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Bank offering interest-free loans of up to $10,000 to help customers heat their homes

An interest-free loan of up to $10,000 is being offered to Westpac home loan customers to make their homes warmer and healthier.

Heat pumps can be bought using the loans. Source: istock.com

The loans, which are offered to new and existing customers, can be paid off interest-free over five years.

The ‘Westpac Warm Up’ loans can be used to purchase heat pumps, solar panels, ventilation, double-glazing or insulation.

Westpac NZ surveyed more than 1000 people, and found that seven out of 10 Kiwis expect to spend more time inside their house this winter than in other years.

Two-thirds of respondents said they had already noticed an increase in their power bill since New Zealand went into level 4 lockdown.

Westpac NZ customer experience hub general manager Karen Silk says loans will benefit small businesses as well as households.

Ms Silk said three out of five survey respondents were expecting higher power bills and “that’s why we’re urging customers to think about using this interest-free loan to make their home warmer, drier and more energy efficient”.

“On top of improving comfort in your home, the installation will also provide important business to tradespeople navigating their way out of Covid-19.

“We think this is a great way people can support the small businesses and sole traders who deliver these services.”