For households participating in Solar Savers, Bank Australia is offering low-interest loans to help install solar.
Once Solar Savers has determined that solar makes sense for your household, you can apply for the Bank Australia Solar Savers loan.
You can borrow up to $5000 – the final loan amount will be equivalent to the invoice from your solar installer. Once your solar panels have been installed, Bank Australia will make the payment directly to the solar installer on your behalf.
- Call Bank Australia on 132 888 (Option 3 for lending), or visit your local branch
- Tell the lending consultant you're interested in a Solar Savers loan (no referral number required)
- The lending consultant will confirm that you are eligible for Solar Savers
- If you are eligible, you can submit a loan application
After you have applied
- We will assess your application
- We will let you know whether your application has been approved within 48 hours
- If your application is approved, we will issue a contract
- You may also need to submit additional documents, including (but not limited to):
- Identification documents (e.g. driver's license, Medicare card)
- Income verification (e.g. payslips, superannuation statements)
- Statements for external debts
- Statements for savings held with another financial institution
As part of our responsible lending policy, we only lend to people who have the capacity to repay. This is to avoid putting people under financial stress.
Bank Australia will carefully assess each Solar Savers loan application to ensure that applicants are able to repay the proposed loans.
After your initial application, your loan may be pre-approved. You will then need to submit supporting documents (e.g. statements of income, and any existing loans) to get final approval.