The Healthy Homes Guarantee Bill now requires landlords to insulate their rental properties. While we endorse the move to ensure all tenants have a warm, dry home we recognise this is a cost to landlords. However, ANZ has come to the party with interest-free insulation loans. Lodge City Rentals General Manager, David Kneebone gets the low down on the offer.
If you’re a landlord with sup-par insulation at your rental property, it’s likely your tenants had a rather uncomfortable past week.
Following an absolute stunner of a summer, and New Zealand’s hottest on record, came last week’s big freeze. The chilling, sharp drop in temperatures sent Hamiltonians scrambling for the blankets, hot water bottles and heat pump remotes, and for some residents – a quick peak at the state of their insulation.
It was an icy reminder that winter is on its way, but this year Jack Frost has brought some good news with him for landlords.
On Monday 30th April, ANZ will pledge $100m of interest-free lending to help customers insulate their homes. This means it’s time to get that insulation sorted on your rentals. Here’s what the offer includes.
An interest-free home loan to a maximum of $5000 (available to all ANZ clients, capped at two loans per customer group, normal lending criteria to apply)
A maximum loan term of three years on a principal and interest repayment basis. For example; if you were to take out the maximum loan of $5000 over three years, your repayments would be $139 a month, $64 a fortnight or $32 weekly.
Customers can register their interest here (www.anz.co.nz/warmerhomes). Once registered, ANZ will contact customers by the end of June. Then, once the loan product is available, applications will be accepted through all the usual channels (branch, contact centre).
Why insulate your home?
As of 1 July 2016, all tenancy agreements must have a compulsory insulation statement included. As a landlord, you must disclose whether there is insulation in the rental property, where it is, what type and what condition it is in, so prospective tenants can make an informed decision before signing.
As of 1 July 2019, it will also be compulsory for all rental properties to have ceiling and underfloor insulation installed (where it is reasonably practicable to do so). This insulation must comply with regulations and be safely installed. Failure to do so could make you liable for a fine of up to $4,000.
If the ANZ loan doesn’t work for you there are a number of grants and subsidies available for landlords needing to insulate their rental properties. To find out more click here.