Greater Choices Home Loan
Borrow up to NZ$50,000 interest free for five years for home energy upgrades, climate resilience or a fully electric vehicle, alongside a qualifying Choices mortgage.
Questa opportunità è attualmente disponibile in inglese.
The loan can pay for insulation, double glazing, ventilation, heat pumps including hot-water heat pumps, solar systems and batteries, rainwater tanks, replacement of household gas appliances and removal of gas connections. Fully electric vehicles and electric vehicle chargers also qualify.
Eligible resilience work includes dampproofing exterior foundation walls, underfloor moisture barriers, drainage and stormwater diversion, and moving outdoor appliances above likely flood levels. You can also raise a home above identified flood-risk thresholds using local authority requirements and certified engineering plans, or assess and remove or strengthen hazardous chimneys in accordance with local authority requirements.
Westpac lends the money against your home or investment property. You must repay it in full within five years through the payments in your loan agreement. There is no establishment fee. You can have more than one Greater Choices loan, but their total balance cannot exceed NZ$50,000; repaying part lets you apply again up to that balance limit.
Missing repayments can trigger 5% default interest on your outstanding home-loan balance. If default cannot be resolved with Westpac’s hardship or collections teams, the secured property may be sold, and you remain liable for any shortfall. If you borrow jointly, each borrower is liable for the full debt.
Lump-sum payments and early repayment are available; make lump-sum payments in a branch or by calling 0800 177 277. The general Choices terms allow prepayment costs during a fixed-rate period and other applicable charges, so check your loan agreement before repaying early. A mortgage discharge request has a NZ$50 fee, with possible additional charges in some circumstances; enforcement or debt-recovery costs can also be payable.
Eligibility
- You must have, or be approved for, standard Choices Home Lending with a balance of at least NZ$150,000, excluding Greater Choices lending. New and existing Choices customers can apply.
- After adding this loan, you need at least 20% equity if you live in the property, or 30% if it is an investment property. Equity is the share of the property value you own after the borrowing.
- For home energy or resilience work, the upgraded property must be the property securing your Westpac home loan.
- Have your regular main income paid into a Westpac account and be able to repay the loan within five years. Westpac’s eligibility and home-lending assessment criteria also apply.
- Use a qualified supplier or installer. Already purchased goods and services are excluded unless Westpac agrees otherwise before advancing the money.
- Before work starts, obtain the necessary consents and comply with applicable regulations. Westpac also recommends consulting qualified builders or engineers and checking with your insurer.
How to apply
- Stato
- Aperto continuamente
- Restrizioni del bando
- Subject to Westpac approval; the product may change or be withdrawn.[^c21]
Get a quote for the products and services before applying. For an electric vehicle, provide a sale and purchase agreement from a licensed motor vehicle dealer.
If registered for Westpac One, log in and choose Open/Apply, Lending, then Home loan. Select the option to increase your existing home loan or apply for Greater Choices, enter the requested home or transport upgrade amount, and select a five-year term even though the menu offers longer terms. Complete and submit the application. Existing mortgage customers can also call 0800 177 277 or arrange a branch appointment. If your mortgage is elsewhere, contact a Westpac Home Loan Expert, book a branch appointment or request a callback through the official page.
Before Westpac releases funds, provide invoices for all suppliers, or a signed sale and purchase agreement from a licensed dealer for an electric vehicle.