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 variable rates and terms up to 7 years. Interest charges and establishment fees apply.
Bank First’s Green Personal Loan 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. Loan terms range up to 7 years.
Pros
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Environmentally friendly initiatives can save on utility bills
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Flexible repayment options available, including free early repayments
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Choice between variable and fixed rates
Cons
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You could find lower rates for similiar products. Be sure to compare your options
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Only suitable for environmentally friendly purchases
Details
Product details
| Product Name | Bank First Green Personal Loan |
| Interest Rate (p.a.) | 7.25% |
| Comp. Rate (p.a.) | 8.59% |
| Interest Rate Type | Variable |
| 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 variable rate loan, meaning that your interest rate will vary depending on the market rate. This could mean your interest payments may be higher or lower for some months than others. The minimum loan amount is $5,000, with a loan term up to 7 years.
What features does the Green Personal Loan offer?
- Variable interest rate. Your rate is variable, and starts from 7.25% p.a. with a comparison rate of 8.59% p.a.
- Secured and unsecured. Bank First may require security for this loan, but this will be assessed on a case by case basis.
- Green personal loan. Suitable for green home improvement purchases.
- Varying loan term. Between 1 to 7 years.
- Flexible repayments. You can choose between weekly, fortnightly and monthly repayments.
- Additional repayments. You can make additional repayments.
- Free redraw with a $500 minimum. You won't be charged for the redraw facility. The minimum redraw amount is $500.
How much does the Green Personal Loan cost?
There are a number of costs associated with Bank First’s Green Personal Loan. These include:
- Variable interest rate of 7.25% p.a.
- 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.
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 on hand to speed up the process. You can also call Bank First and apply over the phone.
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