ANZ loan can include an EV

If you want an EV on the house, a new ANZ Good Energy Home Loan means people can apply to get an EV or hybrid, a home charger, and do more to make their home energy efficient.

Customers can add it to their ANZ Home Loan at a fixed rate for three years, up to $80,000, to make the home more energy efficient and better for the environment, the loan available to existing ANZ home loan customers or those transferring their home loan to the bank.

A 1% per annum rate will only apply to the top up for the initial three-year fixed term period. When this fixed rate period expires, customers can choose to fix at one of ANZ’s special fixed interest rates (if eligible) or standard fixed interest rates, or let the loan move onto the floating rate.

The ANZ Good Energy Home Loan is not available for business purposes or for new builds (until the new build lending is fully drawn), says the bank.

Home upgrades under the scheme include clean transport upgrades (new or used electric, plug-in hybrid or hybrid vehicles purchased from a registered motor vehicle trader – not a private seller) and EV chargers such as portable, single-phase wall mounted or three-phase wall mounted ones.

The loan also covers solar panels and solar-powered batteries (including inverter costs and other “necessary technologies”) plus related project costs for residential purposes (consulting, planning, consenting, site preparation, charging infrastructure, grid connectivity, and labour), the ANZ says.

Other aspects covered include heat pumps, insulation, double glazing, ventilation, rainwater tanks and related components.

A purchase agreement from a registered motor vehicle trader is needed to qualify for the EV and hybrid loan.

For solar panels and solar batteries a quote provided by a company that’s a member of the Sustainable Electricity Association of New Zealand (SEANZ), and an installation date, are needed.

For all other solutions a quote for both the supply and installation from a company that supplies and installs the solution as a normal part of their business, along with an installation date, is required by the ANZ.

People can apply for more than one ANZ Good Energy Home Loan, provided the total amount doesn’t exceed $80,000.

Those new to ANZ can apply for an ANZ home loan and an ANZ Good Energy Home Loan top up together.

Those who pay off their ANZ Good Energy Home Loan may be able to replenish the amount of lending they can borrow under this offer. For example, $80,000 is borrowed to purchase an EV and $20,000 has been repaid, the borrower can apply for another top up of up to $20,000 to purchase another ANZ Good Energy Upgrade subject to a maximum $500,000 being drawn down under ANZ Good Energy Home Loans over time. 

A quote for an ANZ Good Energy Upgrade that is more than the maximum $80,000 allows people to still apply although the top up interest rate will only apply to $80,000 of the loan and the remaining balance will be subject to ANZ’s interest rates advertised at the time.

Any required consents are needed from the customer’s local council to ensure insurance cover is unaffected.

The ANZ may also be able to help with funding a deposit for hybrid and electric vehicles where a deposit is required to ‘secure’ the purchase, provided people meet the eligibility criteria.

If buying an EV, purchasers may be eligible for the Government’s Clean Car Discount Scheme, and can decide whether to keep the rebate, or deduct it from the loan.

The maximum loan term is 30 years.

During the fixed rate period, extra repayments can be made under set circumstances without being charged an Early Repayment Recovery.

It’s expected the ANZ Good Energy Home Loan top up will cost about $59 a week, including interest.