Green loans made simple

Low rate green loans from
6.92% p.a. (comparison rate 9.01% p.a.)*Now that’s simple.

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award winning personal loans

Enjoy a low rate green loan that is 100% made for you

  • We reward your good credit history with even better rates ensuring the loan you end up with has been tailored for you in every way.
  • Flexible loan terms from 3 years to 7 years for loans between $2,001 and $45,000.
  • No early repayment fees because nobody has ever said ‘yes please’ to fees.
Low Rate Personal Loans

Getting a loan is as easy as 1, 2, 3.

Estimate

Takes 1 minute and won’t impact your credit score

Application

Takes 5 minutes and can conveniently be done online

Approval

You may be instantly conditionally approved

Installation

Funds will be transferred directly to the installer

You’ve got questions we’ve got answers.

What is a green loan?

A green loan is a type of unsecured or secured loan that can be used to fund the purchase and installation of approved clean energy products, helping you lower your power bills while supporting the health of the planet.

RateSetter green loans can provide a lower interest rate than traditional personal loans or credit cards, and with terms of up to 7 yeras, offer affordable repayments to help more homeowners access the benefits of clean energy technology.

What can I use a green loan for?

Green loans can only be used to fund the purchase and installation of energy efficient products. They include:

It’s important to note that not all products in the above categories are eligible for a green loan (or government subsidy). Renewable energy products must meet strict standards of efficiency and performance. To find out if a specific product is eligible, it’s best to consult your green loan provider. If you product does not qualify you may still be able to fund your purchase by applying for one of our low rate personal loans.

Green loan providers usually work with an approved list of product suppliers, installers, and other contractors. Ordinarily, the approved contractor will carry out work on your property and then submit their invoices directly to the green loan provider. This means that you can avoid borrowing any more than you need. Instead, you repay only the cost of the product itself plus interest. Green loans tend to have terms that are comparable to those of personal loans: for example with RateSetter, you can pay your green loan back over three to seven years.

We’ll pay funds into your nominated bank account on the next business day following your loan acceptance. This gives you the flexibility to manage and pay for your green costs any way you like.

How much does a green loan cost?

Green loans generally have three components that that affect the total cost over the life of the loan:

  • the interest rate (this may be fixed or variable)
  • a one-time establishment fee
  • ongoing fees (such as account maintenance fees, late payment fees, and other charges)

These costs are often combined to create a comparison rate that represents the total price of a loan. This allows you to compare different green loans to find the one that best suits your needs.

For an overview of fees and charges (including interest rates) associated with RateSetter’s green loans, see the table below:

Personal Loan Rates, Fees & Charges
Term3 YearYear 4Year 56 Year7 Year
Loan TypeFixed Fixed Fixed Fixed Fixed
Interest Rate 6.92%
6.92%

6.92%

6.92%

6.92%
Comparison Rate*from 9.01% from 8.74% from 8.83% from 8.83% from 8.83%
Credit Assistance Feefrom
$300
from
$300
from
$300
from
$300
from
$300
Monthly Feesfrom
$3
from
$4
from
$4
from
$4
from
$4
Early Repayment Fees$0$0$0$0$0

*Comparison rate for 3 year loans are on an unsecured renewable energy loan of $10,000 over a 36 month term. Comparison rates for 4, 5, 6 and 7 year loans are based on an unsecured renewable energy loan of $30,0000 over a 60 month term. Comparison rates shown assume customer with an excellent credit history. Rates current as at 8pm, 17 October 2019. Warning: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates, Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

Am I eligible for a green loan?

RateSetter provides secured and unsecured green loans to Australian-residents. Save time before applying by making sure:

  • You are aged 21 or over
  • You are an Australian citizen or permanent resident
  • You have a regular source of income that you can demonstrate
  • You have a good credit history

To see if you may qualify for a RateSetter green loan, you can get a RateEstimate, it only takes 1 minute and won’t affect your credit score. If you request a RateEstimate, we will ask you a few questions so we can calculate an initial estimate of your borrowing potential, and the rates, fees and charges that may apply to your loan.

In making a final decision, we consider a number of factors, including your credit file as provided to us by Equifax or Illion, our credit bureau partners. If you would like more information regarding your credit file, you should contact Equifax and Illion directly.

What do I need to apply?

To apply for a RateSetter green loan, you will need to complete our identity verification process successfully. To complete identity verification you will need to provide one or more of the following documents:

  • Australian State or Territory-issued drivers licence
  • Australian or foreign passport
  • Address verification document such as a utility bill or tenancy agreement

These details can either be entered on our website during the application process and automatically verified online or you can upload as part of the application process.

When assessing your application, we are looking for evidence of how suitable a loan is to your current circumstances. Among other things, we’ll assess your:

  • Employment stability;
  • Income;
  • Expenses;
  • Repayment history;
  • Credit bureau information; and
  • Other details you communicate to us.

You will also be asked to verify your income and expenses, and may be asked to provide supporting documentation such as bank statement information or payslips. The documents you will need to provide will be displayed to you during the application process.

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Representative example: Based on $10,000 loan with a 36 month term for a borrower with a excellent credit history at a comparison rate of 6.92% p.a. the estimated total amount payable including all applicable fees is $11,458. RateSetter green loan repayment terms range from a minimum of 3 years to a maximum of 7 years. Interest rates start from 6.92% p.a. (comparison rate 9.01% p.a. to 13.96% p.a. based on your term). Rates are subject to change depending on the rates offered by lenders in our Lending Markets. Rates stated as at 8pm, 17 October 2019 and are subject to change. RateSetter credit criteria and terms and conditions apply.