Bank First Green Personal Loan

Mozo snapshot:

If you're looking for a personal loan that rewards you for your environmentally friendly pursuits (e.g a green home renovation), then you might have met your match with Bank First's Green Personal Loan. Not only will you receive a super low rate of 9.20% (10.24% comparison rate*) but you'll also gain access to a range of flexible features in the form of an extra repayments and redraw facility. 

Sounds like a competitive personal loan right? Well, Bank First offers such great value across its entire range of banking products that it was named Australia's Best Mutual Bank of 2016 in the Experts Choice Australia's Best awards. 

Key features:

If you are borrowing to fund an environmentally friendly project or pursuit, then Bank First will reward you with a low rate of 9.20% (10.24% comparison rate*). For repayment certainty you'll have the option to lock in your rate by going for the fixed option. But if you think you might benefit from rates going down over the course of your term, then leaving it variable is also an option. 

There's a $150 application fee and you'll be free of fees over the life of the loan with no monthly service charges. But keep in mind if you get behind on your regular repayments a $20 late payment fee applies. Loan terms are available from 1 to 7 years and the loan is unsecured, meaning you don't have to put up security. 

When it comes to flexibility, you might be happy to hear the Green Personal Loan comes packed with it. There's an extra repayments facility, allowing you to pump extra into your loan at any time, as well as a redraw facility which means you can dip into those extra repayments if needed down the track. Keep in mind each redraw must be a minimum of $500. You'll also get the flexible feature of choosing your repayment cycle either weekly, fortnightly or monthly.

Who it's good for:

As the name suggests, the Green Personal Loan is designed for those borrowing for environmentally friendly purposes. In return for your green pursuits, Bank First will reward you with a great variable or fixed rate and flexible features.