All the major banks have agreed to participate in a home insulation programme which starts next month, Prime Minister John Key said today.
The government announced in May's budget $323 million over four years to retrofit 180,000 homes with insulation and clean-heating devices.
The scheme provides government grants of up to $1300 towards a third of the cost of insulation and a $500 grant for clean heaters. Loans would be available for the remaining cost.
"All main trading banks have agreed to join the government's insulation and heating scheme, and all have agreed to waive their fees for top-up loans homeowners get as part of insulation retrofits," Mr Key said launching the scheme in Christchurch today.
The Warm Up New Zealand scheme, developed with the Green Party, starts on July 1 and will be run by the Energy Efficiency and Conservation Authority (EECA).
"Half a million New Zealanders will benefit from the scheme, and there has already been a great response," Mr Key said.
EECA had 30 providers available and was taking new registrations from today.
In the first year, 27,000 homes are to be retrofitted, building to more than 60,000 in the fourth year.
