"We're really pleased to see the strong response we've had from customers," says the bank
ANZ has seen a strong interest in its interest-free home insulation loans rolled out a fortnight ago, and has already registered 500 customers across the country.
The bank launched the initiative with $100 million of interest-free loans for insulation, hoping to tackle a ‘major social, environmental and economic problem’ and ‘transform unhealthy homes literally overnight and vastly improve quality of life.’ The loans are available to ANZ customers with current home loans, and are repayable over a maximum of four years.
Studies published the previous year indicate that almost 1600 deaths in New Zealand each winter are attributed to cold houses, and that children in particular are vulnerable to risks such as respiratory problems and repeat chest infections, whilst older people are at higher risk of cardiovascular illness.
“We’re really pleased with the strong response we’ve had from customers wanting to insulate their homes,” says ANZ managing director retail and business banking Antonia Watson.
“It’s only two weeks in, and we expect we’ll continue to receive strong interest from customers in taking up the offer and making their homes warmer and healthier this winter.”
As of today, ANZ has had 21 loans drawn, 87 applications and over 500 registrations of interest.
Loans currently being offered are for a maximum of $5000 per house for up to two houses, and they are available to home owners and landlords who use registered builders and certified insulation installers. According to ANZ CEO David Hisco, insulating the floor and ceiling space of an average 3-4 bedroom home would cost approximately $5000-$7000.
A Napier family was the first of ANZ customers to utilise the interest-free loan to insulate their house, which was built in 1910 and has had no insulation since.
“We’ve been living in a cold house for 18 years,” says Elia Ratapu. “This will be a real game changer to our family.”
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