ASB’s new low interest home loan top up could be the key to a new EV or more energy efficient home

ASB customers can now upgrade to an electric vehicle or a drier, warmer or more energy efficient home with the new ASB Better Homes Top Up offering a low 1% p.a. fixed interest rate for three years.

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’s also available to fund electric and hybrid vehicle purchases.

ASB executive general manager for Personal Banking Adam Boyd says the loan top up has been developed with two purposes in mind.

“Helping to make New Zealand homes more energy efficient can reduce their environmental impact and carbon footprint – and also brings health and cost benefits. We know that many New Zealand homes are cold, damp and unhealthy. 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.”

The same survey found almost 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. Customers who are unsure where to start can access guidance from Homefit, and GenLess to work out the best option for them.”

Customer trends show New Zealanders are increasingly shifting to electric or hybrid vehicles. Data from Statistics NZ shows since mid-2020, imports for low-emission vehicles have grown from a share of 8.2% to 21%.

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,” says Mr Boyd.

“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.”

For more information please visit: https://www.asb.co.nz/home-loans-mortgages/better-homes-top-up.html