Bank First Green Personal Loan
- Interest Rate (p.a.)
- 7.25%
- Comp. Rate (p.a.)
- 8.59%
- Min Loan Amount
- $5,000
Summary
A green personal loan with fixed rates and terms up to 5 years. Interest charges and establishment fees apply.
Bank First’s Green Personal Loan (fixed) can be used for the purchase of environmentally friendly products for your home. The products will have to have a minimum 5-star rating to qualify. This loan can be either secured or unsecured. The lender may request for loan security if required as well. Loan terms range from 1 to 5 years.
Details
Product details
| Product Name | Bank First Green Personal Loan Fixed |
| Interest Rate (p.a.) | 7.25% |
| Comp. Rate (p.a.) | 8.59% |
| Interest Rate Type | Fixed |
| Min Loan Amount | $5,000 |
| Loan Security | Unsecured |
How does the Green Personal Loan work?
This loan is designed for the purchase of environmentally friendly products with a minimum 5-star rating. This is a fixed rate loan, meaning that your interest repayments will remain consistent throughout the lifetime of your loan. The minimum loan amount is $5,000 with a term between 1 year and 5 years. You cannot make additional repayments without incurring a break cost fee.
What features does the Green Personal Loan offer?
- Fixed interest rate. Your rate is fixed and starts from 7.25% p.a. with a comparison rate of 8.59% p.a. With a fixed rate, you have the security of predictable repayments.
- Secured and unsecured. Bank First may require security for this loan, but this will be assessed on a case-to-case basis.
- Green personal loan. Suitable for green home improvement purchases.
- Varying loan term. Between 1 year and 5 years.
- Flexible repayments. You can choose between weekly, fortnightly and monthly repayments.
How much does the Green Personal Loan cost?
There are a number of costs associated with Bank First’s green personal loan. These include:
- A fixed interest rate of 7.25% p.a.
- An establishment fee of $195
The comparison rate, which includes both the interest rate and fees, is 8.59% p.a.
In addition to the above, you may be charged the following:
- Arrears fee of $20. This fee will be charged if you don't make your repayments on time.
- A break fee. This fee will be charged for either switching to a variable rate loan or for paying off the loan early.
Am I eligible for a Green Personal Loan?
To be eligible for this product, you will have to be at least 18 years of age or older. There will also be a credit assessment when you apply for this loan.
How do I apply?
You can apply for the loan online through the Bank First website. The application will take around 10 minutes to complete. Keep all the required documents ready to speed up the process. You can also call Bank First and apply over the phone.
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