Community First Credit Union slashed rates on its green personal loan, which can be used to fund "environmentally-friendly products".
Community First Credit Union has launched a new green personal loan at 3.99% p.a. (4.99% comparison rate*), a rate 'almost half' the previous rate.
The green loan can be used to fund borrowers' eco-friendly home installations, for example a solar hot water system or solar panels.
According to Community First, the product offers the "flexibility" of fee-free extra repayments. Customers can also redraw and pay out their loan early at no extra cost.
This green loan product is an unsecured personal loan for any amount from $1,000 and above, with a loan term of one to 10 years. A $10 monthly fee applies.
Green loans can be used to purchase the following:
- Solar hot water systems and solar panels
- External awnings
- Rainwater tanks
- Double glazing
- Grey water treatment systems
- Energy efficient white goods and appliances
- Electric motor vehicles
Community First chief, John Tancevski, said the credit union's award-winning green loans allow Australians to "make a personal contribution to a healthier eco-system".
"By launching a new Green loan with a rate of 3.99%p.a. we are not only ahead of the pack in this sector, we are also providing affordable funding for households to achieve sustainability success at home – a process that can deliver valuable energy savings," Mr Tancevski said.
Along with the new green loan, Community First has launched a "home improvement loan" with the same interest rate - 3.99% p.a. (comparison rate 4.99%*).
Mr Tanceveski said that this new loan is "a budget-friendly choice for home owners wanting to make home improvements on their owner occupied or investment property."
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