills down the track, the truth is making the change can often be costly straight off the bat. So the Australian Military Bank Green Loan is designed to help you pay for green domestic energy products, whether that’s the installation of solar panels, water recycling systems, or energy efficient cooling and heating. 

Not only does the loan have an attractive 3.15% variable rate (4.10% comparison rate*), one of the lowest rates on Mozo’s database, you can borrow anywhere between $4,000 and $40,000. And to top it off, there is also a wide range of loan term options from 1 year to 7 years, so you can choose whatever suits you. 

The Green Loan has flexible repayment options, with the choice to make your regular repayments on a weekly, fortnightly or monthly basis. And if you’re the type that likes to make additional contributions whenever you can, with this loan you are free to make extra repayments and pay off your learn early without facing any penalty fees. 

Just bear in mind, this loan isn’t completely fee-free. There is a $10 ongoing monthly fee as well as a $150 application fee upfront and a $20 penalty if you are late on a repayment.

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Who is it good for

This Green Loan could be good for anyone looking to make the switch to greener energy products for their home, whether it’s to cover the cost of purchase or installation. 

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Any catches

The Australian Military Bank Green Loan is only designed to fund the cost of domestic environmentally friendly products, it cannot be used for any other types of purchases, like funding a wedding or holiday, so it may not suit exactly what you need.

Details

Rates and fees information correct as at 8 July 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • Variable

  • 3.15% p.a.variable

  • 4.10% p.a.based on $30,000
    over 5 years

Fees
  • $150.00

  • $10.00

  • $20.00

  • $0.00

  • 0

Other financial bits
  • $4,000.00

  • $40,000.00

  • 1 Year

  • 7 Years

  • Unsecured

Features
  • Weekly, Fortnightly, Monthly

  • yes

  • no

  • Green loans can be used for domestic purposes including solar systems, battery storage, insulation, water capture, energy efficient heating/cooling and appliances.

  • none

*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. WARNING: 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.

Customer Reviews

How are Australian Military Bank personal loans rated by the Mozo community?

Overall customer rating
5.9/10
Price
5.9/10
Features
6.0/10
Customer service
6.7/10
Convenience
5.1/10
Trust
6.0/10
Australian Military Bank

About Australian Military Bank

Australian Military Bank (previously known as ADCU) offers financial products to members of the Australian Defence Force, civilian employees, defence contractors and their families. As well as offering services to people associated with the defence force, the provider welcomes other individuals. Australian Military Bank offers a comprehensive range of saving and investment accounts, loans, insurance and financial advice especially designed for its members.

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