Clean Energy Loan Options
If you're looking to make some sustainable upgrades to your home, your lender may have a lending option for you that isn't going to cost you lots in interest...
New Zealand's main bank lenders each have special offers for customers looking for lending on sustainable and energy efficient purchases such as electric vehicles, home insulation, and solar energy.
Here are some options you may be able to get a clean energy loan for:
Sustainable product options
- Home insulation
- Heat pumps
- double glazing
- Ventilation
- Wood burners
- Solar power systems and batteries
- Electric/Hybrid vehicles (and/or chargers)
- E-bikes
- Small-scale hydro, wind energy or geothermal resources that is for sale to the general public and have at least 10 year warranty.
- Sustainable water upgrades
*Terms & conditions apply specific to individual lenders. Purchases must be made within lenders required timeframe.
What are lenders offering?
Westpac
- 0% interest on up to $50,000 for five years with a Westpac Greater Choices home loan.
- Flexibility to make lump sum payments or pay the loan off earlier without prepayment costs.
- Available for new or existing Westpac Choices home loan customers.
- No establishment fee.
ASB
- 1% interest per annum on loans of up to $80,000 fixed for 3 years.
- You must be an existing ASB home loan customer.
- Equity required is a minimum of 20% for owner-occupied properties.
- Only available for eligible improvements and purchases, ASB's lending criteria and terms apply.
ANZ
- Top up your existing ANZ home loan by up to $80,000 at a fixed rate of 1% over 3 years.
- Not available for business purposes or for new builds (until the new build lending is fully drawn).
- New customers can apply for ANZ Home Loan and Good Energy Loan top up at the same time.
- ANZ Good Energy Home Loan top ups are not available for upgrades that have already been purchased, unless otherwise agreed by ANZ.
- ANZ's lending criteria and terms apply.
BNZ
- 1% interest p.a. loan fixed for 3 years to the maximum amount of $80,000.
- Available for new and existing customers.
- Equity required is a minimum of 20% for owner-occupied properties.
- Lending to be documented up to a 30-year term and as a 'Classic Home Loan" fixed for a maximum of 3 years (standard rates apply thereafter).
- Not eligible for business purposes.
- An establishment fee of $150 may apply for new customers or $100 for customers completing a top up.
- Standard BNZ home loan policy applies.
Kiwibank
- If you borrow more than $5,000, Kiwibank will contribute up to $2,000 over four years towards the cost of the system and $400 at the end of each of the following years.
- If an existing Kiwibank Home Loan customer, the home loan top-up fee will be waived.
- The sustainable energy loan is a variable rate home loan. The minimum loan term is 7 years and the maximum term is 10 years. It's not available with an offset home loan or a revolving home loan.
- Usual Kiwibank home loan lending criteria and terms apply.
If this has got you thinking about your options when it comes to getting a clean energy loan, please feel free to get in touch today and we can create a tailored plan that will be best suit your situation.
Looking forward to hearing from you.
Fiona & Amy
NZ Mortgage Advice
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