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bankmecu goGreen Home Improvements Personal Loan

Borrow upwards of $5,000 with variable interest rates. You can only use loan funds for sustainable purchases.

  • Bankmecu recently rebranded and changed their name to BankAust.

The goGreen Home Improvement Loan from bankmecu has a variable interest rate and flexible payment terms. This loan is offered to homes with a rating of seven or more as determined by the Australian Department of Climate Change's Nationwide House Energy Rating Scheme (NatHERS). All certified 'green' buildings must meet these requirements to be deemed sustainable and environmentally-friendly. bankmecu may require a check of your plans to ensure that potential purchases are sustainable. If they are found to be 'non-sustainable' the loan application may be denied. Interest rates are variable and start from 7.89% p.a.

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From 7.89% (variable)

Interest Rate (p.a.)

8.92%

Comparison Rate (p.a.)

$5,000

Min Loan Amount

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  • bankmecu won a 2010 Ethical Investor Award for being Australia's most sustainable small company of the year

As this loan allows and even encourages extra repayments without penalty, you are able to take this money out later on with an option for free redraw. bankmecu offers flexible repayment terms of weekly, fortnightly and monthly, letting you choose whichever option suits your budget.

A family repayment and eco-pause is also offered, but loans must be 12 months or older to be eligible for these kinds of pauses.

Features of the bankmecu GoGreen Home Improvement Loan

  • Environmentally-conscious incentive. This loan is only available to homes with a 7+ NatHERS rating, giving homeowners a boost to go 'green'.
  • DIY for sustainability. If bankmecu's considers the reason for the loan as a sustainable one, you'll get an interest rate of 0.50% p.a.
  • Redraw capabilities. If you have made extra repayments, you can redraw money directly from your account.
  • Easy access. bankmecu offers 24/7 access to your accounts via its convenient online and telephone banking services. Customer support is available during regular business hours five days a week.
  • Additional repayments. There are no penalties if you make any additional loan repayments and you can negotiate repayment terms to fit your schedule.
  • 100% customer owned. bankmecu is the first 100% customer-owned bank in Australia, meaning that you have a voice in the institution's decisions.

How to apply for the goGreen Home Improvement Loan

To be eligible for the variable rate home improvement loan from bankmecu you will need to have a good credit rating and be an Australian citizen or permanent resident. You will need to own a home or be in the process of building one. Click 'Go to Site' to begin the application process.

You must:

  • Be a homeowner. You will need to have a title deed to a home or a plot of land and be listed as a homeowner on an existing mortgage if applicable.
  • Be an Australian citizen or permanent resident. Copies of your birth certificate, citizenship papers or immigration documents may be requested.

Other requirements

  • You should be over 18 years of age
  • You should be a permanent resident of Australia

You must submit plans and other evidence that your home meets the NatHERS requirements to be approved for the loan. A photocopy for the deed to the house or land may be required, along with documents detailing your current financial situation and personal information. If you have questions about the application, you can submit your contact details to bankmecu directly and a consultant will contact you to assist you with the rest of the form.

You'll need to provide:

  • Your passport. This will help to prove your Australian citizenship or permanent residency and also be used to verify your identity for quicker application processing.
  • Your driver's licence. This will also help to verify your identity and confirm your address and other personal details.
  • Financial documents. You should be prepared to provide bank statements, your current mortgage statement if you have one, your recent payslips and your employer's name and contact information.

The goGreen Home Improvement Loan from bankmecu offers a way to pay to improve your home's sustainability without worrying about high interest rates and fees. To make sure that you are saving the most money, compare your loan options to ensure you end up with the best possible deal.

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