This year there were 3 winners, with ANZ receiving a 2019 Canstar Innovation Excellence Award for its innovative Home Insulation Top Up loan.Canstar spoke to ANZ’s Managing Director for Retail and Business Banking, Antonia Watson, to see how the loan is different to other offerings on the market and who is eligible for the loan.
Read Canstar’s 2019 Innovation Award Report
How is the loan different from the Government subsidy and why was the loan introduced?
An estimated 600,000 New Zealand homes are either under-insulated or uninsulated. In May 2018, we pledged $100 million of interest-free home lending to help insulate Kiwi homes because we know that as the largest bank in New Zealand, we help more Kiwis into homes than any other bank.
Our interest-free Home Insulation Top Up is one step we’re taking to help Kiwis into warm, dry and healthy homes, while also raising the standard of New Zealand homes.
Government subsidies for insulation are available for lower-income home owners, and cover two thirds of the cost of insulation. We introduced the ANZ Home Insulation Top Up in May 2018 to help the range of homeowners and landlords who aren’t eligible for the government subsidy.
What types of feedback have you had from people who have taken out the loan?
We’ve had really positive feedback from our customers. Craig and Kylee Knox, from Te Awamutu, were able to take advantage of the interest-free Home Insulation Top-Up when they bought their first home last year. Here’s a video of their journey towards home ownership.
Who is eligible for the loan?
ANZ Home Loan customers can apply for our interest-free Home Insulation Top Up of up to $5,000 per property secured with us (up to a maximum of two properties). The loan is available to home owners and landlords who use registered builders and certified insulation installers.
What do people need to do to apply for the loan?
To apply for the interest-free Home Insulation Top Up visit any ANZ branch or call us on 0800 269 4663.
Before the application can be completed, customers will need to provide us with a quote and installation date from a reputable insulation installer.
Visit anz.co.nz and search ‘healthy homes’ for more information.
Canstar’s verdict: Why ANZ won a 2019 Innovation Excellence Award
ANZ brings a new and unique product to the market to help its customers keep warm this winter – the Home Insulation Top Up loan.
The loan offers up to $5000 for the purpose of adding new or improved insulation to the ceiling and/or underfloor of houses, and must be paid within four years.
“The innovative Home Insulation Top Up is the first interest-free insulation loan in the market and it was this point of difference that saw ANZ take home an Innovation Excellence Award,” Canstar NZ general manager Jose George says.
“Canstar admires the fact this loan is at no extra cost to the consumer, and knows just how useful the loan could be, given the lack of insulation in New Zealand homes,” says Mr George.
While there are other offerings in the market, such as the Government subsidy – which covers two thirds of the insulation cost – the subsidy requires owners to be a community service card holder or proof of lower social economic status and is only offered to certain insulation fitters.
As well as this, the homeowner can use the ANZ Home Insulation Top Up loan for up to two homes, including both residential and investment.
“The loan is a valuable solution for the wider market, improving the standard of living for Kiwis nationwide,” says Mr George.
Read Canstar’s 2019 Innovation Award Report
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