Better Homes Top Up
Borrow against your existing ASB home loan for eligible home energy upgrades or an electric or hybrid vehicle.
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The loan can cover insulation, improved glazing, heating, ventilation, solar energy and eligible vehicles. ASB lends the money as additional borrowing on your existing home loan, which you must repay.
The NZ$80,000 limit applies per property-owning entity: one person, joint owners, a trust or a company. Existing and new Better Homes Top Up balances together must stay within this limit. If your eligible purchase costs more, you can apply for a separate home-loan top-up for the excess, but the Better Homes Top Up rate will not apply to that part.
The interest rate is fixed for three years. After that, ASB’s Housing Variable Rate applies, or you can re-fix your home-loan rate through Home Central or the ASB app. The maximum loan term is 30 years; the funded equipment may last much less time than your loan. No further discounts apply to the fixed rate, and rates, the offer and fees can change.
An early repayment adjustment, a cost charged for changing or repaying a fixed-rate loan early, may apply if you change the rate or fixed period, repay in full or make a lump-sum payment. The amount varies.
Eligibility
You must already have an ASB home loan. After including the top-up, you need at least 20% equity in an owner-occupied property or 30% in an investment property. Equity is the share of the property’s value remaining after borrowing. ASB’s lending criteria and terms apply. Personal home-loan applicants must be 18 or older and New Zealand citizens or permanent residents.
Eligible work and purchases include:
- Underfloor, ceiling or wall insulation installed professionally; double or triple glazing, or secondary glazing upgrades.
- Single, multi or ducted heat pumps installed in your home; wood or wood-pellet burners that meet local council regulations.
- Bathroom extractor fans or kitchen rangehoods that exhaust outside, rather than into the home or ceiling space; professionally installed ground moisture barriers; positive or balanced-pressure ventilation systems.
- Heat-pump water heaters and solar water-heating systems; professionally installed solar panels, batteries and inverters.
- New or used battery-electric, plug-in hybrid or hybrid vehicles bought from a registered motor vehicle trader; portable or wall-mounted electric-vehicle chargers.
For home improvements, provide a quote or invoice no more than 60 days old from a qualified professional installer who performs installation in their everyday business. For a vehicle, provide a purchase agreement no more than 60 days old from a registered motor vehicle trader. Obtain any required local council consents.
The loan cannot restructure existing ASB borrowing, fund improvements or purchases made before 7 November 2022, or be added to a construction or business loan. Once residential construction is complete and the construction home loan has been fully advanced, you may be eligible.
How to apply
- Status
- Öppet löpande
- Villkor för ansökningsomgången
- Available only to existing ASB home-loan customers for eligible purchases or improvements; the limited-time offer may change.[^c15][^c16]
Apply for a new top-up through FastNet Classic internet banking or the ASB Mobile Banking app. Have the applicable quote, invoice or vehicle purchase agreement ready. Call ASB on 0800 100 600 if you need help.
Eligible existing ASB mortgage customers can apply while the offer remains available. ASB says the offer is for a limited time and may change.