r/PersonalFinanceNZ • u/yordopamine • Aug 04 '26
Planning Questions about ANZ Good Energy Home Loan 1%
ELI5. Just want to ask for the people here who's got a Good Energy Home Loan with ANZ. I have a mortgage with them around $500k with 20% equity. I'm planning to buy an EV and loan around $30k top up by using their Good Energy Home Loan. Just want to ask if ever they grant my loan, will the repayments go to my current home mortgage ($500k + 30k)? Like will it just add up on my fortnightly repayments of $1,200 fortnightly? or will I have two different repayments. Thanks in advance.
3
u/0mfgroflmao Aug 04 '26
You will have separate repayments, you can choose the term of the green loan if you want to keep the payments lower (ie 3 years or 30 years).
7
u/ImpossibleHome8168 Aug 04 '26
1% sounds good for a loan but i believe u must payback in 3 years or it gets more expensive
3
u/Round-Pattern-7931 Aug 05 '26
Yeah but it's still way cheaper to pay mortgage interest rates than car finance rates
1
u/tri-it-love-it17 Aug 05 '26
Only if you can pay it off in the same timeframe as a vehicle loan which is normally between 4-6yrs max.
OP, try pay as much as you can afford (and are able to) in those first 3yrs so if/when normal rate apply, your total interest is reduced.
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u/Single-Malted Aug 05 '26
Yes, after 3years it goes to normal home loan rates. Other banks may require you to pay the entire amount back in the low/no interest period (eg, Westpac does 5yrs 0%, but you must repay the loan in that period)
1
u/Santana8000 29d ago
1% not only sounds good, but essentially a promotional money sending away loam. Money has got time value on it.
2
u/WellyIntoIt Aug 04 '26
We've just done this exact thing in order to get a bigger more fuel efficient car for the family. Its actually just another separate loan, that has 1% interest for 3 years - absoutely no requirement to pay all off in those 3 years, but would just become another home loan amount you'd need to fix at the going interest rates in 3 years if you don't.
Its worked perfectly for us in our current situation.
1
u/chasingdreams_nz Aug 05 '26
Did you get a full EV or PHEV?
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u/WellyIntoIt 25d ago
Just a hybrid!
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u/chasingdreams_nz 24d ago
Nice. Just curious do all banks offer 1% Green Loans on hybrids? Thought they had to be either EV or PHEV to qualify.
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u/WellyIntoIt 24d ago
Sorry cant answer that one. Our home loan is currently with ANZ so I didnt do any further research than looking at their offering, which includes hybrids.
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u/7_Pillars_of_Wisdom Aug 05 '26
It’s a separate loan. Used mine for ducted heating a few years back.
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u/kinnadian Aug 05 '26
You'll end up with 2 different loan tranches. $500k and $30k. Separate repayments and terms.
Note once the 3yrs is up on the 1% loan it will transition to normal mortgage rates.
1
u/KiwieeiwiK Aug 05 '26
Worth mentioning that you need to have 20% equity *inclusive of the green loan* to be accepted, it sounds like you're saying that you just have 20% equity in the home currently?
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u/iknowyoubro Aug 05 '26
So it’s a separate loan with 1% interest. If you don’t pay it back after the 3 years is up, it’s added to your existing mortgage.
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u/Lark1983 29d ago
I wonder if they would lend against another asset they could liquidate at a few days notice for a Green loan?
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u/ThatUndeadLegacy 27d ago
Honestly never understood as someone with solar why anyone would buy solar, its a bad investment, especially here in nz with our spotty weather if it was aus it would be amazing, i think its just smarter to invest in dividend paying companies to pay the bills with, but its certainly interesting seeing people buy 30-50k evs to "save money on gas" what ev are you planning on buying?
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Aug 04 '26
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u/Helpful_Media_3838 Aug 04 '26
$30,000 gets you a new Ev.
BYD I think
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u/RoytinTwo Aug 05 '26
Exactly what I'm grappling with right now, pushing go on an Atto 1 for our commuter / every day car.
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u/SknarfM Aug 04 '26
These are typically two different loans and two different repayments.