Tired kitchen? Bathroom tiles falling off? Overgrown garden?
Home maintenance never stops, and it only adds to the rising cost of living. The housing market is flat, too, so moving house doesn’t necessarily hold much appeal, either.
But this spring could be the perfect time to spruce up your home. Until 27 November, if you’re an ANZ home loan customer or switch your home loan to ANZ, you could borrow between $3000 and $50,000 for an eligible renovation project with the ANZ Reno Loan, fixed at 2.5% per annum for three years.
“At the moment the housing market is a little bit slow,” says Emily Mendes Ribeiro, ANZ’s General Manager of Homeowners.
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“When moving is perhaps not an option, this gives people the opportunity to refresh the home they’re already in. Lives change – maybe the family is growing, or you have different priorities, or sometimes you just need a new bathroom.
“This gives people more choices.”
What can you do with a Reno Loan?
An ANZ Reno Loan is a home loan top-up designed specifically with renovation projects in mind. There’s a broad range of eligible projects, explains Mendes Ribeiro.
“The most popular renovations are bathrooms, kitchens, flooring, plumbing and roofing – all those smaller-scale renovations. But you can also use the loan for essential maintenance, landscaping or outdoor projects as we get into summer,” she says.
It’s ideal for the kind of project Mendes Ribeiro recently did at her own house.
“It was a light-touch kitchen reno where we changed the panels and doors on our cabinets. It was surprisingly cheap and really refreshed the look – minimum spend, maximum impact,” she explains.
“We didn’t want to do too much because we still have young kids. The next project might have to be some landscaping, I think.”
The ANZ Reno Loan aims to provide some interest cost relief for those minor projects, but she adds that you can also use it to fund the first $50,000 on a more substantial renovation, like adding a room.
Who can borrow and what’s required to apply
Just like any other loan, you’ll need to meet certain criteria to qualify for a Reno Loan, Mendes Ribeiro explains.
“New or existing home loan customers need a minimum of 20% equity in their home, and repayments need to be affordable and suitable for that customer as well.”
The 20% equity is required after the Reno Loan top-up is added, and you’ll need 30% equity for an investment property. Commercial properties aren’t eligible, and it’s not for new home builds.
You’ll also need to have a home improvement project in mind before you apply, so you can outline your plans for the money.
“Customers chat to us about their reno plan, discuss the estimated costs of the works, and we check that they’re meeting the rest of the lending criteria,” says Mendes Ribeiro.
The Reno Loan has already proven popular with homeowners trying to save some money on those essential maintenance jobs.
“This was a first for us, and we’ve been pleasantly surprised by the response to the offer. It’s resonated really well with customers,” Mendes Ribeiro says.
“Over 10,000 customers have taken it up since March – even over winter, which is usually slower, it’s gone really well. And there’s a broader benefit too, with that lending going back into the economy and supporting small businesses across the country, whether that’s plumbers, tilers, builders or landscapers."
Home renovations ‘part of the Kiwi psyche’
Existing ANZ home loan customers can apply for an ANZ Reno Loan through the ANZ goMoney app or Internet Banking, and new customers can apply online. You’ll get a callback within 48 hours, but usually even faster than that.
“This is an attractive rate, and there are so many people in New Zealand that have something in mind they’d like to do for their home,” says Mendes Ribeiro.
“We’ve all got reno plans. I think that’s part of the Kiwi psyche, so it’s great to have a lending option that meets Kiwi where they’re at.
“It’s a great time to be doing a reno. There’s no cap on the number of people we can lend to, but it is ending on 27 November,” adds Mendes Ribeiro.
Planning a renovation at your place? Visit ANZ Reno Loan for more information.
Offer terms, lending criteria, conditions, and fees apply. Only available as a top-up to your ANZ Home Loan and only for eligible renovation purposes. After the 3-year fixed rate, ANZ’s Home Loan floating interest rate will apply. ANZ Reno Loan applications must be received by end of day 27 November 2026 to be eligible.
This material is for information purposes only. We recommend seeking financial advice about your situation and goals before getting a financial product. To talk to one of our team at ANZ, please call 0800 269 296, or for more information about ANZ’s financial advice service or to view our financial advice provider disclosure statement see anz.co.nz/fapdisclosure
