Interest rate from
6.10% p.a.
Comparison rate from
6.10% p.a.based on $30,000
over 5 years
Upfront fee
$0

Mozo editorial review Sydney Mutual Bank Green Loan

Last updated: 12 November 2020.

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What's hot
  • Variable rates from 6.10% (6.10% comparison rate*)
  • No application or ongoing service fees
  • 2021 Mozo Experts Choice Award winner
What's not
  • $50 late payment fee
Mozo snapshot

Funding eco-friendly purchases such as solar panels and electric cars has never been so easy with the Sydney Mutual Bank Green Loan. With interest rates starting from a low 6.10% (6.10% comparison rate*) and no upfront or ongoing fees to worry about, it’s little wonder this loan was awarded a 2021 Mozo Experts Choice Award for best Green Personal Loan. 


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Key features

Starting with the basics, the Sydney Mutual Bank Green Loan offers competitive variable rates from 6.10% (6.10% comparison rate*) for loans amounts ranging from $1,000 up to $40,000. It’s an unsecured loan, so borrowers won’t have to put up any of their assets as security. You also have the option to repay this loan over 1 to 7 years, and can choose between weekly, fortnightly or monthly repayments.

But the flexible features don’t stop there. In addition, the Sydney Mutual Bank Green Loan allows you to make extra repayments without being hit with an early repayment penalty. Plus there’s a redraw facility in case you need to access any of those additional funds later on.

With the Sydney Mutual Bank Green Loan, you can enjoy zero application, exit and ongoing service fees, although watch out for the $50 fee if you miss a repayment deadline.


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Who is it good for

As the Sydney Mutual Bank Green Loan only applies to eco-friendly goods, it best suits borrowers who are looking to fund green or sustainable purchases.


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Any catches

Just beware that this loan is specifically designed to cover eco-related expenses, so if you’re looking to fund a wedding or a diesel car, then a standard personal loan or car loan would be a better fit.


Details

Rates and fees information correct as at 25 June 2021. 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

  • 6.10% p.a.variable

  • 6.10% p.a.based on $30,000
    over 5 years

Fees
  • $0.00

  • $0.00

  • $50.00

  • $0.00

  • $0.00

Other financial bits
  • $1,000.00

  • $40,000.00

  • 1 Year

  • 7 Years

  • Unsecured

Features
  • Weekly, Fortnightly, Monthly

  • yes

  • yes

  • Purpose must be for the purchase of environmentally sustainable goods or materials for the home

  • 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 Sydney Mutual Bank personal loans rated by the Mozo community?

Overall
7.2/10
Price
6.7/10
Features
5.5/10
Customer service
8.1/10
Convenience
6.6/10
Trust
7.5/10
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About Sydney Mutual Bank

Sydney Mutual Bank previously known as Sydney Credit Union or SCU, creates a longer lasting relationship when it comes to banking. Sydney Mutual Bank offers great rates for customers, with accounts that have low or no fees attached. Products that Sydney Mutual Bank offer are savings accounts, term deposits, debit cards, personal, car and home loans, credit cards, business finance and overdrafts facilities. Sydney Mutual Bank are generous when it comes to dealing with your money.

See Sydney Mutual Bank personal loans