Personal loan

Credit Union Green Laboratories Personal Loan Review and Costs

How does the Green Personal Loan work?

This low-cost personal loan can be used to make energy-efficient upgrades to your home. This can include both energy and water saving devices. This loan comes with a variable interest rate, which means your rates can fluctuate with the market rate. You could have lower interest payments if the rate goes down, or higher if the rate goes up. The only fee charged for this loan is a $20 administration fees.

What are the features of the Green Personal Loan?

  • Green loan. This loan is suitable for purchases of green home improvements, including energy and water saving devices.
  • Variable interest rate. With a variable rate, your interest charges can fluctuate with the market rate.
  • Variable loan term. The maximum duration of the loan is 7 years maximum.
  • Advance repayments. You can make prepayments without penalty.
  • Flexible repayments. You can choose between weekly, fortnightly and monthly repayments.
  • Ease of redrawing. You have access to a redraw function free of charge. The minimum withdrawal is $500.

How much does the Green Personal Loan cost?

There are a number of costs associated with the Laboratories Credit Union green loan. These include:

  • Variable interest rate of 6.75% per annum
  • An establishment tax of $20

This loan does not come with annual or monthly fees. The comparison rate, which includes interest and fees, is 6.78% per annum.

Am I eligible for the Green Personal Loan?

To be eligible for the Green Personal Loan, you must be:

  • Over 18
  • An Australian citizen or permanent resident
  • A member of the fund

You will need to provide details of your:

  • Employment, income and living expenses
  • Your assets, including land, house, contents, vehicles, savings and stocks
  • Your debts

How to apply for a Green Personal Loan?

You can apply for this loan online at the Laboratories Credit Union website, by phone, or in branch. Have all the required documents at hand to speed up the process.

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