Tesla on the house? Major bank offers low interest rate for energy efficiency loans
ANZ offers a low-interest top-up loan that can be used to buy electric cars. Photo / Dean Evans
The nation’s largest bank will offer loans of up to $80,000 at 1% interest for three years for people to retrofit their homes with solar panels and energy efficiency technologies.
The loan could cover heating and insulation, double glazing, ventilation and rainwater tanks.
And borrowers will also be able to use the ANZ Good Energy home loan to buy electric and hybrid vehicles and install EV chargers.
But there’s a catch – it’s only available to those who have an existing home loan or are transferring their home loan to the bank.
Those without a mortgage have to pay 12.9% per year for a personal loan.
And those with less than 20% equity may also be excluded from accessing the loan.
An ANZ spokeswoman said generally there were no loan value restrictions, but last week took the decision to temporarily suspend all new loans for more than 80% of LVR transactions.
She said this break also applies to home loan recharges.
Ben Kelleher, ANZ’s chief executive for personal banking, said people were increasingly concerned about rising energy and fuel costs as well as environmental sustainability and were looking to make changes there. where they could.
“Whatever the motivation: to save money on your utility bills, to future-proof your home, to collect rainwater to last all summer, to be more energy efficient, or to reduce carbon emissions , this loan removes some of the cost hurdle for people wanting to make a change.”
He pointed to research that has shown that many of the changes people want to make are related to their home.
ANZ data showed that eight in 10 people had plans or would like to improve the energy efficiency of their homes and for those who would not, most said cost was the biggest barrier.
“Homeowners who invest in good energy initiatives will also benefit from cost savings over time on things like heating and electricity and the increased well-being that comes from a healthier home.”
Meanwhile, the latest EY Mobility Consumer Index showed that the desire to live more sustainably also extends to car choice, with half of New Zealanders looking to buy a hybrid or electric vehicle in the future. .