Warm up this winter: Banks announce energy efficiency improvement home loans
Want a warmer, drier home and save money on energy bills? It’s a no-brainer, right? And thanks to two exciting initiatives from the banks, that aspiration could be within reach. Both ANZ and Westpac have announced plans to offer no-interest or low-interest loans to customers looking to improve their home’s energy efficiency.
Here’s all you need to know.
Westpac’s Warm Up Loan
Westpac has just expanded its interest-free Warm Up Loan. Customers can now borrow up to $40,000 to make their homes warmer, drier, more sustainable and energy efficient. And now, you can also use the money for electric vehicle chargers and solar batteries.
Westpac says it has already loaned more than $30 million through the Warm Up initiative. And it plans to increase lending for energy efficiency home improvements to $100 million.
It's hoped the initiative will lead to more sustainable solutions that deliver benefits to the environment. Plus, the improvements often mean reduced household energy costs, helping to ease the current cost of living pressures.
ANZ’s Good Energy Home Loan
ANZ’s low-interest home loan is available to customers looking to upgrade the energy efficiency of their homes.
The Good Energy Home Loan allows customers to borrow up to $80,000 at a rate of 1% per year, fixed for three years. Examples of things you can do with the loan include solar panels, insulation and heating solutions, double glazing, home ventilation solutions and rainwater tanks. What’s more, electric or hybrid vehicles and EV chargers are also eligible.
Impact the environment & your pocket
These welcome initiatives from the banks remove some of the financial barriers that get in the way of doing our bit for the environment. Future-proofing your home with more energy-efficient options will deliver cost savings on heating and power bills. Even better, you and your loved ones get to enjoy a warmer, healthier home.
Lending criteria apply for both loan schemes, so please get in touch with me to discuss the details.
Published 9 August 2022.
