What is EV loan?

Sustainable Energy Loans - The what and why...

Examples of Sustainable Expenditure...*

• 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 the banks are offering...

Westpac:

• 6.99% p.a. on up to $50,000 for for a new or used vehicle. Interest rate is subject to change. 
• Stand loan terms from 6 months to 5 years.
• Equity - Minimum 20% owner occupied and 40% investment property.
• New or current customers (landlords or homeowners).
• Must meet standard eligibility and lending criteria and be able to repay the loan in full within five years.

ASB:

• Current offer is 1%p.a. loan 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 and 40% for investment properties.
• Only available for eligible improvements and purchases, ASB's lending criteria and terms apply.

ANZ:

• Top up a current ANZ home loan for up to $80,000 at a fixed rate of 1% over 3 years - once the rate expires, you can choose to either fix or float.
• 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 purchased prior to 4 July 2022.
• ANZ's lending criteria and terms apply.

BNZ:

• Current offer is 1%p.a. loan fixed for 3 years to the maximum amount of $80,000 (minimum $5,000).
• Available for new and existing customers.
• Maximum LVR for this offer is 80% for owner occupied and 60% for Investor 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.
• Normal 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 seven years and the maximum term is 10 years. It's not available with an offset home loan or a revolving home loan.
• Usual home loan lending criteria and terms apply.

If this has got you thinking about your options when it comes to getting a sustainable energy loan, please feel free to get in touch today and we can create a tailored plan that will be best suit your situation.

I look forward to hearing from you.

Fiona