Source: Radio New Zealand
RNZ
Westpac NZ is offering interest-free, home loan top-ups to improve the resilience of homes to natural hazards and extreme weather.
The five-year interest-free home loan of up to $50,000 would cover such things as installing ground moisture barriers under homes, improving drainage on properties and carrying out work to raise outdoor electrical appliances above potential flood levels.
It said a recent survey of nearly 1100 Westpac customers indicated 60 percent were concerned about the risks of flooding and severe weather events on their property, while 80 percent were concerned about the risks to their town or city.
Westpac managing director for product, sustainability & marketing Sarah Hearn said the bank was the first to offer risk mitigation measures as part of its sustainable home lending programme.
“New Zealand has always had extreme weather, but recent research from Earth Sciences NZ shows these events are now happening more frequently,” she said.
Programme to be expanded in February
Westpac will expand the programme from 2 February to include major work options, such as raising a house above potential flood levels and chimney removal.
“We’re also working with our business customers to help them to invest in resilience measures and assess the impacts of climate change on their operations,” Hearn said.
Westpac’s Greater Choices home-loan top-up programme already supported investment in energy efficiency improvements, such as heat pumps, ventilation, solar power systems and electric vehicles.
Westpac NZ 2025 sustainability update highlights
- Committed $7.6 billion in sustainable lending as at 30 September 2025
- Provided more than $730 million in lending to affordable housing
- Fundraised a record $1.5m for NZ’s rescue helicopters through the annual Westpac Chopper Appeal
- Delivered financial education to more than 13,000 workshop attendees
- Invested $11.6m in New Zealand communities, including more than 35,000 hours of volunteer leave to staff
- Increased fraud prevention rates by 27 percent.
– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand
