We know how hard it is to be a landlord recently. From 1 July 2021, rental properties must meet the healthy homes standards within 90 days of any new or renewed tenancies that start on or after this date. This has put a lot of pressure on cash flow for many landlords.
The banks ANZ and Westpac have recently launched two new home loan products, to help people living in a warmer, drier, healthier and energy efficient home.
ANZ Good Energy Home Loan is up to NZ$80,000 with a fixed rate of 1% for 3 years, When this fixed rate period expires, you can choose to fix at one of special fixed interest rates (if you are eligible) or Standard fixed interest rates, or you can let your loan move onto the floating rate. Westpac’s Warm Up loan is up to $40,000 with interest-free for 5 years.
Both products can be used for heat pumps, Insulation, Double glazing, Ventilation, electric vehicle chargers and Solar system upgrades. However, ANZ Good Energy Home Loan products are also available for Rainwater tanks and for the purchase of electric/hybrid vehicles, while Westpac Warm Up Loan could purchase wood burners.
Here is a comparison chart of these two products:
Getting loans is more difficult and frustrating than ever at the moment, but a good mortgage broker will help you get the best interest rate and more importantly help you to get the loan.