About the Retrofit Your Home scheme
More than 23,700 Auckland homes received financial assistance of up to $5000 through the Retrofit Your Home scheme. It paid for home improvements like insulation and clean heat.
The scheme closed to new applicants in 2020 after issues were found with interest calculations. We continue to support existing loan holders.
How repayments work
If you have an existing Retrofit Your Home loan, you will repay it with interest over nine years. You are charged through a targeted rate that gets added to your property rates bill on 1 July each year.
Repayments are due on the same dates as your property rates instalments:
- August
- November
- February
- May.
See your rates bill for actual dates each year.
If you sign up for direct debit, your repayments and interest are included in your rates payments.
Early repayments
You can make early repayments at any time without penalties. To arrange this, email retrofit@aucklandcouncil.govt.nz.
Interest charges
For the 2025/2026 rating year, the annual interest rate on outstanding Retrofit Your Home loan balances is 5.6 per cent. This fixed interest rate will apply from 1 July 2025 through to 30 June 2026.
This interest rate includes:
- our weighted cost of borrowing as of 31 March 2025
- a 1 per cent margin for administration costs.
How interest is calculated
Interest is calculated daily and added to your loan balance on 30 June each year. Interest accrues on the new balance from 1 July.
- Daily interest is calculated by dividing the annual rate by 365.
- Each day, we multiply the unpaid loan balance by the daily interest rate.
- We calculate your unpaid balance assuming you make each instalment payment on the due dates listed in your rates notice.
If you miss an instalment, a 10 per cent penalty may apply to the amount owed.
For more information, visit Overdue property rates payments and penalties.
What your property rates bill shows
Retrofit Your Home charges appear as a targeted rate on your property rates bill. This includes:
- the Loan Value: the GST-inclusive loan balance as at 30 June
- the Rate: used to calculate the targeted rate amount for the year (this is not the interest rate)
You will also receive a six-monthly loan statement by post. This is for your records only.
Repayment schedule
Your targeted rate repayments will depend on your loan amount and remaining balance. This table is a guide only and actual amounts may vary.
| $1000 |
$161 |
$40 |
$1451 |
| $2000 |
$322 |
$81 |
$2902 |
| $3000 |
$484 |
$121 |
$4354 |
| $4000 |
$645 |
$161 |
$5805 |
| $5000 |
$806 |
$201 |
$7256 |
Selling your property
If you sell your home while a Retrofit Your Home loan is still being repaid, you must:
- tell the buyer about the targeted rate
- include written disclosure in the sale agreement
- email retrofit@aucklandcouncil.govt.nz to notify our Retrofit Your Home team.
You may choose to repay the loan in full before selling.
