Guide to Westpac's 0% Greater Choices Home Loan

The Westpac Greater Choices Home Loan offers eligible Westpac home loan customers up to $50,000 of additional borrowing at a 0% interest rate for the first 5 years, fixed, to fund sustainable home upgrades including solar panels and batteries. After the 5-year 0% period ends, the balance reverts to Westpac's standard floating or fixed home loan rates (whichever you choose at the time). To qualify, you need an existing Westpac home loan, sufficient equity in your property, an approved sustainable upgrade (solar qualifies), and a written quote from an installer. It is one of the most cost-effective ways for Westpac mortgage holders to fund a residential solar system in New Zealand right now.

This guide walks you through exactly how the Greater Choices loan works, who qualifies, what documentation your installer needs to provide, and what the real ROI looks like once you factor in the genuinely free money during years one to five. If you bank elsewhere, the structure is similar to ANZ Good Energy, BNZ Green Home Loan top-up, and Kiwibank Sustainable Energy Loan, so the principles transfer. Run your specific numbers through our Green Finance Qualifier Tool before signing anything.

What the Greater Choices Loan Actually Means for NZ Homeowners

The Greater Choices Home Loan is a top-up product, not a standalone loan. It sits on top of your existing Westpac home loan as an additional advance, and Westpac waives the interest on that advance for the first 5 years. You still repay the principal on a normal amortising schedule.

This is genuinely a 0% interest loan, not a "0% deferred interest" gimmick. You will not get hit with backdated interest if you fail to pay it off in 5 years; the remaining balance simply rolls onto a standard home loan rate.

Currently you can borrow up to $50,000 under Greater Choices, with a minimum advance of $1,000. The loan is secured against your home, like any other home loan top-up, so your equity position matters more than your income alone.

Why this matters for solar specifically

A typical 6 to 8 kW residential solar system in New Zealand sits in the $14,000 to $22,000 range installed (see our current cost-per-watt benchmarks). A premium system with a battery can push past $30,000. Greater Choices covers all of that with room to spare.

Five years of 0% interest fundamentally changes the payback maths. Most of your system's value in those first 5 years (panels are warrantied for 25+ years) is essentially being funded by Westpac for free, while your power bill drops and your buy-back credits accumulate.

Who Qualifies: The Eligibility Checklist

You need to tick all of the following boxes to be approved for a Greater Choices top-up:

• Existing Westpac home loan customer. You cannot apply for Greater Choices as a standalone product if you bank elsewhere. The loan attaches to a Westpac mortgage secured against your home.
• Sufficient equity in your property. Westpac assesses your LVR (loan-to-value ratio) including the new advance. Most borrowers comfortably under 80% LVR will be fine; tighter cases get individually assessed.
• Servicing capacity. Even at 0%, Westpac assesses whether you can repay the principal at a stressed rate (currently calculated well above the headline rate to satisfy responsible lending obligations).
• An approved sustainable upgrade. Solar PV, solar hot water, batteries, EV chargers, insulation, double glazing, heat pumps, and rainwater systems all generally qualify.
• A written quote from a supplier or installer that clearly itemises the sustainable component.
• Funds drawn down and used for the stated purpose within Westpac's approval window (usually 12 months).

You do not need to be on a specific home loan structure (table, revolving credit, offset) to qualify. The Greater Choices advance is set up as its own sub-loan inside your facility.

Step-by-Step: How to Apply

Step 1: Get your solar quote sorted first

Westpac needs paperwork before they can approve anything. Get at least three quotes from MSANZ-accredited installers (you can grab three free quotes through our vetted installer network). Pick the quote you want to proceed with; that's the document Westpac will work from.

Step 2: Confirm your installer's documentation is complete

The quote needs to include:

• Installer business name, GST number, and MSANZ or relevant trade accreditation
• Itemised list of equipment: panels (make, model, wattage, quantity), inverter (make, model), battery if included (make, model, kWh capacity), mounting, wiring
• Total installed price including GST
• Installation timeline
• Warranty terms on panels, inverter, battery, and workmanship

If your installer's quote is a one-line "Solar system - $18,500", send it back and ask for a proper itemised version. Westpac will reject incomplete documentation, and frankly, you should never sign a one-line quote anyway.

Step 3: Talk to your Westpac home loan specialist

Book a meeting (in-branch, by phone, or online) with a Westpac home lending specialist. Tell them you want to apply for a Greater Choices top-up for solar. They will pull your existing loan details, run servicing and LVR calculations, and tell you the maximum advance you can apply for.

Step 4: Submit the application

You'll provide:

• Your itemised solar quote
• Recent payslips or business income evidence (for servicing assessment)
• An updated statement of position if anything has changed since your original mortgage
• A signed Greater Choices Home Loan application form

Step 5: Drawdown and installer payment

Once approved, the funds are advanced. Most homeowners pay the installer's deposit (usually 10-30%) from the drawdown, then settle the balance on completion. Some installers will work directly with bank-approved progress payments; ask your installer how they typically structure this.

What "0% for 5 Years" Actually Means for Your ROI

This is where the Greater Choices product becomes genuinely powerful. Let's walk through a worked example, using realistic 2025 numbers.

Worked example: 7 kW system in Hamilton

Imagine a typical Waikato household installing a 7 kW system with a 10 kWh battery.

• Installed cost: $24,000
• Greater Choices advance: $24,000 at 0% for 5 years
• Repayment over 5 years: $24,000 ÷ 60 months = $400 per month principal
• Annual power bill savings + buy-back: approximately $2,400-$3,200 depending on consumption pattern and retailer (see live rates via our cost and savings benchmarks)

At a $2,800 mid-point annual saving, that's roughly $233 per month back in your pocket. Net cash outflow during years 1-5 is therefore around $167 per month ($400 repayment, $233 savings). After year 5, the loan is paid off, and the entire $2,800+ per year is yours to keep for the remaining 20+ years of panel life.

What this same system would cost without Greater Choices

If you funded $24,000 on a standard 5-year personal loan at, say, 11% per annum, you'd pay roughly $7,300 in interest over the term. Greater Choices saves you that interest entirely while still letting you spread the cost.

Compare it to paying cash: you keep $24,000 invested elsewhere for 5 years, earning whatever your alternative return is, while still capturing 100% of the solar savings. For households without $24,000 sitting around, Greater Choices is essentially the next-best thing to having paid cash.

The honest caveat

If you cannot repay the principal within 5 years, you roll onto Westpac's standard home loan rate. As at the time of writing, that's broadly in line with market mortgage rates (low-to-mid single digits floating, fixed options similar). It's still highly cost-effective money compared to a personal loan, but it's not free. Plan to clear the balance inside the 5-year window if you can.

What This Means for Each Type of Buyer

For the ROI Pragmatist

Greater Choices is the single best home-loan-attached solar finance product in New Zealand for Westpac customers full stop. Your effective cost of capital on the solar portion of your mortgage is 0% for 5 years, which is unbeatable. Run your specific numbers through our solar worth-it analysis and through Westpac's loan calculator before committing, but for almost any positive-ROI system, this product turbocharges the payback.

For the Tech-Savvy Optimiser

The $50,000 cap means you can comfortably fund a premium system: high-efficiency N-type TOPCon or HJT panels, a Fronius or Sungrow hybrid inverter, a 10-15 kWh LiFePO4 battery (BYD, Tesla Powerwall 3, Sungrow), and an EV charger. Greater Choices treats EV chargers as a qualifying sustainable upgrade, so you can bundle it into the same application.

For the Eco-Conscious Family

The barrier for many families is the upfront cash, not the willingness to go solar. Greater Choices removes that barrier entirely for Westpac customers. You're swapping a future power bill for a fixed monthly repayment that is often lower than the bill itself, while shrinking your household's grid-emissions footprint.

Common Pitfalls and What Installers Won't Always Tell You

This is where being on your side matters most. A few traps to avoid:

• Don't let the installer pressure you to skip three quotes. Some installers, knowing you've been pre-approved for finance, will push for a same-day signature. Get three quotes regardless. The bank doesn't care which installer you use, only that you have proper documentation.
• Watch for "finance-inflated" pricing. A small number of installers quote higher when they know you're financing. Cross-check your quote against our cost-per-watt benchmarks for the region.
• Don't oversize the system to "use up" the loan. Westpac will approve up to $50,000, but that doesn't mean you should borrow $50,000. Right-size your system to your actual annual consumption pattern. A modestly-sized system that you fully self-consume will outperform an oversized system exporting at low buy-back rates.
• Read your Westpac loan offer carefully. Confirm the 0% period is genuinely 5 years from drawdown, confirm the post-5-year rate mechanism, and confirm any early repayment terms (Greater Choices generally has no penalty for early repayment, but verify in writing).
• Keep the paperwork. Westpac may ask for proof that the funds were used for the approved purpose. File your installer's tax invoice, the commissioning certificate, and the COC (Certificate of Compliance) from your sparky.

How Greater Choices Compares to the Other Bank Green Loans

You only qualify for Greater Choices if you bank with Westpac. If your mortgage is elsewhere, broadly equivalent products exist:

• ANZ Good Energy Home Loan, top-up at 1% for 3 years, up to $80,000
• BNZ Green Home Loan top-up, 1% for 3 years, up to $80,000
• Kiwibank Sustainable Energy Loan, low-rate top-up structure
• ASB Better Homes top-up, varying terms

Rates, caps, and terms shift regularly, so always use our Green Finance Qualifier Tool to compare what you actually qualify for today rather than relying on a static list. Switching banks just to access a green loan rarely makes sense once you factor in mortgage break costs; the right move is usually to use whichever green product your existing bank offers.

Frequently Asked Questions

Can I apply for Greater Choices if I'm not already a Westpac home loan customer?

No. Greater Choices is a top-up on an existing Westpac home loan. If you're refinancing to Westpac for other reasons and would like to use Greater Choices, that conversation happens during the refinance application itself. Refinancing purely to access Greater Choices is rarely cost-effective once break fees and admin are considered.

What's the maximum I can borrow?

Up to $50,000 at 0% for 5 years, subject to your equity position and servicing assessment. The advance is also limited by your overall LVR, so very tight equity positions may see a lower approved figure.

What happens after 5 years if I haven't paid it off?

The remaining balance rolls onto a standard Westpac home loan rate, floating or fixed, at the rate prevailing on that date. It does not get backdated and there's no penalty payment, you simply start paying the standard rate on whatever's left.

Does the loan cover the battery, not just the panels?

Yes. Solar PV, batteries (such as Tesla Powerwall, BYD, Sungrow), solar hot water, EV chargers, heat pumps, double glazing, and insulation are all eligible categories. You can bundle these into one application if your installer's quote covers them.

Can I use Greater Choices alongside an EECA grant?

EECA's current grants and programmes are aimed mainly at low-income households (Warmer Kiwi Homes) and commercial decarbonisation, with residential solar grants being limited. If you qualify for any EECA support, you can typically combine it with a Greater Choices advance because the bank loan funds whatever portion the grant doesn't.

Do I need to use a specific installer for Westpac to approve the loan?

No. Westpac does not maintain a panel of approved solar installers. Use a properly accredited installer (MSANZ membership, registered electrician for the wiring), get a complete itemised quote, and Westpac will assess the documentation, not the brand of installer.

How long does approval take?

If you already have a Westpac home loan and your servicing and LVR are clean, expect 1 to 3 weeks from application to drawdown. Tight equity positions or income changes since your original mortgage may extend this.

Can I repay early without penalty?

Generally yes. Greater Choices is structured so that extra repayments and early payoff are not penalised, but confirm the specifics on your individual loan offer document. Paying it off inside 5 years is the optimal play because every dollar repaid was funded at 0%.

Is solar genuinely "worth it" in New Zealand if I'm borrowing for it?

For most owner-occupied homes with reasonable sun exposure, yes. With 0% finance for 5 years, the household's monthly cash position usually improves immediately because power bill savings plus buy-back credits often exceed the loan repayment. See our full "are solar panels worth it in NZ" analysis for the detail.

What if I'm a former SolarZero customer wanting to buy out my system?

Greater Choices can be used to fund the purchase of an existing solar system from SolarZero (or its successor) if you have the appropriate paperwork and the system qualifies as a sustainable asset on your home. See our dedicated SolarZero alternatives and buy-out guide.

Where to Go From Here

If you bank with Westpac and you're seriously considering solar, the Greater Choices Home Loan is one of the most powerful financial levers available to you in 2025. Five years of genuinely free money on a system that generates returns for 25+ years is rare territory.

Your next three moves, in order:

1. Check eligibility and compare green loans across all the major banks using our Green Finance Qualifier Tool.
2. Read the wider true cost of going solar in NZ pillar for the full picture on bills, finance, and ROI.
3. Get three vetted installer quotes so Westpac has the documentation it needs to approve your application.

Done in that order, you'll know your true cost of capital, your real installed price, and your honest payback before you sign a single piece of paper.