Last month this neat deal was posted and it made me look into what my bank, Westpac, provided. At the time Westpac only offered $10,000 interest free for five years toward home improvements but I see they have now bumped the total up to $40,000. Note this is only available to new or current Westpac Choices Home Loan customers.
Beat the chill with a Westpac Warm Up loan. You could get up to $40,000 interest free for five years to invest in heat pumps, insulation and more.
How it works:
- A Westpac Warm Up loan is available to people living in their own homes and to landlords. You can use it for any mix of insulation, eligible heat pumps, double glazing, ventilation, wood burners, electric vehicle chargers, solar power systems and batteries for storing power from solar (or other sources).
- A professional installer must fit the items. If you apply for a Westpac Warm Up loan, you'll need to show a quote that is less than 90 days old to obtain a pre-approval from us.
- You can choose a fixed single-split heat pump system, multi-split heat pump system or a ducted heat pump system. Other types, such as portable heat pumps and heat pump water heaters, are not eligible. To find the most energy efficient heat pumps, use the Rightware tool by Energy Wise.
- Please refer to the guidelines from the Ministry of Environment for information on sustainable wood burners.
- If you change your mind and want to fund additional eligible renovations, you can apply for additional Warm Up loans provided it does not exceed the $40,000 limit across all Warm Up loans.
- A Warm Up loan is interest-free for five years. If you’re unable to meet your repayments, a default interest rate of 5% will apply to your outstanding loan balance.
- As a Warm Up loan is secured against a home or investment property, that property may be subject to a mortgagee sale if you default on your loan and it’s not possible to work through a solution with our hardship or collections teams.