What is a green loan?
A green loan is structured the same way as a personal loan, however a green loan is used to finance energy efficient products.
“The aim of a green personal loan is not only to make funding sustainable projects easier, but also to reward Aussies with a lower interest rate for taking the initiative and going green.” – Peter Marshall, Mozo Banking Expert.
Brighte offers the Brighte Green Loan and Personal Loan to help give customers the best rate for their home energy improvements
Mozo database, the current average interest rate for an unsecured personal loan is 10.84% p.a., while the average rate for a green/eco loan is notably lower at 7.27% p.a.
At Brighte we offer the Green Loan at 5.89% p.a. (Comparison rate of 6.76% p.a.^) and repayment terms of 2 – 7 years.
The Brighte Green Loan vs Personal Loa
The Brighte Green Loan covers energy efficient products like:
- Solar Panels
- Battery storage
- Solar System and Battery Combo
- Off-Grid system
- Solar heating and cooling improvement
Where as the Personal Loan can be used for other home improvement projects such as kitchen and bathroom renovations.
How long does approval take?
Approval for Green Loans can vary between providers, at Brighte we take 1-3 business days to review the application and provide an answer on the application.
*Information and interest rates are current as at 22 February 2021 and are subject to change. Fees applicable include: Establishment fee of $299, Introducer fee of $200 and $1.50/weekly account keeping. Late payment fee of $1.50/weekly may be charged by Brighte if you miss a repayment. All applications for credit are subject to Brighte’s credit approval. Fees, terms and conditions apply.
#A commission in the amount of the Introducer Fee + GST is payable to your vendor by us for the introduction of your Loan.
^ Comparison rate calculated on an unsecured loan amount of $30,000 over a term of 5 years based on fortnightly repayments
WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
The information provided in this article is general in nature and does not constitute advice. Please consider your own personal circumstances prior to making any decisions.