Now Westpac are offering a “Greater Choices” home loan that allows you to borrow up to $50,000 interest free for five years to help you create a warmer, drier, healthier and more energy efficient home or life.
This interest free finance is available for a mix of heat pumps, hot water heat pumps, wood burners, insulation, double glazing, ventilation, solar power systems and batteries, rainwater tanks as well as electric and hybrid vehicles, plus electric vehicle chargers (and any associated costs).
Westpac Greater Choices is available for both new or current Westpac Choices home loan customers and is available to people living in their own homes and to landlords as well.
The “Fine Print” States
Of course you need to have your lending approved and that’s where we can help, but there is also some “fine print” regarding what you are spending the money on.
- Electric or hybrid vehicles – whether you choose to purchase a new or used electric, hybrid or plug-in hybrid vehicle, it must be purchased from a registered motor vehicle trader. You will also need to provide us with a purchase agreement which Westpac require to validate the loan amount but remember that you can also add the cost of the vehicle charging units for your home as well. Vehicles purchased from private sellers are not eligible.
- Other eligible expenditure – includes heat pumps, double glazing, ventilation, wood burners, solar power systems and batteries for storing power from solar, rainwater tanks, as well as vehicle chargers. For these you will need to provide an eligible quote that is less than 90 days old to obtain the pre-approval and it must include the installation by a professional installer.
The maximum that you can get is $50,000 however this can be in more than one loan if that suits better.
Yes, This Is Interest Free
This Westpac Greater Choices home loan is interest-free for up to five years.
When you apply for this loan we will review your overall lending too, and this way ensure that you get the maximum benefit from having this portion of your lending as interest free.
Westpac also offers a range of other home loans including the Choices Fixed Home Loans, Floating Home Loans and the revolving credit which they call the Choices Everyday Home Loan.
They also offer the Westpac Offset Home Loan which has proven very popular and works well when you take advantage of the interest free Greater Choices Home Loan. With the Offset you can save even more as you can offset your savings against your home loan and only pay interest on the difference.
When you speak to an adviser they can explain the loan options in more detail too.
Are You A Westpac Home Loan Customer?
Westpac Greater Choices is available for both new or current Westpac Choices home loan customers and is available to people living in their own homes and to landlords as well.
If you are an existing Westpac customer or if you are not a customer you can still apply for this loan.
