Westpac Offers Interest-Free Loans For Solar Power
By Kristy Hoare on in Solar Power News In New Zealand
Please note Wesptac now have a better deal - please see new details here.
In an effort to address climate change, Westpac is now offering interest-free loans on solar power systems and a range of products that aim to keep homes healthy and warm.
The loan is only available to both new and existing Westpac home loan customers. Customers can borrow up to $10,000 (interest-free) for up to 5 years.
Other items on the interest-free loan list include insulation, heat pumps, double glazing and ventilation.
Westpac are the first New Zealand bank to be Carbon Zero Certified. They achieved this by reducing their carbon emissions via less air travel, creating energy-efficient offices and enlisting an electric car fleet. The remaining emissions are offset by planting permanent native forests.
Since Westpac started measuring their emissions in 2008, emissions have been reduced by 50% and they aim to reduce them by a further 30% in the near future.
The bank are also giving consideration as to whom can receive loans. Westpac are not currently loaning to coal mining businesses, but are still lending to the gas industry, with the bank hoping to ease these loans back over time.
The requirements for this loan are:
- To currently have a Westpac home loan, and to meet standard lending criteria.
- 20% equity in your owner-occupied home, or 30% in your investment property.
For more information, click here to go to the Westpac Warm Up Loans page.
Click here to read Westpac’s assessment on solar power’s return on investment.
Find out about ANZ's 1% interest rate on solar panels and batteries.