Finty
Bank Australia

Bank Australia Clean Energy Personal Loan

Variable rate

Reduced rate personal loan to help you make all-electric and energy efficient upgrades.

Written byDavid Boyd
Interest rate a year, from
7.49%
Comparison rate, from
7.49%
Establishment fee
None
Monthly fee
Not published
Borrow
From $1,000

Monthly repayment

$20,000 over 3 years

Apply now

What it would cost

At the lowest published rate of 7.49%. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$622
Total repayments
$22,393
Interest
$2,393

Loan details

Rates

Interest rate (a year)
7.49%
Comparison rate (a year)
7.49%
Rate type
Variable
Security
Not published

Limits and fees

Loan amount
From $1,000
Loan term
Not published
Establishment fee
None
Monthly fee
Not published

How it compares

Against the other personal loans we compare. Typical means the middle half of them.

Comparison rate

7.49%

From 7.49%. A typical loan starts at 10.14%.

Cost of $20,000 over 5 years

$4,040

Interest and fees at its starting rate. Typical is $5,513.

Setup fee

None

A typical setup fee is $150.

Pros and cons

Pros

  • A lower starting rate. Its comparison rate starts at 7.49%, below the typical 10.14%, and the comparison rate counts the standard fees too, so it's a fair guide to a lower overall cost.
  • One rate for everyone. Everyone approved gets 7.49%, so the rate you see is the rate you get.
  • No setup fee. Nothing is added to the loan on day one, so you only pay interest on what you borrow.
  • Extra repayments. Paying more than the minimum pays the loan off sooner and cuts the interest you pay.

Cons

  • A variable rate. Your repayments can rise if the lender lifts its rate, though they can also fall.
  • An early repayment fee. Paying the loan off early or refinancing can cost a fee, which cuts into what you save by repaying sooner.

Similar loans

Personal loans from other lenders that start at a similar comparison rate.