The red bank goes green
In what Westpac believes is the first initiative of its type in New Zealand the bank’s Green Home Loan scheme is aimed at helping homeowners to use environmentally-responsible products in their properties.
Sunday, March 25th 2007, 9:32PM
The Westpac Green Home Loan launched Friday doesn’t offer rate discounts, but does help homeowners cut their heating bills substantially by installing some of the products.
Westpac’s Choices homeloan range includes all of the bank’s mainstream mortgage products. The bank is charging 9.8% for a floating rate loan at present, 8.6% for a two year fixed term and 8.15% for a five year fixed rate.
The energy-saving product discounts will be available to existing customers as well new borrowers.
Westpac chief executive Ann Sherry said that her own home in Australian was fully “green” with solar power, a waste recycling wormery and water recycling systems.
She said: “We shouldn't underestimate the role of our individual households in the fight against climate change and other environmental issues.
“Westpac currently has in excess of 150,000 home loan customers in New Zealand so if only 1% of those customers took advantage of the Green Home Loan initiative, the savings they would make and the positive impact this would have on the environment would be immense.”
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