In Roy Morgan’s Most Important Issues poll it had been found that Australians are becoming increasingly worried about the state of the environment.
According to this recent research, economic issues are now less worrying to our nation than environmental issues, for the first time since the devastating Queensland floods in February 2011.
Climate change a major factor
In addition to the research, more than 400,000 Australians have signed a petition urging the government to declare a climate emergency, reflecting serious concerns about the impacts of climate change on our “megadiverse” nation.
Source: Roy Morgan Australia
“This is the first time for over eight years Australians have thought so prominently about the environment,” said Roy Morgan CEO, Michele Levine.
“Concerns about Global warming and Climate change are the most prominent issue mentioned but there is also significant concern about the Drought and water conservation and management in the parched Murray-Darling Basin that are widely referred to as the biggest problems facing Australia.”
In the face of such concerns, lenders in the personal finance industry are turning green.
Lenders go green in support of eco-conscious spending
Whilst financial products themselves may not have a large carbon footprint, the capital they lend can end up funding projects that do.
As such, some proactive lenders are now providing green personal loans in an effort to reduce carbon emissions and encourage conscious investment in sustainable technologies.
So, if you’re looking to update your home with solar panels, energy efficient hot water systems or other clean energy products, you may want to take a closer look at the personal loans below.
|Lender||Product Name||Advertised Rate||Comparison Rate||Minimum Amount||Upfront Fee|
|Police bank||Green Loan||6.49%||6.63%||$1,000||$98|
|Community First Credit Union||Green Personal Loan||5.99%||6.26%||$1,000||$195|
|Bendigo Bank||Secured Green Personal Loan||6.79%||7.21%||$2,000||$150|
|Ratesetter||Green Loan||6.81%||8.92%||$2,000||from $300|
|Southern Cross Credit Union||Green Personal Loan||7.29%||7.47%||$10,000||$125|
|Bank first||Green Personal Loan||9.00%||10.04%||$10,000||$150|
|Bendigo Bank||Unsecured Green Personal Loan||11.79%||12.84%||$2,000||$150|
Data accurate as at 21st November 2019. Be sure to check the PDS and any additional fees and charges with the lender before you sign on the dotted line.
Lenders refusing to invest in fossil fuels
If you’re not in the market for a personal loan, but you still want to ensure you’re banking sustainably, there are many lenders that refuse to provide finance to the fossil fuel industry.
As a large portion of carbon emissions are as a result of burning fossil fuels, supporting these financial institutions who have never invested in fossil fuel projects, could be a good place to start.
- Adelaide Bank
- Australian Defence Credit Union
- Auswide Bank
- Bananacoast Community Credit Union
- Bank Australia
- Bank First
- Bank of us (formerly B&E)
- BDCU Alliance Bank
- Bendigo Bank
- Beyond Bank
- Cape Credit Union
- Community First Credit Union
- Credit Union SA
- CUA (Credit Union Australia)
- Defence Bank
- Delphi Bank
- Firefighters Mutual Bank (formerly Fire Board (NSW) Employees Credit Union)
- First Choice Credit Union
- G&C Mutual Bank
- Gateway Credit Union
- Greater Bank
- Goulburn Murray Credit Union
- Health Professionals Bank
- Heritage Bank
- Horizon Credit Union
- Hume Bank
- Hunter United
- Intech Credit Union
- Laboratories Credit Union (LCU)
- Maitland Mutual Building Society
- Northern Beaches Credit Union
- Maleny Credit Union (MCU)
- Maritime, Mining & Power Credit Union
- ME Bank
- Newcastle Permanent
- P&N Bank
- People's Choice Credit Union
- Police Bank
- Police Credit Union
- Qudos Bank
- QBANK (Formerly Queensland Police Credit Union)
- QT Mutual Bank
- Queenslanders Credit Union
- Regional Australia Bank
- Rural Bank
- Select Mutual Banking
- Southern Cross Credit Union
- South West Slopes Credit Union
- Summerland Credit Union
- Teachers Mutual Bank
- Transport Mutual Credit Union
- UniBank (formerly unicredit)