Finty

Northern Inland Credit Union Green Loan

UnsecuredFixed rate

Make sustainable upgrades sooner with our award-winning Green Loan - a fixed rate, unsecured loan for eligible home improvements to your principal residence.

Written byDavid Boyd

6.49%

interest rate a year, from

6.49%

comparison rate, from

Establishment fee
Not published
Monthly fee
Not published
Borrow
$5,000 to $25,000

What it would cost

At the lowest published rate of 6.49%. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$613
Total repayments
$22,064
Interest and monthly fees
$2,064

Loan details

Rates

Interest rate (a year)
6.49%
Comparison rate (a year)
6.49%
Rate type
Fixed
Security
Unsecured

Limits and fees

Loan amount
$5,000 to $25,000
Loan term
1 year to 5 years
Establishment fee
Not published
Monthly fee
Not published

How it compares

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

Comparison rate

6.49%

From 6.49%. A typical loan starts at 10.56%.

Cost of $20,000 over 5 years

$3,474

Interest and fees at its starting rate. Typical is $5,455.

Most you can borrow

$25,000

Typically you can borrow up to $50,000.

Longest term

5 years

7 years is the usual longest term.

Pros and cons

Pros

  • A lower starting rate. Its comparison rate starts at 6.49%, below the typical 10.56%, 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 6.49%, so the rate you see is the rate you get.
  • A fixed rate. Your repayments stay the same for the whole loan, which makes it easier to budget.
  • No security needed. Your car or home isn't at risk if things go wrong, though missed repayments still hurt your credit report.
  • Redraw. You can take back extra repayments later if you need the money.

Cons

  • A lower limit. Up to $25,000, less than the typical $50,000, so it may not cover a larger purchase.
  • An early repayment fee. Paying the loan off early or refinancing can cost a fee, which cuts into what you save by repaying sooner.
  • A $15 late payment fee. Setting up automatic repayments avoids it.

Similar loans

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