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Commonwealth Bank Unsecured Green Personal Loan

Advertiser disclosure
The details shown below are for a fixed loan between $4,000 and $50,000
The details shown below are for a variable loan between $4,000 and $50,000

Choose the version of this loan that suits you best

Loan type Name Min loan amount Max loan amount
Fixed Unsecured Green Personal Loan (Fixed) $4,000 $50,000
Variable Unsecured Green Personal Loan (Variable) $4,000 $50,000
  • Loan: $4,000 $50,000
  • Loan: $4,000 $50,000
Interest rate from
7.50% p.a.
Comparison rate from
8.90% p.a.based on $30,000
over 5 years
Upfront fee
$250.00
Interest rate from
7.50% p.a.
Comparison rate from
8.90% p.a.based on $30,000
over 5 years
Upfront fee
$250.00

Mozo editorial review Commonwealth Bank Unsecured Green Personal Loan - last updated: 14 February 2024

binocular icon
What's hot
  • Eligible sustainable purchases from 7.50% p.a. (8.90% p.a. comparison rate*)
  • Free additional repayments
  • Flexible repayment schedule
What's not
  • $250 establishment fee
  • $15 monthly service fee
Mozo snapshot

If you’re looking to make some sustainable changes to your home, the Commonwealth Bank Unsecured Green Personal Loan might catch your interest. Offering a discounted rate from CBA’s unsecured personal loans, this loan starts at 7.50% p.a. (8.90% p.a. comparison rate*), so going green is good for your wallet and for the environment.

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Key features

The Commonwealth Bank Unsecured Green Personal Loan could be a great option for people looking to make some environmentally friendly additions to their lives and their homes. These can be used on solar panels, electric vehicles, battery packs, electric vehicle charging stations, solar hot water systems, and more.

Eligible sustainable purchases can score an interest rate starting from 7.50% p.a. (8.90% p.a. comparison rate*).

Loans can range from $4,000 - $50,000 and can be taken out for terms between 1-7 years with a flexible repayment schedule - weekly, fortnightly, or monthly. There is an upfront establishment fee of $250 and a monthly $15 service fee to keep in mind, so be prepared to pay those out of pocket.

You can make free additional repayments to this loan, but remember, if you opt for a fixed loan you will not have a redraw facility (variable loans do allow for redraw). There is also a $20 late payment fee, so remember to get your direct debit set up!

To qualify for the green discount you must use your loan buy or install eligible products including:

  • Electric or hybrid cars emitting less than 120g CO2 emissions per kilometre (check your car’s emission data on the Green Vehicle Guide)
  • Solar panels with a system size equal to or greater than 6 kilowatts (kW) (and inverter if applicable)
  • Battery packs with a system size equal to or greater than 5 kilowatts-hour (kWh)
  • Solar hot water system with a system size equal to or greater than 250 litres (L)
  • Heat pump hot water system with a system size equal to or greater than 250 litres (L)
snapshot
Who is it good for

This loan could be good for borrowers looking to do some major renovations to make their home more environmentally friendly. It may also be an attractive option for those looking to buy an electric vehicle but looking to avoid a secured loan.

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Any catches

Make sure to check that your planned purchase meets CommBank’s eligibility criteria in terms of size and energy output, as all purchases are subject to their own terms and conditions. Any solar panels, inverters, and battery packs will need to be installed by a Clean Energy Council approved retailer or installer in order to be approved.

Details

Rates and fees information correct as at 31 May 2024. 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

7.50% p.a. fixed

8.90% p.a.based on $30,000
over 5 years

Fees

$250.00

$15.00

$20.00

$0.00

n/a

Other financial bits

$4,000.00

$50,000.00

1 Year

7 Years

Unsecured

Features

Green home improvements

Weekly, Fortnightly, Monthly

yes

no

The loan purpose must be for an eligible clean energy product. Only electric or hybrid cars emitting <120g CO2 emissions per kilometre are eligible.

none

WARNING: 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. 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 31 May 2024. 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

7.50% p.a.variable

8.90% p.a.based on $30,000
over 5 years

Fees

$250.00

$15.00

$20.00

$0.00

n/a

Other financial bits

$4,000.00

$50,000.00

1 Year

7 Years

Unsecured

Features

Green home improvements

Weekly, Fortnightly, Monthly

yes

no

The loan purpose must be for an eligible clean energy product. Only electric or hybrid cars emitting <120g CO2 emissions per kilometre are eligible.

none

WARNING: 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. 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 Commonwealth Bank personal loans rated by the Mozo community?

Overall
7.4/10
Price
6.1/10
Features
5.8/10
Customer service
7.3/10
Convenience
7.8/10
Trust
7.0/10
Based on 2175 Commonwealth Bank personal loan reviews as rated by the Mozo customers. More about the Mozo Customer Ratings.
Mozo recommends that ratings are only one factor to be taken into account when deciding whether to take up any financial product offer.

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