Bank First Green Personal Loan

9.35% p.a.

10.39% p.a.based on $10,000
over 3 years

$150

9.35% p.a.

10.39% p.a.based on $10,000
over 3 years

$150

Bank First Green Personal Loan Review

Rates and fees information correct as at 20 July 2018.

Review published: 14 June 2016

What's hot:

  • Interest rates starting from 9.35%

  • Extra repayments and redraw facility available

  • Bank First named Australia’s Best Mutual Bank 2016

What's not:

  • $20 late payment fee

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 9.35% (9.97% 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 9.35% (9.97% 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. 

Any catches?

If you go for the fixed rate option, keep in mind you may have to pay a break cost fee if you pay out the loan during the fixed period. 

How are Bank First personal loans rated by the Mozo community?

Product Type Overall Rating Price Features Service Convenience Trust
9.5

Based on 2
Bank First personal loans reviews

9.5 9.0 10.0 9.5 9.5

Read Bank First personal loan reviews by the Mozo community

Latest review of Bank First Green Personal Loan

Bank First

Bank First Green Personal Loan (Fixed, Unsecured) personal loan review

Overall rating   9 / 10

Always assessable and great customer service.

Our bank is extremely assessable even though we don't have a branch in our city. You never have to wait in queue on the phone and the staff are always helpful.

Full review

Our bank is extremely assessable even though we don't have a branch in our city. You never have to wait in queue on the phone and the staff are always helpful.

    Price   9 / 10

    Features   10 / 10

    Customer service   10 / 10

    Convenience   8 / 10

    Trust   10 / 10

Less

Kelly (VIC), reviewed over 2 years ago

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.

Currently showing

Rates

  • Fixed

  • 9.35% p.a. fixed

  • 10.39% p.a.based on $10,000
    over 3 years

Fees

  • $150.00

  • $0.00

  • $20.00

  • none

  • $0.00

Other financial bits

  • $5,000.00

  • none

  • 1 Year

  • 7 Years

  • Unsecured

Features

  • Weekly, Fortnightly, Monthly

  • yes

  • yes

  • Minimum Redraw of $500. Used for the purchase of environmentally friendly products.

  • none

Rates

  • Variable

  • 9.35% p.a.variable

  • 10.39% p.a.based on $10,000
    over 3 years

Fees

  • $150.00

  • $0.00

  • $20.00

  • none

  • $0.00

Other financial bits

  • $5,000.00

  • none

  • 1 Year

  • 7 Years

  • Unsecured

Features

  • Weekly, Fortnightly, Monthly

  • yes

  • yes

  • Minimum Redraw of $500. Used for the purchase of environmentally friendly products.

  • none

About Bank First

Formerly Victoria Teachers Credit Union, Victoria Teachers Mutual Bank is an award winning financial institution with a competitive range of banking products including personal loans, home loans, term deposits and savings accounts. Founded by Australian educators in 1972, Victoria Teachers Mutual Bank offers all Australians outstanding value but doesn't compromise on service or quality. Best of all, Victoria Teachers Mutual Bank customers become equal shareholders which means all the benefits are directly returned to you.

*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 for the amounts and terms quoted, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans, and apply only to these examples. Different amounts and terms will result in different comparison rates. Full comparison rate schedules are available from lenders. Costs such as redraw fees or early repayment fees, and savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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