Bank to offer interest-free insulation loans

ANZ has announced $100 million in interest-free loans to help its home-loan customers insulate their properties.

Chief executive David Hisco said the initiative was a response to myriad issues in New Zealand housing.

‘‘Cold, damp and mouldy homes are a major problem in New Zealand, resulting in many health problems, expensive energy bills and degradation of properties,’’ he said.

‘‘ANZ wants to help New Zealand resolve this major social, environmental and economic problem.

‘‘Properly installed insulation can transform an unhealthy home literally overnight and vastly improve the quality of life – particularly for children.’’

The interest-free loans will be available from next month to ANZ customers who currently have home loans.

The loans will be repayable over a term of up to four years. A maximum of $5000 per house for up to two houses can be borrowed.

The money will be available to homeowners and landlords who use registered builders and certified insulation installers.

Hisco launched the initiative with Prime Minister Jacinda Ardern at the Expol insulation plant in Onehunga yesterday.

Ardern said dry, healthy homes were a priority of the Government. Its new Healthy Homes Guarantee Act requires rentals to meet minimum heating and insulation standards.

Hisco said insulating the floor and ceiling space of an average three- to four-bedroom home would cost about $5000 to $7000.

Repaying a $5000 interest-free home insulation loan over 48 months would cost a homeowner about $100 a month. Stuff