Westpac offers interest-free loans for electric vehicles in New Zealand

New Zealand’s leading bank, Westpac, has announced interest-free loans of up to $50,000 over five years for customers looking to buy an electric vehicle (EV) or other energy-efficient technology. With the move, Westpac became the first bank in New Zealand to offer this type of loan.

This offer is exclusively available to customers who already have a mortgage loan with Westpac and meet the required credit and repayment criteria. As part of its standard credit program, now rebranded as “Greater Choices,” Westpac will allow customers to use credit to purchase new or used EVs and EV chargers.

Westpac NZ general manager of products, sustainability and marketing Sarah Hearn highlighted the bank’s commitment to helping customers reduce their carbon footprint. The rebranded credit program reflects the wider range of sustainable options now available to customers, allowing them to reduce their carbon emissions and save money in the long term.

The expanded $50,000 loan limit not only allows for a variety of purchase options, but also ensures that the loan can be paid off in full within five years without interest. Westpac does not charge any setup fee for these loans.

Other banks in New Zealand, such as ANZ and ASB, have introduced loans before buying EVs, but Westpac’s interest-free offer sets it apart from the rest. The popularity of EVs is rising rapidly as people increasingly seek more environmentally friendly transportation options. The New Zealand government’s Clean Car Rebate has also contributed to the growing number of EV owners.

In addition to EVs, Westpac has expanded its Greater Choice program to include hot water heat pumps and rainwater tanks, insulation, heat pumps, double glazing, ventilation, wood stoves and ventilation systems with solar energy and batteries.

Overall, Westpac’s interest-free EV loan is a significant step towards promoting sustainable transport and giving customers more options to reduce their carbon footprint.

proof’s:
– Article based on a story originally published by the New Zealand Herald