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Bank First Green Personal Loan

The details shown below are for a fixed loan of at least $5,000

The details shown below are for a variable loan of at least $5,000

Choose the version of this loan that suits you best

  • Loan: $5,000

  • Loan: $5,000

Interest rate from
8.75% p.a.
Comparison rate from*
10.10% p.a.based on $10,000
over 3 years
Upfront fee
$195
Interest rate from
8.75% p.a.
Comparison rate from*
10.10% p.a.based on $10,000
over 3 years
Upfront fee
$195

Mozo editorial review Bank First Green Personal Loan

Last updated: 28 May 2020.

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What's hot
  • Interest rates starting from 8.75% (10.10% comparison rate*)
  • Extra repayments and redraw facility available
What's not
  • $195 application 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 8.75% (10.10% 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. 

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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 8.75% (10.10% 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 $195 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 and must be used for the purchase of eco-friendly products. You'll also get the flexible feature of choosing your repayment cycle either weekly, fortnightly or monthly.

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Who is it 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. 

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Any catches

One thing to keep in mind if you pick the fixed rate option is that you may have to pay a break cost fee if you pay off the loan early, before the fixed period ends. 

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
  • Fixed

  • 8.75% p.a. fixed

  • 10.10% p.a.based on $10,000
    over 3 years

Fees
  • $195.00

  • $0.00

  • $20.00

  • n/a

  • Break Cost Fee Applies

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

*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.

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

  • 8.75% p.a.variable

  • 10.10% p.a.based on $10,000
    over 3 years

Fees
  • $195.00

  • $0.00

  • $20.00

  • n/a

  • $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

*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 Bank First personal loans rated by the Mozo community?

Overall customer rating
9.4/10
Price
9.4/10
Features
8.6/10
Customer service
10.0/10
Convenience
7.4/10
Trust
9.7/10

Latest review of Bank First Green Personal Loan

  • Overall 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.

    Read 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, Victoria reviewed over 4 years ago
Bank First

About Bank First

Formerly Victoria Teachers Mutual Bank, Bank First 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, Bank First offers all Australians outstanding value but doesn't compromise on service or quality. Best of all, Bank First customers become equal shareholders which means all the benefits are directly returned to you.

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