18 Jun 2009

Banks to offer top-up loans for home insulation

4:46 pm on 18 June 2009

New Zealand's main trading banks will offer top-up loans to homeowners for insulation retrofits under a government scheme.

Prime Minister John Key made the announcement in Christchurch on Thursday at the official launch of a $323m insulation package announced in the Budget last month.

The Government expects 180,000 homes will be retrofitted with insulation and environmentally-friendly heaters over the next four years.

Households are eligible for $1300 worth of insulation and a $500 grant for "clean" heaters designed to replace open fires and older wood-burners. Fee-free top-up loans will then be available from the banks.

The scheme, which starts on 1 July, is called "Warm Up New Zealand: Heat Smart".