New top-ups help homeowners fund climate resilience upgrades
Westpac NZ has introduced five-year interest-free home loan top-ups for Choices home loan customers to help improve the resilience of their homes to natural hazards and extreme weather, with more options coming in the new year.
Westpac is the first New Zealand bank to offer flood resilience measures as part of its sustainable home lending.
A recent survey of nearly 1,100 Westpac customers showed 60% of respondents have concerns about the impacts of flooding and severe weather events on their property, while 80% are concerned about the impacts on their town or city.
Sarah Hearn (pictured), Westpac managing director product, sustainability, and marketing, says the bank is committed to helping its customers navigate climate risk.
“New Zealand has always had extreme weather, but recent research from Earth Sciences NZ (formerly NIWA) shows these events are now happening more frequently," Hearn said in a media release.
“Our own survey results show a growing number of homeowners are concerned about the risks of flooding and severe weather. We want to provide them with practical options to help protect their biggest asset.
“By investing in things like improving drainage or raising their homes above potential flood levels, people can help future-proof their homes against storm damage."
A new government report also warns about 219,000 homes worth $180 billion already sit in coastal and inland flood zones, with 1,300 seaside properties facing major damage from extreme weather by 2060, RNZ reported.
Up to $50,000 interest-free for resilience upgrades
Under the changes to the Greater Choices product, customers can now borrow up to $50,000 interest-free for five years to cover measures such as installing ground moisture barriers under homes, improving drainage on their properties, and carrying out work to raise outdoor electrical appliances above potential flood levels.
From 2 February, the options to raise houses above potential flood levels and to remove chimney structures – which can be hazardous in strong winds or earthquakes – will also be available through Greater Choices.
Supporting climate risk awareness
Hearn said the bank wanted people to have easy access to relevant information about climate risk.
"We were pleased to see the recent release of the government’s National Adaptation Framework, which emphasises the need for New Zealanders to have that information, and we look forward to the delivery of the National Flood Map in 2027," she said.
“We’re also working with our business customers to help them to invest in resilience measures and assess the impacts of climate change on their operations."
The Greater Choices home loan top up already enables customers to invest in energy efficiency improvements such as heat pumps, ventilation, solar power systems and electric vehicles.
Sustainability reporting and key highlights
Westpac has also released its 2025 Sustainability Update and 2025 Climate Report. The climate report outlines its operational and financed emissions and climate risk approach, while the sustainability update tracks progress on 2027 commitments and responses to issues such as cyber security.
“We want to help our customers to remain resilient and thriving – now and into the future,” Hearn said.
Westpac NZ 2025 Sustainability Update highlights
- Committed $7.6 billion in sustainable lending (as at 30 September 2025)
- Provided more than $730 million in lending to affordable housing
- Fundraised a record $1.5 million for New Zealand’s rescue helicopters through the annual Westpac Chopper Appeal campaign
- Delivered financial education to more than 13,000 workshop attendees
- Invested $11.6 million in New Zealand communities, including Westpac staff using more than 35,000 hours of volunteer leave
- Increased fraud prevention rates by 27% over the past year.
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