This new low-interest home loan top-up could be the key to a new EV or more energy-efficient home
The new ASB Better Homes Top Up is now available, offering ASB customers a low 1% p.a. fixed interest rate for three years to upgrade to an electric vehicle or a drier, warmer, or more energy-efficient home.
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The ASB Better Homes Top Up will enable existing home loan customers to borrow up to $80,000 to fund eligible improvements such as heating and insulation, solar panels, or double-glazing installation. It can also be used to fund electric and hybrid vehicle purchases.
Adam Boyd, ASB executive general manager for personal banking, said the loan top-up has been designed to help Kiwi homes become more energy efficient, so they can reduce their environmental impact and carbon footprint, and at the same time achieve health and cost benefits.
“We know that many New Zealand homes are cold, damp, and unhealthy,” Boyd said. “The most recent BRANZ House Condition Survey shows 49% of New Zealand homes have visible mould, which can have a significant detrimental impact on health.”
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According to the same survey, nearly half of homes had insufficient roofing insulation and inadequate kitchen and bathroom ventilation.
“Cost is often a barrier to making home improvements so we’re making energy efficient renovations more affordable with our low three-year fixed rate of just 1% to support the health of Kiwi families,” Boyd said. “Customers who are unsure where to start can access guidance from Homefit, and GenLess to work out the best option for them.”
Kiwis are increasingly shifting to electric or hybrid vehicles, with imports for low-emission vehicles growing from a share of 8.2% to 21% since mid-2020 according to Statistics NZ, while imports of fully electric vehicles more than tripled in the year ended March 2022, up 309% to $543 million. Hybrid vehicle purchases also increased significantly.
“Under the government’s 2022 Clean Car Discount, cars bought for under $80k are eligible for a rebate, so customers using the ASB Better Homes Top Up for an electric or hybrid vehicle may be eligible for this payment,” Boyd said. “Our customers also tell us they care about the environment and want to improve their impact. ASB is committed to taking action on climate change, both through reducing our own footprint and the products and services we offer our customers.”
Click here for more information about the new ASB offer.
