Air conditioning loans made simple

Low rate air conditioning loans from
6.92% p.a. (comparison rate
9.01% p.a.)* Now that’s easy, breezy.

award winning peer-to-peer lending
award winning personal loans

Enjoy a low rate air conditioning 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. Use funds to consolidate debt, renovate, travel and more.
  • 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.


Takes 1 minute and won’t impact your credit score


Takes 5 minutes and can conveniently be done online


You may be instantly conditionally approved


Funds will be transferred directly to the installer

You’ve got questions we’ve got answers.

What is an air conditioning loan?

An air conditioning loan is an unsecured personal loan that you can use to purchase a sustainable home heating/cooling system. Air conditioning loans are a form of green loan. RateSetter offers low-interest green loans to customers who wish to invest in eco-friendly projects, allowing them to save money and help the environment.

Why consider an air conditioning loan?

According to the Australian Bureau of Statistics, heating and cooling systems (including heaters, air conditioners, and the like) are the single largest source of household greenhouse emissions. Already, three out of four Australian homes contain an air conditioning unit: this can be a godsend on sweltering summer days, but it can also lead to expensive electricity bills.

One solution is to invest in an energy-efficient air conditioning unit, so you can stay cool on hot days without breaking the bank. If you’d like to invest in an efficient air conditioner, but don’t have the necessary cash on hand, a green loan offers a manageable way forward.

How does an air conditioning loan work?

An air conditioning loan works just like a personal loan. That is, you borrow a specific amount of money and then pay it back with interest over an agreed term. To qualify for a personal loan, you must submit an application and agree to a credit check that takes into account your borrowing history, employment status, credit score, and other factors.

What are the benefits of an air conditioning loan?

Personal loans, including air conditioning loans, allow you to enjoy a lower interest rate than you would receive with a credit card and also offer a consistent repayment schedule. Many personal loans give you the flexibility to make early repayments, allowing you to reduce the length of your loan and minimise the amount you pay in interest.

What can I use an air conditioning loan for?

You can use an air condition loan for a number of different purposes, including:

It’s important to note that not all products are eligible for a green loan (or government subsidy). Eligible products must meet strict efficiency and performance standards.

High efficiency commercial and retail air conditioning systems meeting both the minimum cooling and heating threshold ratios in classes 3-7 and 9-12 of Table 2 of the Efficiency Factor Document version 1 prepared and published by the Department of the Environment for the purpose of section 16 of the Carbon Credits (Carbon Farming Initiative High Efficiency Commercial Appliances) Methodology Determination 2015.

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 an air conditioning loan cost?

An air conditioning loan 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
air conditioning loan to find the one that best suits your needs.

For an overview of fees and charges (including interest rates) associated with RateSetter’s air conditioning loan, 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%



Comparison Rate*from 9.01% from 8.74% from 8.83% from 8.83% from 8.83%
Credit Assistance Feefrom
Monthly Feesfrom
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 an air conditioning loan?

RateSetter provides 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 air conditioning 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 and/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 an air conditioning loan, you will need to complete our identity verification process successfully, as well as considering how suitable an air conditioning loan is to your current circumstances.

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 or email them to us at

When assessing your application, we are looking for evidence of how suitable the loan is to your current circumstances and the purpose for which you require funds. Among other things, we’ll assess your:

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

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.