Welcome and Introduction to Green Loans

Speaker 1 0:10

Hello and welcome back to Kunj Cares . Hello , kunj Kia ora Kunj , what do you care about today ?

Speaker 2 0:18

I thought we'd touch on green loans today . What is a green loan ? So a green loan is actually a low interest loan that all the banks are doing to help you get your property to the healthy home standard or you're purchasing a electric vehicle .

Speaker 1 0:37

Oh , okay , so I can go and get myself a new electric vehicle like Tesla or some other EV .

Speaker 2 0:45

Yeah , Tesla .

Speaker 1 0:46

Let's not talk about

Electric Vehicles and Home Improvements

Speaker 1 0:47

Tesla , all right . So we could go and buy an EV , or I could install solar panels or solar battery , or I could get insulation Water tank .

Speaker 2 0:59

Yes , so anything to do with the environment that is going to help us be green ?

Speaker 1 1:06

Aha , that's why it says green Correct Gotcha Okay , and what's on offer ? How is it different to a normal loan .

Speaker 2 1:15

So you'll see that the normal loans are at the 5% , 5.5% sort of thing Interest rate , interest rate . But the green loans ,

Exceptionally Low Interest Rates Explained

Speaker 2 1:25

most banks , are doing it at 1% at the moment .

Speaker 1 1:29

That's amazing . Did you know that some banks actually do it even at 0% ?

Speaker 2 1:33

Yes , I did know that there's one that does it for zero or zero more .

Speaker 1 1:38

Well , there might be two .

Speaker 2 1:40

Okay , One or two does it at 0% guys .

Speaker 1 1:44

So how cool is that ? So if you are in the market at the moment shopping for a new car

Application Process and Requirements

Speaker 1 1:48

or shopping how to improve your power bills , especially with winter coming , we're going to be running more electricity , yep . So if you do want to install the solar panels and solar batteries because , to be honest , solar panels work really well if you've got the solar batteries to actually hold that energy in , you could actually go and apply for that loan . So what sort of documents someone will need to get that .

Speaker 2 2:11

So you need a quote from a authorized provider , um . So if you're installing a heat pump or upgrading your heat pump , you'll just you'll just need that from um the guys who are doing it . If you're buying a electric vehicle or electric bicycle or something like that , you'll just need a quote um from the um shop or the Trade Me listing or from the car dealer .

Speaker 1 2:39

Okay , and the application is a normal application process , like we would normally do for a home loan , yes , so just like a normal home loan top up . Are there fees involved in the application ? Do the banks charge ?

Speaker 2 2:51

you a fee ? No , no application fee .

Speaker 1 2:53

Awesome Yep , in most of the cases , and yeah , you just get an approval . You've got three months to use it or lose it . And if , within three months , you haven't really found the right provider or you're still searching for quotes , we can actually update your approval for another three months .

Speaker 1 3:10

So you could do that , but the important thing is you do have to have an equity in your home that you're going to be using it . Now you can also actually use it for the windows . Yes , double glazing , double glazing or upgrade them , I think , retrofit them , or whatever they call them these days . So most of the major banks have this sort of option available to you . So go and speak with your advisor or us or your bank and , yeah , to get

Closing Thoughts on Green Loan Benefits

Speaker 1 3:38

a few more ideas . Yeah , but how cool is that ? Amazing . It's such a low rate to benefit from and we don't know how long that's going to last on the market .

Speaker 2 3:48

No , it could be taken tomorrow , taken off the market tomorrow right , we don't know , but yes , 1% or 0% for a green loan is a really good offer at the moment .

Speaker 1 3:59

Exactly Awesome . Well , thank you , conch , that's been absolutely enlightening episode , and have a good day you too . Thank you , bye , bye .