What a green home loan is
A green home loan is a top up on your existing mortgage, at a special rate, for set energy upgrades.
Hot water heat pumps are on the list at all four banks below. The special rate covers the top up only, for a set time. After that, your bank's normal rates apply.
New to hot water heat pumps? Start here.
Last checked October 2026. Offers change, so always check with your bank before you apply.
Bank options
ANZ Good Energy Home Loan
1.00% p.a. fixed for 3 years on an ANZ home loan top up of $3,000 to $80,000.
Heat pump water heaters are listed.
After 3 years, you can refix or move to floating.
ASB Better Homes Top Up
1.00% p.a. fixed for 3 years on an ASB home loan top up of up to $80,000. Minimum 20% equity.
Heat pump water heaters are listed.
After 3 years, ASB's Housing Variable rate applies unless you refix.
BNZ Better Future home loan top up
1% p.a. fixed for 3 years on up to $80,000 (a lifetime cap at this rate).
Heat pump water heaters are listed.
After 3 years, you can refix or move to floating.
Check BNZ's page
Westpac Greater Choices home loan
0% interest for five years on up to $50,000.
Heat pumps, including hot water heat pumps, are listed.
You need to be able to repay it in full within five years. No establishment fee.
Check Westpac's page
Bank somewhere else? Ask your bank about a standard home loan top up, or check with your bank for any green offer.
General information only, not financial advice. WaterXSpurt does not provide or approve finance. Your bank decides. Lending criteria, terms and fees apply.
Who can apply
You need your home loan with that bank. Here's what each bank's page says.
ANZ: You need an ANZ home loan. New to ANZ? You can apply for the home loan and the top up together.
ASB: You need to be an existing ASB home loan customer, with at least 20% equity after the top up (30% for investment properties).
BNZ: You need a BNZ Standard home loan and at least 20% equity in the property. Not available for some investor lending. New to BNZ? You can apply for both together.
Westpac: You need standard Choices home lending of at least $150,000, your main income paid into Westpac, and at least 20% equity after the loan (30% for investment properties). The home you upgrade must be the one securing your loan.
Already paid for the work? ANZ, BNZ and Westpac say their offer isn't for upgrades already paid for (ANZ and Westpac allow it only if they agree first). Talk to your bank before you pay. Full conditions are on each bank's page.
Getting a written quote for your bank
1. Book your free home assessment. We call you back the same working day.
2. Get your fixed written price. Supply and install, with no hidden extras.
3. Take it to your bank. Tell us what your bank needs on the quote, like an install date, and we'll include it.
4. We install. Once your bank says yes, we book you in. Usually done in 3 to 5 hours.
What the banks ask for:
ANZ and BNZ want a quote for supply and install, plus an install date.
ASB wants a quote or invoice no more than 60 days old.
Westpac wants a quote to apply, then an invoice before funds are released.
Questions to ask your bank
✓ Does this offer cover my hot water heat pump and install?
✓ Am I eligible with my current home loan?
✓ What do you need on the quote?
✓ What rate applies after the special period?
✓ Are there any fees?
✓ Can I make extra repayments?
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