This week it was announced that Parker Lane will distribute a new type of Green Personal Loan on behalf of a customer-owned bank that reinvests 100% of it's profits back into customers and the community.
With an eye-popping interest rate of just 4.99% p.a. (5.13% comparison rate*) the new Green Loan is within just 0.19% of CBA's current mortgage standard variable rate (as at 10 December 2019).
Eligible borrowers will be able to spread payments over 1 to 7 years with no ongoing fees. The loan will reward customers who work hard to save interest by allowing borrowers to make additional repayments at any time without extra cost and repaying the loan in full at any time without penalty.
Launching in December 2019, the flexible personal loan will be available for the installation of solar systems, battery storage, and the purchase of electric or hybrid vehicles.
Exclusive to Clean Energy Council Accredited Installers & Retailers
The new initiative will be exclusively available to customers who use a CEC accredited installer and will be distributed via participating installers by way of a mere referral program.
The announcement comes at a time when ‘Middle Australia’ is experiencing financial strain from increased living expenses and persistently stagnant wages growth.
The initiative now means that thousands more households without the cash to invest in solar will be able to do so without incurring a heavy interest burden in the process.
The mutual bank behind the new initiative has an almost 60 year history of serving the community and has a mandate in 2020 to drastically increase the number of Australian households who will install a solar and battery system in their home.
And with a comparison rate almost half that of other Green Loan providers like Ratesetter (from 8.74% at the time of writing this article) and 24 - 48 hour decisioning, it’s hard to imagine that this will do anything but take off like a rocket among the CEC community.
Australia’s largest solar finance brokerage, Parker Lane has been selected to facilitate the program.
Chris White, CEO of the brokerage said this week “we’re incredibly excited to offer a real alternative to the expensive funding options that exist for consumers in the solar market at the moment.”
Mr White suggested that the announcement could mean the end for 0% interest deals because installers will not be required to pay a merchant fee in order to offer low cost payment options. “Feedback from the 500 or so people in the industry already enrolled to refer to Parker Lane has been incredibly positive. This is a win for consumers and installers.”
To hear more about the initiative or to learn how you can participate in the program, call Parker Lane on 1300 13 17 11 or click here to book a time to receive a call.
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