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Home loans for energy efficient upgrades and electric vehicles

All the cool kids are doing it! 

Since 2021, all 5 of the main New Zealand banks have brought out home loan products specifically for energy efficiency and helping make New Zealand homes warmer, dryer, and heathier. Some banks have also extended these to be for energy efficiency in other ways too including solar panels, home batteries, and even electric vehicles.

Let's go through them at a high level  and see what might be right for what you are wanting to do:

ANZ - Good Energy Home Loans

ANZ offers a Good Energy Home Loan that allows you to top up your existing ANZ Home Loan at a fixed rate (currently 1%) for 3 years, up to $80,000, to make your home more energy efficient and better for the environment. 

The things that can be included here are:

  • Heat pumps

  • Insulation

  • Glazing -Double, secondary, or triple glazing.

  • Ventilation

  • Water heating systems

  • Hybrid and electric vehicles

  • Electric vehicle chargers

  • Electric bikes

  • Solar panels

  • Solar batteries

  • Rainwater tanks

Kiwibank Sustainable Energy Loan:

Kiwibank offers a sustainable energy loan that provides up to $2,000 over four years towards the cost of a sustainable energy system if you borrow more than $5,000

This may include:

  • Solar power

  • Small-scale hydro

  • Wind energy

  • Geothermal resources

These loans are done at the floating interest rate and are spread over 7 - 10 years

Westpac Warm Up Loan:

Westpac offers a Warm Up Loan that provides an interest-free loan of up to $40,000 for five years for:

  • Insulation

  • Heat pumps

  • Double glazing

  • Ventilation

  • Wood burners

  • Solar power systems

  • Batteries

  • Electric vehicle chargers

ASB Better Homes Top Up

ASB Better Homes Top Up provides a range of home loan top-ups for energy-efficient improvements. This is up to a maximum of $80,000 fixed for 3 years at 1% interest currently. 

This can be used for:

  • Electric or hybrid vehicles

  • Electric vehicle charging units

  • Underfloor, ceiling or wall insulation

  • Window glazing

  • Heat pump system

  • Wood burner or wood pellet burner

  • Extractor Fans

  • Ground moisture barriers

  • Ventilation systems

  • Heat pump water heaters

  • Solar hot water systems

  • Wetbacks

  • Solar panels, batteries and inverters

  • Solar hot water systems

BNZ Green Home Loan top-ups

As part of BNZ Green Home Loan top-ups, you can borrow up to $80,000 at a 1% 3-year fixed rate to pay for eligible upgrades to your home or for electric transport options. These include:

  • Solar panels, batteries, and inverters

  • Heating and insulation

  • Heat pumps

  • Water heating

  • Insulation

  • Window glazing

  • Ventilation

  • Water tanks

  • Rainwater tanks

  • EVs or plug-in hybrids

  • Electric chargers

  • Electric bikes

What's the catch?

Some of these things seem too good to be true and with anything like this there are criteria that you need to meet so let's quickly chat through them.

  1. You still need to be able to service the new lending - Just because the lending is low-interest or interest-free, doesn't mean the banks can bypass the normal application process or servicing requirements. You will be assessed as if you normally will need to be for a top up

  2. Most of these things need to be installed by a professional and we need quotes for them - Although some people would like to and would be capable to install these types of things themselves, they need to be done by professionals and occasionally by people with specific accreditations to meet the bank's criteria so please check with us first about what we can do

  3. The bank must hold your home as security - We can't use these loans independently of your current lending. You must still meet their normal loan-to-value ratio restrictions and have equity to use. Also if your home loan is with one bank but you want to use a different bank's Energy Top Up program, we would need to look at refinancing your existing lending to the new bank as well. This may have bank fees and will have some legal costs associated also. 

It is awesome the banks are supporting "green" initiatives that will make our homes better for the people who live in them. There are a few factors to consider so get in touch with the My Mortgage team and we can point you in the right direction early on in your planning and then be in the best position to take advantage of these great products.   


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