Finance Options

FINANCE

24 MONTHS INTEREST FREE HEAT PUMP FINANCE

Heat pumps are a great investment for your home, but sometimes the upfront cost can be a little overwhelming. That’s where Varcoe’s finance comes in. We are Auckland’s leading heat pump business that not only offer high-quality heat pumps but also financing options to help you get the heating system you need without breaking the bank.

One of the key features of Varcoe’s finance is the 24 months interest-free option. This means that you can spread the cost of your heat pump over two years without paying any interest. That’s a great deal that can save you a lot of money in the long run.

However, it’s important to note that there are some fees associated with Varcoe’s finance. There is a $55 establishment fee, which is a one-time fee charged when you open your account. Additionally, there is a $50 annual fee, which is charged each year to maintain your account. Another fee to be aware of is the 3% surcharge on purchases. This means that you will pay an extra 3% on top of the cost of your heat pump if you choose to finance it through Varcoe’s. While this fee may seem high, it’s important to remember that it’s still likely to be cheaper than paying interest on a traditional loan.

There is also a minimum spend of $199 to qualify for Varcoe’s finance, and a minimum monthly repayment of 3% or $10, whichever is greater. This helps to ensure that you can comfortably repay your loan over time.

It’s worth noting that the standard interest rate is 25.99% p.a., which means that if you have any outstanding balance at the end of the interest-free period, you will be charged interest on that balance. Therefore, it’s important to ensure that you can repay your loan within the interest-free period to avoid paying any interest charges.

Varcoe’s finance is a great option for those who are looking to invest in a heat pump but don’t want to pay the full cost upfront. With 24 months interest-free financing and a range of other flexible payment options, Varcoe’s can help you get the heating system you need without breaking the bank.

There are also other heat pump finance options available, which include Gem Visa, Q card, and banks also offer low or no interest loans.

Gem Visa and Q card are both financial service provider that offers credit card solutions and financing options to their customers. If you do not already have a Gem Visa credit card or a Q Card, you will need to apply for one. You can do this online, by visiting their website or by visiting a participating store. Once you have your Gem Visa credit card or a Q Card, you can start shopping for a heat pump. The team at Varcoe will be able to give you advice on what heat pump best suits your needs. Once you have found a heat pump you want to buy, you can use your Gem Visa or Q Card to make the purchase. After you make the purchase, you will need to make regular payments to pay off the balance. Both offer interest-free payment plans for certain purchases, which can help you spread the cost of the heat pump over a period of time. It’s important to note that using a credit card to buy a heat pump can result in paying interest charges if the balance is not paid off in full each month. Be sure to read and understand the terms and conditions including the interest rate and any fees associated with the card, before making a purchase. You will continue to avoid interest on the account balance by paying in full every month by the due date on your heat pump payment plan.

In addition to the steps mentioned above, Q Card also offers a mobile app that allows you to manage your account and make payments on-the-go. This can be a convenient way to stay on top of your payments and manage your credit card balance.

However, it’s important to use credit responsibly and to pay off the balance in full each month to avoid paying interest charges.

Another financing option is a low/no interest loan from the bank, which are offering loans for heat pumps.

ANZ Bank now offers the ANZ Good Energy Home Loan, which provides existing customers with the opportunity to top up their ANZ Home Loan at a fixed rate of 1.00% P.A. for three years, up to a maximum amount of $80,000. The purpose of this top-up is to encourage homeowners to improve their homes’ energy efficiency and reduce their environmental impact by purchasing any of the ANZ Good Energy Upgrades. The minimum loan amount for each ANZ Good Energy Home Loan top-up is $3,000, and customers can apply via the home loan top-up form on ANZ Internet Banking or goMoney.

Westpac is offering a unique opportunity for new or current Choices Home Loan customers to obtain an interest free loan for a heat pump (up to $40,000) for five years through their Warm Up program. This loan can be used for the purchase and installation of heat pumps, providing a more energy-efficient and cost-effective way to heat homes. Customers can enjoy the flexibility of making lump sum payments or paying off the loan early without incurring any prepayment costs. Additionally, there are no establishment fees with this heat pump loan, making it an attractive option for those looking to upgrade their home’s heating system without breaking the bank.

The BNZ Green Home Loan top-ups program is an excellent heat pump loan program for homeowners who want to install heat pumps in their homes. With this program, eligible borrowers can borrow up to $80,000 at a low 1% p.a. fixed rate for three years to fund the purchase and installation of heat pumps. The minimum top-up amount is $5,000, giving borrowers flexibility in how much they choose to borrow. Plus, after the initial fixed-rate period, borrowers can choose to refix their loan or have it revert to BNZ’s home loan floating interest rate. With the BNZ Green Home Loan top-ups program, you can make this upgrade without breaking the bank.

There are a range of low-interest options and even options that allow you to purchase your heat pump interest free. You can finance a heat pump and avoid that upfront payment and make your home a comfortable place year-round. Give the team at Varcoe a call today, and they will be able to help you stay warm this winter.

Top 3 Heat Pump Brands Available in NZ

Mitsubishi Electric is a top heat pump brand known for its advanced technologies and innovative features. They offer high energy efficiency, precise temperature control, and durable construction. Mitsubishi Electric heat pumps are suitable for residential and commercial applications and provide reliable heating and cooling.

Daikin is a global leader in air conditioning and heat pump systems. Their products are recognized for their superior performance, energy efficiency, and advanced features. Daikin heat pumps provide reliable heating and cooling solutions, with options for individual room control or whole-home systems.

Panasonic is a trusted brand known for its high-quality heat pumps. They offer a diverse range of models suitable for different applications. Panasonic heat pumps are energy-efficient, with features such as air purification and humidity control. They also provide quiet operation and user-friendly interfaces.

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