Westpac NZ has introduced five-year interest-free home loan top-ups to help customers strengthen their homes against natural hazards, becoming the first bank in New Zealand to include flood resilience measures within its sustainable home lending.
The offer is available to Choices home loan customers and will expand further in early 2026.
The launch follows a survey of nearly 1,100 Westpac customers, which found 60% were concerned about the impacts of flooding and severe weather on their property and 80% were worried about the effects on their wider communities.
Sarah Hearn, Westpac managing director product, sustainability and marketing, said the bank is focused on helping customers navigate the risks posed by climate change.
She said: “New Zealand has always had extreme weather, but recent research from Earth Sciences NZ (formerly NIWA) shows these events are now happening more frequently.
“Our own survey results show a growing number of home-owners 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.”
Under the updated Greater Choices product, customers can borrow up to $50,000 interest-free for five years to fund measures such as installing ground moisture barriers, improving drainage and raising outdoor electrical appliances above potential flood levels.
From 2nd February 2026, additional options including raising homes above potential flood levels and removing chimney structures will be introduced.
Hearn said the bank supports efforts to improve access to information about climate risk, referencing the Government’s National Adaptation Framework and the upcoming National Flood Map due in 2027.
She said: “We want 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.”
Hearn said Westpac is also supporting business customers to understand and adapt to climate impacts.
The Greater Choices loan top-up already covers energy efficiency improvements such as heat pumps, ventilation, solar systems and electric vehicles.
Westpac has also published its 2025 Sustainability Update and 2025 Climate Report, outlining its operational and financed emissions, approach to climate risk and the actions it is taking to support a transition to resilience.
Hearn said: “We welcome the opportunity to provide our stakeholders and communities with information about how we are approaching sustainability in our business, as well as how we are supporting our customers to consider climate risk in their own lives and businesses.
“We want to help our customers to remain resilient and thriving – now and into the future.”
The Sustainability Update sets out progress towards Westpac’s 2027 Sustainability Commitments, including $7.6bn in sustainable lending, more than $730m in lending to affordable housing and a record $1.5m raised for the country’s rescue helicopters.
The bank delivered financial education to more than 13,000 participants, invested $11.6m in community initiatives and increased fraud prevention rates by 27% over the past year.