Australian Military Finance Green Loan
- Interest Rate (p.a.)
- 7.15%
- Comp. Rate (p.a.)
- 8.06%
- Min Loan Amount
- $4,000
Summary
Borrow from $4,000 up to $75,000 and go green. Costs include interest charges, monthly fees and application fees.
With the Australian Military Bank’s Green Loan, you can make a range of low-emission purchases or make your home greener with solar energy additions, insulation, energy-efficient cooling and heating and battery storage. Loan amounts range from $4,000 up to $75,000 and come with terms from 1 to 7 years. This personal loan can only be used for green purposes and energy-efficient home products and renovations. It is not applicable for hybrid cars. The interest rate for this loan starts at 7.15% p.a., with a 8.06% p.a. comparison rate. The application fee is $150, while the monthly fee is $10.
Pros
-
Competitive interest rate
-
Flexible repayments
-
No early repayment penalty
Cons
-
Low maximum amount
-
No redraw facility
-
Can only be used for specific purchases
Details
Product details
| Product Name | Australian Military Bank Green Loan |
| Interest Rate (p.a.) | 7.15% |
| Comp. Rate (p.a.) | 8.06% |
| Interest Rate Type | Variable |
| Min Loan Amount | $4,000 |
| Max. Loan Amount | $75,000 |
| Loan Security | Unsecured |
Main points to consider with an Australian Military Bank Green Loan
Australian Military Bank is offering a new Green Loan from $4,000 to $75,000. This loan can be used for a number of lower-emission purchases and home renovations such as solar energy additions, insulation, energy-efficient cooling and heating, water capture/recycling and battery storage.
The green loan is an unsecured personal loan offering with a repayment term from one to seven years. Australian Military Bank offers a flexible repayment schedule with this product, as well as no penalty fees for extra repayments.
Features of a loan from Australian Military Bank
There are a number of features that can be expected with this green loan. These are:
- Loan amount. This loan offers eligible applicants from $4,000 to $75,000 in funds.
- Loan term. Repayment terms from 1 to 7 years are available with this product.
- Competitive rate. As an incentive, this loan's rate is competitive in terms of the market.
- Unsecured. This product is unsecured, meaning that there is no need for applicants to leave their assets as collateral on the loan.
- No early repayment penalty. If you choose to repay this loan early and save money over the life of the loan, you can.
- Flexible repayments. Repayments are available on a weekly, fortnightly or monthly schedule.
- Specific loan uses. This personal loan can only be used for environmentally friendly purposes, such as energy-efficient home products and renovations.
How much does the loan cost?
There are a number of costs associated with this loan. These include:
- Interest rate. This loan comes with an advertised interest rate of 7.15% p.a. and a comparison rate of 8.06% p.a.
- Monthly fee. There is a monthly fee of $10 associated with this loan.
- Application fee. This loan requires an application fee of $150.
How to apply for a Australian Military Bank Green Loan
To apply for this loan, simply click "Go to site" and submit an application form with the lender directly. However, before submitting an application, make sure that you meet the following eligibility criteria. You must be:
- Over the age of 18
- An Australian citizen or permanent resident
- Currently employed and receiving a regular income
- Without any default on previous loans, credit or store cards and have not declared bankruptcy or insolvency in the last five years
You will also need the following documentation on hand:
- Employment, income and living expense details
- Your latest payslip
- You driver's licence, Medicare card or passport details
- Details of any assets that you own
- Details of any currently outstanding debts
- Your tax file number
If you're unsure about your eligibility to this loan and/or you would like to apply for an Australian Military Bank Green Loan, you can click "Go to site" and contact the lender directly. Be aware that loan rejections could harm your credit score, so only apply for loans that you are confident that you qualify for.
It is always a good idea to compare different green loans thoroughly prior to submitting an application in order to find a loan that suits your personal circumstances best.
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