Personal loan for solar & battery
Why choose a Westpac Unsecured Personal Loan for solar power?
The basics
- Borrow $4,000 - $50,000 with no need to offer a car as security
- Fixed interest rate range from 7.99% p.a. to 20.49% p.a. (comparison rate range from 9.18% p.a. to 21.61% p.a.^)
- We can give you your personalised rate and estimated repayments, that's based on your credit score and the loan details you provide to us. Get my rate.
- Select the term you want between 1 - 7 years.
Extra benefits
- Weekly, fortnightly or monthly repayments – to align with when you’re paid
- Set up a direct debit so you never miss a repayment
- A fixed rate means you’ll know what your repayments and loan end date will be
- Already with Westpac? Once approved, sign your contract online and the funds will go to your account in 60 minutes.*
Switching to solar? More power to you.
You're looking to upgrade your home with solar power, get funds faster with a personal loan.
Exclusive fixed rate4 offer is available to existing Westpac customers who apply online and are approved before 31/01/2024. Eligibility, credit criteria, T&Cs apply.
Repayment calculator
This calculator helps you estimate how much your personal loan repayments could be.**
FAQs about loans for solar power
Can I get an interest-free loan for solar panels?
It’s worth checking with your relevant government authorities to see if they're offering interest-free loans for solar systems. Many interest-free offers for solar power have now closed, but it's still worth researching to find the best finance option for you. Because the solar industry continues to evolve, it's worth ensuring any sources of information you use are up-to-date.
What credit score do you need for solar?
Our Unsecured Personal Loan for solar has the same lending criteria as borrowing for something else. Our Before you apply section gives a more comprehensive outline of requirements.
Can I add solar panels to my home loan?
Some people choose to add the cost of their solar to their home loan. The benefit being they don't need to apply for another loan. However, unless you are disciplined, and repay that additional amount off in a shorter period than the rest of your home loan, you could end up paying more in interest. That's why many people choose to take out a separate loan (such as this one) for their solar system, and keep things separate. Ultimately you’ll need to do the numbers and be realistic about additional repayments.
Are solar loans tax deductible?
Many installers will be aware if any tax deductions are available for installing a solar panel system – with or without a battery – and will build it into their quote. Having said that, it's definitely worth checking for yourself with the ATO as their information will be the most up-to-date.
What's a green loan?
Green loans are personal loans that focus on lending for energy saving, electricity production or other environmentally-friendly products that help reduce our need for fossil fuels. They are still personal loans offered by financial institutions. Our Unsecured Personal Loan is a general-purpose loan with the flexibility to use the funds for green products, something else, or a combination as suits you. Like any loan, it's worth checking all the details - including interest rates and repayment terms - to see what works best for you.
Can I borrow for the solar panels now, and the battery later?
Most people researching a solar panel system will at some point decide whether they should get a battery up-front, or later on. There's no one answer to this as it'll depend on what you want from the solar system you're planning. Getting a battery at the same time as your solar panels makes it possible to 'go green' sooner, relying less on the grid and fluctuating energy prices.
However, the upfront cost of a battery will mean a bigger loan (if you're borrowing) and a longer payback period. On the other hand, battery technology is constantly improving, and some electric vehicles (EVs) can be used as a night-time battery for the house. So there are good arguments either way. In the end, if you choose to get a battery later by buying it outright, getting a separate loan for the battery, or by refinancing the loan you have for the solar panels (saving you on the loan establishment fee) when the time comes.
The details
Our Unsecured Personal Loan comes with a fixed rate, meaning that you have the certainty of a set repayment amount throughout the life of the loan. You can also make extra repayments to pay off your loan faster, giving you the best of both worlds (prepayment fee may apply#).
Key rates and fees
| Rate or fee | Amount |
|---|---|
| Annual fixed rate range | 7.99% p.a. to 20.49% p.a. |
| Comparison rate range | 9.18% p.a. to 21.61% p.a.^ |
Median rate Around half our customers are offered this rate or lower |
16.99% p.a. |
| Lending establishment fee |
$250## |
| Monthly loan account fee | $12 |
Other fees and charges may be payable.
Before you apply
Follow this section to improve the likelihood your application is approved.
- You’re aged 18 or over
- You have permanent residency in Australia/NZ OR;
- You’re a non-resident or migrant and hold an acceptable Visa (PDF 169KB), with a minimum 1 year before expiry
- You have a regular, verifiable Australian taxable income
- You have a fixed, verifiable residential address in Australia.
Things you should know
This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice. Please consider your individual circumstances before applying for a Westpac Personal Loan. Credit criteria, fees, charges, terms and conditions apply. Information is correct as of 1 November 2023.
##The lending establishment fee will be added to your loan amount. Please read full terms and conditions before making a decision to apply for a Westpac Personal Loan.
4 Solar + Battery Special Offer of 8.99% p.a. (comparison rate 10.17% p.a.) is available to existing customers who apply, are approved and accept an Unsecured Personal Loan contract for a loan amount of $10,000 or more before 17 January 2023. Application must be submitted via the Apply now button on website page https://www.ui.westpac.com.au/origin/etb0/content/secure-pers/personal-loans/solar in branch or by calling 1300 720 697. This offer cannot be used in conjunction with any other offer and may be varied or withdrawn at any time.
^Comparison rates: Comparison rates help you understand the true cost of a loan. All comparison rate examples shown are for a personal loan amount of $30,000 and a term of 5 years. WARNING: Comparison rates apply only to the example or examples given and may not include all fees and charges. Different loan 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.
- Unsecured Personal Loan repayment terms range from 1 to 7 years. Interest rate ranges and representative examples are based on an unsecured loan of $30,000 borrowed for 5 years with the interest rate of 7.99% p.a. (comparison rate 9.18% p.a.), the estimated total amount payable including fees is $37,513. The actual rate offered may be higher or lower than the comparison example above. Rates currently range from 7.99% p.a. to 20.49% p.a. (comparison rate from 9.18% p.a. to 21.61% p.a.)
#Prepayment fee: If you choose a term greater than 2 years for a Westpac Personal Loan, and pay it out in less than 2 years, there is a prepayment fee of $175. This fee is waived if you pay out your personal loan by re-financing to another Westpac personal loan.
*Access to funds within 60 minutes: Available for existing customers who are approved for an Unsecured Personal Loan. Loan funds will be disbursed into an existing Westpac transaction account 60 minutes from when e-contract acceptance has been received. Funds requested to be transferred to a non-Westpac account will take up to 3 days.
**Repayment calculator: Any calculations made by you using this calculator is intended as a guide only. It is for illustrative purposes only and is based on the accuracy of the information provided. The calculation is not an offer of credit. The amount you can borrow may vary once you complete a loan application and all the details relevant to our lending criteria are captured and verified. The calculations should not be relied on for the purpose of making a decision whether to apply for a personal loan. Weekly and fortnightly repayment calculations – if your monthly repayments are $1000, fortnightly repayments are calculated by dividing $1000 by 2 and rounding up if required ($1000 ÷ 2 = $500). Weekly repayments are calculated by dividing $1000 by 4 and rounding up if required ($1000 ÷ 4 = $250).
Credit provided by Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.