This was posted 2 years 5 months 18 days ago, and might be an out-dated deal.

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$80,000 Loan at 1% Interest (for 3 years) for EV / Hybrid or Energy Efficient Home Improvement @ ANZ

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ANZ Good Energy Home Loan @ 1.00%P.A.

Top up your ANZ Home Loan at a fixed rate for 3 years, up to $80,000, to make your home more energy efficient and better for the environment.

This rate will only apply to the top up for the initial 3-year fixed term period. When this fixed rate period expires, you can choose to fix at one of our Special fixed interest rates (if you are eligible) or Standard fixed interest rates, or you can let your loan move onto the floating rate.

The ANZ Good Energy Home Loan is not available for business purposes or for new builds (until the new build lending is fully drawn).

How it works

If you have a home loan with ANZ, you can apply for our new ANZ Good Energy Home Loan top up to a maximum value of $80,000 to purchase any of the ANZ Good Energy Upgrades for your home below:

Energy efficiency upgrades include:

  • Heat pumps
  • Insulation
  • Double glazing
  • Ventilation
  • Clean transport upgrades
  • Hybrid and electric vehicles
  • Electric vehicle chargers
  • Renewable energy upgrades
  • Solar panels
  • Solar batteries
  • Sustainable water upgrades
  • Rainwater tanks

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Terms

You can apply for more than one ANZ Good Energy Home Loan, provided the total amount doesn’t exceed $80,000. This means you’ll be able to purchase a range of ANZ Good Energy Upgrades that suit your needs.

If you're new to ANZ you can apply for your ANZ home loan and ANZ Good Energy Home Loan top up together. Find out more about ANZ Home Loans.

As you pay off your ANZ Good Energy Home Loan, you may be able to replenish the amount of lending you can borrow under this offer. For example, if you borrowed $80,000 to purchase an electric vehicle and you’ve repaid $20,000, you can apply for another top up of up to $20,000 to purchase another ANZ Good Energy Upgrade. This is subject to a maximum of $500,000 being drawn down under ANZ Good Energy Home Loans over time.

If you’ve received a quote for an ANZ Good Energy Upgrade that is more than the maximum amount of $80,000, you can still apply – however our special ANZ Good Energy Home Loan top up interest rate will only apply to $80,000 of the loan and the remaining balance will be subject to our interest rates advertised at the time.

You’ll need to obtain any required consents from your local council to make sure your insurance cover is not affected.

We may also be able to help with funding a deposit for hybrid and electric vehicles where a deposit is required to ‘secure’ the purchase, provided you meet the eligibility criteria.

If you’re purchasing an electric vehicle, you may be eligible for the government’s Clean Car Discount Scheme. Whether you want to pocket your electric vehicle rebate, or deduct it from your loan, it’s your choice.

The maximum loan term is 30 years (however you should consider the life expectancy of the upgrade before applying).

Your interest rate and repayment amount will remain the same for the fixed period, which means you have less flexibility to make extra repayments. Find out more about ANZ Home Loans with a fixed rate.

During the fixed rate period, there are a couple of ways you can make extra repayments without being charged an Early Repayment Recovery: If it’s the first increase that year, you can increase your regular repayments towards your home loan by up to $250 a week. Plus, each year you can make an extra lump sum repayment that’s no more than 5% of your current loan amount.

The year runs from the date, or the anniversary of the date, that your fixed rate period started.

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closed Comments

  • +17

    Be careful of adding debt with the difficult times coming.

  • +2

    Westpac does a similar thing at 0% interest

    • +1

      Westpac is only $10k

      • Ah, you are right. Couldnt remember the cap.
        ANZ probably increased it so that you can buy a tesla.

        "Beat the chill with a Westpac Warm Up loan. You could get up to $10,000 interest free for five years to invest in heat pumps, insulation and more."

        • LOL. I thought you were joking, but it does look like it is also for buying a EV. Guessing they are looking for new ways to lend now less houses selling and prices dropping. IMO it is pretty risky in current difficult times.

      • Hey mate. Thanks for your comment about RoyalCDKeys on a Microsoft Office post. $15 for Office Pro Plus 2021. Working all good.

  • +4

    Waiting for other banks to follow. Great, if you already have the cash in hand, and wanting to double glazing, buy an ev, etc. But yes a debt trap for some, as most won't be able to pay off 80k in 3 years.

    • Yeah that’s the max on offer but likes of say a heat pump around $3,500k etc is a nice opportunity.

      • +1

        They had a great offer a couple of years ago where you could take out an interest-free loan up to max. $5000 for home heating and insulation. We put it towards ducting and ventilation for our whole house. Paid off the rest. Best money EVER spent.

        • Same, just cleared ours and it really helped to get the lounge heat pump installed.

          All paid off before end of interest free period.

  • +1

    Fantastic if you're lucky enough to be on the property ladder

  • +1

    Suddenly banks have funds for all these promotions. Wonder what changed!

    • +3

      Because houses aren't selling, and they need to lend in order to make money.

  • can we take this loan and pumped it back into the house loan which is currently at a higher interest rate?

    • As far as I know No, this won't be disbursed to your account. It is given to the company you are buying from.

      • How would it work if you’re buying say, a second hand hybrid off trademe?

        • +3

          Not allowed, unless the seller is a registered motor dealer.

          • @felixfurtak: Buy a Tesla, sell it on delivery (Tesla residuals are great), get paid in cash, and pump it back to the house?

    • We are actually buying a new ev soon and it's very tempting instead of paying outright for the ev to take this and put that money against the much higher home loan. Trouble with that is the 1% runs out in 3 years and the rates will go up on this loan. The repayments on the ev will also be too high to clear in that time. Sure we'd knock a load off the mortgage but it won't reduce our payments now like we'd need it to to cover this loans costs.

      • If you have cash to pay it outright for EV, why not put that amount in fixed deposit and get the loan at 1%. Pay off after 3 years. Won't that come out better overall as you will get interest on your deposit?

  • Hmm I wonder if this can be distributed to your account directly. For a second hand hybrid and then the rest of revolving credit

    • You can only buy a car from a registered motor dealer, not private sellers.

  • +2

    Be good if asb did this

    • I tried to apply for dual mortgage with ANZ (im with ASB), no go ….
      The only way is to refinance aka move your loan over from bank to bank. Youll get stung with breaking fees if fixed. Just out of reach!!!!

      • Not necessarily.
        The break fee calculation can be complex but it is essentially determined by the difference in interest rate between when you fixed originally and the rate now, as well as the length of the fixed period remaining.
        Since rates have been rising a lot lately you might find that it's not as bad as you think to break the term (as the bank can re-lend your mortgage at a higher rate).
        You will still have an admin fee to pay so it won't be free, but it doesn't cost you anything to ask them to calculate the break fee for you.

      • Check out the break fee calculator on interest.co.nz (website is down at the moment).

        My fixed rate is due to expire in December but break fee was only $40 !

        I think this is because the wholesale rate has gone up quite a lot. Although I'd be foolish to break it now because I'm only paying 3% currently.

        Also, to move mortgages you'll need conveyancing done by a solicitor which is roughly $1k (there are a few exceptions to this).

        • Good example - that's exactly my point.
          Years ago when interest rates were falling some of the break fees were huge for people locked in to much higher rates.
          The opposite is now true and with many banks dangling the carrot of cash-backs that can offset the solicitor costs you will incur.

  • Does KiwiBank have something similar?

  • Not meant to be a cheap money loan to pay off existing debt at a lesser interest rate. I think the Banks will have that covered.

  • Would it be possible to create a quote with a friend's bank details for some insulation etc and then submit to ANZ? I can then get said friend to do it much cheaper than a company

    • Sounds like obtaining by deception I'd be careful doing that

  • Can you buy tesla wit this and sell it off?

  • What is the biggest bang for your buck to prevent heat loss.

    House is 15 years old. Very good condition
    But the heat loss is huge.
    I heat it up to 22 Deg and within 10 minutes its down to 15 at night.in the bedrooms
    not double glaced
    3mx2m window size.

    Are double glazing worth it
    This is to be expected when you consider that standard double glazing
    loses heat at seven times the rate of a standard insulated wall.
    https://www.centralheating.co.nz/assets/General-Resources/Wi…

    In UK they use triple?
    Triple-glazed windows are better than their double-glazed counterparts when it comes to energy efficiency. They are the most energy-efficient glazing option on the market

  • LVR greater than 80% doesn't qualify.

  • Anyone had any luck applying for the ANZ Good Energy Home Loan?

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