Bank Energy Loans

The only genuinely interest free option of the four. Up to $50,000 at 0% for five years, with no establishment fee. The catch is on the other side of the ledger. Westpac has the tightest eligibility rules on this page, and the loan has to be cleared inside five years.

Who can get it

• You need standard Westpac Choices home lending of at least $150,000, not counting the Greater Choices loan itself. If your home loan is smaller than that, you do not qualify.
• You must already have that lending, or be approved for it.
• Your regular main income has to be credited into a Westpac account.
• After the loan is taken out you need at least 20% equity if you live in the home, or 30% if it is an investment property.
• The property securing your home loan must be the property being upgraded.

The loan

• 0% interest, up to $50,000.
• Interest free for five years. The loan has to be repaid in full inside those five years. On the full $50,000 that is roughly $192 a week, so plan the repayment before you plan the job.
• No establishment fee.
• You can hold more than one Greater Choices loan as long as the total stays at or under $50,000. Pay part of it down and you can apply again up to the cap.
• Lump sum payments and early repayment are allowed. Westpac takes those in branch or over the phone, not in digital banking.
• If you miss repayments, a default interest rate of 5% applies to the outstanding balance.
• It is an add-on to standard Westpac Choices home lending, not a separate personal loan.

What it covers

• Insulation, ceiling, underfloor and wall
• Heat pumps, including hot water heat pumps
• Ventilation systems
• Double glazing
• Solar power systems and batteries
• Ground moisture barriers under the floor
• Damp proofing of exterior foundation walls

Westpac’s own list runs wider than the work we do. It also covers rainwater tanks, site drainage and stormwater diversion, raising a home above flood thresholds, repositioning outdoor appliances above likely flood levels, chimney removal or strengthening, replacing household gas appliances and removing gas connections, electric vehicles and EV chargers. If your project touches any of those, they can go in the same loan.

Westpac wants a quote from a professional when you apply, then an invoice before it releases the funds. If you use more than one supplier it wants every invoice. The installer has to be qualified, and Westpac suggests checking that they belong to the relevant industry association. Work you have already bought and paid for is not covered unless Westpac agreed to it in advance, so talk to the bank before you book the job. We will put the quote together for you.

Westpac’s page opens with electric vehicles. The home energy purposes and the qualifying rules are further down the same page.

The widest list of eligible upgrades of the four, and the highest ceiling alongside ASB. A top up on an ANZ home loan of $3,000 to $80,000 on a special fixed rate for three years. It is a good fit for a whole of home project, because ANZ funds the heating, the insulation, the ventilation, the glazing, the hot water and the solar out of the same loan.

Who can get it

• You need a home loan with ANZ. If you are moving to ANZ, you can apply for the home loan and the top up together.
• It cannot be used for business purposes.
• If you have a new build loan with ANZ, you cannot use it until that lending is fully drawn.
• For clean transport upgrades ANZ requires at least 20% equity, counting the Good Energy amount. ANZ does not publish an equity threshold for the home energy upgrades themselves, so confirm your position with ANZ.

The loan

• A special fixed rate for three years, set by ANZ. ANZ does not display the figure on any of its pages, so ask ANZ for the rate before you budget.
• Borrow from $3,000 to $80,000. You can hold more than one top up as long as the total stays within $80,000.
• As you repay, the room comes back and you can borrow again for further upgrades, up to a lifetime drawdown of $500,000.
• If your quote is over $80,000 that is fine. The special rate applies to the first $80,000 and the rest goes on ordinary lending.
• Loan term up to 30 years. ANZ suggests you weigh that against how long the upgrade will actually last.
• At the end of the three year fixed term you choose an ANZ Special or Standard fixed rate, or let it move to floating.
• Standard ANZ home loan fees apply.

What it covers

• Heat pumps. Fixed single split, multi split and ducted systems.
• Insulation. Ceiling, underfloor and wall.
• Ventilation. Positive pressure or balanced pressure systems, including heat recovery.
• Glazing. Double, secondary and triple.
• Water heating. Heat pump water heaters and solar water heaters.
• Solar panels. The whole project cost, including consulting, planning, consenting, site preparation, grid connection and labour.
• Solar batteries and inverters.

ANZ’s list also runs to rainwater tanks, EV chargers, electric and hybrid vehicles and e-bikes.

For solar panels and batteries, ANZ wants a quote from a member of the Sustainable Energy Association of New Zealand, plus an installation date. For everything else it wants a quote for supply and installation from a company that does that work as a normal part of its business, again with an installation date. Work you have already bought is not covered. Any council consent is your responsibility, not the bank’s. We will put the quote together for you.

The best fit for the range of work we do. ASB is the only one of the four that funds both ground moisture barriers and extractor fans, so a full dry, warm and ventilate job can sit inside one loan. Up to $80,000 at 1.00% p.a. fixed for three years.

Who can get it

• You must already be an ASB home loan customer. This one is not open to new customers moving to ASB.
• You need at least 20% equity if you live in the home, or 30% if it is an investment property, measured after the top up is added.
• It cannot be used to restructure existing ASB lending.
• It is not available on construction loans or business loans.
• It does not cover improvements or purchases made before 7 November 2022.

The loan

• 1.00% p.a. fixed for 36 months.
• Up to $80,000 per property owning entity, meaning one person, joint owners, a trust or a company.
• Loan term up to 30 years.
• Pay part of it down and you can apply again, as long as you stay inside the $80,000 cap.
• If your quote is over $80,000, the balance goes on an ordinary top up at ordinary rates.
• When the fixed period ends you re-fix, or the ASB Housing Variable rate applies.
• Standard ASB home loan fees apply. No other ASB discounts stack on top of the Better Homes fixed rate.

What it covers

• Insulation. Professionally installed underfloor, ceiling or wall insulation.
• Heat pumps. Single split, multi split and ducted systems.
• Glazing. Double, triple and secondary.
• Ventilation. Positive pressure or balanced pressure systems.
• Extractor fans. Bathroom fans and kitchen rangehoods that vent outside, not into the ceiling space.
• Ground moisture barriers. Professionally installed.
• Hot water. Heat pump water heaters and solar water systems.
• Solar panels, batteries and inverters. Professionally installed.

ASB’s list also covers wood burners and wood pellet burners that meet local council rules, and wetbacks.

ASB wants a quote or invoice no more than 60 days old, from a qualified professional installer who does that installation as part of their day to day business. Any council consent is your responsibility, not the bank’s. We will put the quote together for you and date it so it is still inside the 60 days when you apply.

The product page shows the terms. The rates page carries the Better Homes Top Up rate.

Up to $80,000 at 1% p.a. fixed for three years, as a top up on a BNZ Standard home loan. BNZ is the only bank on this page that will take over an equivalent healthy home top up you already hold with another New Zealand bank. It is also the only one that publishes its fees up front.

Who can get it

• You need a BNZ Standard home loan. If you are moving your home loan to BNZ, you can apply for both together.
• You need at least 20% equity in the property securing the loan.
• Some investor lending is excluded, and residential investors may need more equity where Reserve Bank restrictions apply.
• It cannot be used for business purposes or to restructure existing lending.
• If you have BNZ Housing Under Construction lending, you cannot use it until that lending is fully drawn.
• It is not eligible for any cashback, and it may not apply on some packaged offers.

The loan

• 1% p.a. fixed for three years.
• Up to $80,000. You can take more than one top up, but the $80,000 is a lifetime cap on how much you can hold at the 1% rate, so earlier top ups count against it.
• Establishment fee of up to $150 if you are new to BNZ. Top up fee of up to $100 if you are already a BNZ customer.
• Standard BNZ home loan term.
• At the end of the three years you re-fix, or the loan moves to BNZ’s floating rate.
• If you already have an equivalent healthy home top up with another New Zealand bank, BNZ may refinance it into a Better Future home loan top-up.

What it covers

• Insulation. Ceiling, wall and underfloor.
• Heat pumps. Fixed and ducted.
• Ventilation. Positive pressure or balanced pressure systems.
• Glazing. Double, secondary and triple.
• Hot water. Heat pump water heaters and solar water heaters.
• Solar panels, batteries and inverters, including the planning and the installation.

BNZ’s list also covers rainwater tanks with their pumps, connections and filters, electric and hybrid vehicles, EV chargers and e-bikes.

BNZ wants a quote for supply and installation from a qualified business, plus an installation date, and the quote has to still be valid when you hand it over. For solar it asks for a quote and recommends you do your own checks, including talking to a licensed electrician and installer. Unlike ANZ, BNZ does not require the installer to belong to any particular association. The loan cannot be put towards any part of the job you have already paid for by the time the money is drawn down. We will put the quote together for you.

BNZ shows the rate, the limit and the fees on that one page.