Westpac has announced an expansion to its sustainable lending programme, enabling New Zealanders to avail of interest-free loans for purchasing an electric vehicle (EV).
Interest-free EV loans
Through Westpac's "Greater Choices" product, eligible home loan customers that meet lending and affordability criteria may avail of a 0 per cent interest loan for up to five years. The lending limit has also been increased from $40,000 to $50,000.
This offer represents another step in the bank's mission to help reduce its customers' carbon footprints.
“We’ve taken our popular Westpac Warm Up loan and renamed it Greater Choices to reflect the wide range of sustainable options it now includes,” says Sarah Hearn, General Manager of Product, Sustainability and Marketing at Westpac New Zealand.
“Now customers can also use the loan to purchase EVs of any kind, which could help cut their carbon footprint and save them money in the long term. Customers will have the flexibility to purchase either new or [second-hand] through a dealership, depending on what suits them."
Hearn says Westpac’s lending target for the product is $200 million, more than double the $80 million it has already lent out.