New loan to boost energy-efficient housing

Friday 13 March 2020

There’s an ongoing push towards greener, healthier homes and now Westpac is joining the drive, with a new loan product for its home loan customers.

By The Landlord

Westpac announced Friday that interest-free loans of  up to $10,000 to improve energy efficiency will now be available to its home loan customers.

The loans, which are called Westpac Warm Up, are intended to help fund the purchase of heat pumps, solar panels, ventilation, double glazing or insulation.

Westpac chief executive David McLean says big businesses have a duty to take action on important social, economic and environmental issues like climate change.

“We think climate change is the biggest environmental issue we face and is a very real threat to our economy and wellbeing. New Zealand needs to accelerate its response to climate change.”

As such, they have an important role in the transition to a cleaner economy through their lending, he says.

“That’s why we’re committed to offering products and services that can cut our customers’ costs and their carbon footprint.

“Our new Westpac Warm Up loan offering is one way we can help New Zealanders make their home more energy-efficient, while also improving the quality of our housing stock for future generations.”

The new loan product was announced as part of a broad package of initiatives on the part of the bank, which has just become New Zealand’s first carbon zero certified bank.

These include transitioning 100% of their car fleet to electric vehicles by 2025 and committing to a further 30% reduction in their emissions, on top of their 50% reduction since 2008.

But Westpac will be competing against one of its major rival’s, ANZ, in the clean, green, environmentally friendly space.

Through its Healthy Homes loan product, ANZ offers interest-free home loan top ups of up to $5,000 (for four years) for insulation and heat pumps. It also has a scheme where it offers up to 1% off home loans for new build properties that meet sustainability and energy efficiency requirements.

Read more:

ANZ goes green with healthy home discount 

Comments from our readers

No comments yet

Sign In / Register to add your comment

Property News

Life remains in real estate industry

Open homes are forbidden and real estate transactions are in hiatus during the lockdown, but that doesn’t mean it’s not possible for investors to find a deal.

House Prices

What lies ahead for the housing market

As New Zealand begins to settle into the “new normal” of the Covid-19 lockdown, commentators have started releasing their (tentative) outlooks for the housing market. Here’s a summary of some of them...

Commercial

Commercial sector facing hundreds of millions in lost revenue

Some large commercial tenants are refusing to pay rent and this could devastate the commercial property sector, the Property Council New Zealand is warning.

Site by PHP Developer