Want to finance your solar panels with 0% interest? Westpac’s Greater Choices Home Loan offers the best introductory rate of any major NZ bank — interest-free borrowing for up to 5 years.
As a SEANZ-approved installer, Sunshine Solar can provide the quote you need to apply.
🏆 Best Rate Available
Westpac offers 0% interest for 5 full years — no other major bank matches this. After 5 years, the rate is just 5% p.a.
What Is the Westpac Greater Choices Home Loan?
The Westpac Greater Choices Home Loan is a special top-up loan designed to help Kiwis create warmer, drier, healthier, and more energy-efficient homes. It offers interest-free borrowing for sustainable home upgrades including solar panels and battery storage.
Westpac was one of the first NZ banks to offer green home loan financing, and in December 2025 expanded the programme to include home resilience measures like flood protection.
How Much Can You Borrow?
$50,000
Maximum Loan
0%
Interest Rate
5 years
Interest-Free
- Maximum loan: $50,000
- Interest rate: 0% for 5 years
- After 5 years: 5% p.a. on remaining balance
- Early repayment: No prepayment penalties
What Can You Use the Loan For?
The Westpac Greater Choices loan covers a wide range of sustainable upgrades:
Solar & Energy Storage
- Solar panel systems
- Battery storage systems
- Solar inverters
Home Efficiency
- Heat pumps (including hot water heat pumps)
- Insulation
- Double glazing
- Ventilation systems
- Rainwater tanks
- Eligible wood burners
Electric Transport
- Electric vehicles
- EV chargers
Home Resilience (from February 2026)
- House raising above flood levels
- Chimney removal for earthquake safety
Who Is Eligible for the Westpac Greater Choices Loan?
To qualify, you must:
- Have a Westpac Choices home loan (or be willing to transfer your mortgage)
- Have at least 20% equity in your home (40% for investment properties)
- Provide a quote from a professional installer
Sunshine Solar Is an Eligible Installer
We’ll provide the professional quote you need for your Westpac application.
What Are the Fees?
- Establishment fee: None
- Early repayment: No prepayment costs
- Lump sum payments: Allowed without penalty
This is a significant advantage over other banks — you can pay off your loan early without fees.
What Happens After 5 Years?
After the 5-year interest-free period, a default rate of 5% p.a. applies to any remaining balance. This is still competitive compared to standard home loan rates.
Example: If you borrow $30,000 and pay $500/month, you’ll pay off the loan in just over 5 years with $0 in interest.
How Does Westpac Compare to Other Banks?
| Bank | Max Loan | Rate | Term | Rate After |
|---|---|---|---|---|
| Westpac | $50,000 | 0% | 5 years | 5% |
| BNZ | $80,000 | 1% | 3 years | ~8.69% |
| ANZ | $80,000 | 1% | 3 years | Variable |
| Kiwibank | No limit | ~8.5% | Flexible | Same |
Westpac wins on:
- Best interest rate (0% vs 1%)
- Longest interest-free term (5 years vs 3 years)
- Best post-term rate (5% vs ~8%+)
- No fees for early repayment
Consider BNZ/ANZ if: You need to borrow more than $50,000
See our full comparison of NZ solar loans for more details.
How to Apply for the Westpac Greater Choices Loan
- Get a solar quote from a professional installer like Sunshine Solar
- Log in to Westpac One online banking (if you’re an existing customer)
- Apply online or visit your local Westpac branch
- Submit your quote as part of the application
- Get approved and schedule your installation
Frequently Asked Questions
Is 0% interest really free?
Yes. For the first 5 years, you pay no interest at all. There’s no catch — Westpac subsidises the rate to encourage sustainable home upgrades.
Can I pay off the loan early?
Yes, with no penalties. You can make lump sum payments or pay off the entire loan early without any prepayment costs.
What if I need more than $50,000?
Consider BNZ or ANZ, which offer up to $80,000 at 1% interest.
Do I need to switch my mortgage to Westpac?
Yes, you need to have a Westpac Choices home loan. If you’re with another bank, you’d need to refinance with Westpac to access this loan.
Is Sunshine Solar an eligible installer?
Yes. We’re SEANZ members and can provide the professional quote you need for your application.
Ready to Apply?
Get Your Free Solar Quote
We’ll provide everything you need for your Westpac Greater Choices application.
Have questions? Contact our team — we’ve helped thousands of Kiwis finance their solar installations with 0% interest.