Major bank rolls out new interest-free home insulation loans
Kiwis who currently have loans with ANZ Bank New Zealand can now take advantage of the lender’s newest interest-free home insulation loans.
ANZ has announced $100 million in interest-free loans intended to help Kiwis insulate their homes.
“Cold, damp and mouldy homes are a major problem in New Zealand, resulting in many health problems, expensive energy bills and degradation of properties,” says ANZ chief executive officer David Hisco. “ANZ wants to help New Zealand resolve this major social, environmental and economic problem.”
“Properly installed insulation can transform an unhealthy home literally overnight and vastly improve the quality of life – particularly for children,” he explains.
Starting in June, the interest-free loans will be available to ANZ’s existing home loan customers. The loans will be repayable over a maximum of four years and be for a maximum of $5,000 per house for up to two houses. They will be available to homeowners and landlords who use registered builders and certified insulation installers.
Hisco, together with Prime Minister Jacinda Ardern, launched the initiative on May 10 at the Expol insulation plant at Onehunga.
Insulating the floor and ceiling space of an average three to four bedroom home would cost approximately $5,000-$7,000. A $5,000 interest-free home insulation loan would cost a homeowner about $100 a month to pay off over 48 months, according to Hisco.
The interest-free home insulation loan initiative is subject to ANZ’s normal terms and conditions, including affordability and LVR restrictions, and will be reviewed after six months.
