Bank First Green Personal Loan

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 7.25% (8.59% 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.

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. 

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.