Bank allows homeowners to borrow up to $80,000 at a 3YR fixed rate of 1%

ANZ Bank has launched a new low-interest home loan rate for customers wanting to increase the energy efficiency of their home.

The Good Energy top up will allow customers to borrow up to $80,000 at a three-year fixed rate of 1 percent per annum.

That can be put towards the likes of solar panels, double glazing, ventilation systems and rain tanks, as well as electric and hybrid vehicles and EV chargers, the company said.

The one downside is the deal is only available to those with an existing ANZ home loan or those who transfer their mortgage to the bank.

Ben Kelleher, ANZ’s managing director for personal banking, said people were increasingly concerned about rising energy and fuel costs as well as environmental sustainability.

“Whatever the motivation; saving money on your utility bills, future proofing your home, collecting rain water to last you through summer, being more energy efficient or reducing carbon emissions, this loan removes some of the cost barriers for people wanting to make a change,” he said.

According to the bank’s data, 80 percent of people have plans or would like to improve the energy efficiency of their home. Those who weren’t were mostly put off by the cost.

“Home owners who invest in good energy initiatives will also benefit from cost savings over time on things like heating and power and the increased well-being that comes from a healthier home,” Keller said.

The move by the bank comes at a time where more Kiwis than ever want to buy an EV.