How the repayments work
If you have an existing Retrofit Your Home loan you will repay this assistance with interest charges over nine years.
You are charged the interest through a targeted rate included on your property rates bill.
We add this targeted rate to your rates on 1 July each year.
Your Retrofit Your Home payments share the same repayment dates as your rates instalments:
- August
- November
- February
- May.
See your rates bill for actual dates each year.
If you sign up for direct debit, the assistance repayment and interest charges are included in your rate payments.
Repayment schedule
This table is a guide only and will give you an idea of your repayments. There are many variables that influence your repayment amounts. The increase in your rates will not start until 1 July.
| $1000 |
$161 |
$40 |
$1451 |
| $2000 |
$322 |
$81 |
$2902 |
| $3000 |
$484 |
$121 |
$4354 |
| $4000 |
$645 |
$161 |
$5805 |
| $5000 |
$806 |
$201 |
$7256 |
In addition to repayment through your property rates, you can make extra payments to repay the assistance earlier. There are no early repayment charges or penalties.
What your property rates bill will show
We generate rates bill in July.
The Retrofit Your Home charges will be displayed on your property rates bill for the full rating year.
Once we add the repayment to your rates, it will appear in your rates bill.
The Loan Value is the GST inclusive balance at 30 June each year. The Rate (not the rate of interest) is used to calculate the targeted rate for the year.
Interest charges
For the 2025/2026 rating year, the annual interest charged on Retrofit Your Home account outstanding balances is 5.60 per cent.
This fixed interest rate will apply from 1 July 2025 through to 30 June 2026.
This interest rate is made up of:
- our weighted cost of borrowing as of 31 March 2025
- a margin of 1 per cent to cover administration costs.
Interest charges are calculated by multiplying the unpaid balance of your loan at the end of the day by a daily interest rate. The daily interest rate is calculated by dividing the annual interest rate by 365.
Interest charges are added to the unpaid balance of your loan on 30 June each year. Interest will accrue on that new balance from the following day.
The unpaid balance of your loan is calculated on the assumption that each targeted rate instalment payment is made on the rate instalment date specified in your rates notice.
If targeted rate instalment payments are not made by the specified rates instalment date, rates penalty charges of 10 per cent of the amount owing will apply.
For more information, see
Overdue property rates payments and penalties.
No other Retrofit Your Home fees or charges will apply to the unpaid loan balance.
Six-monthly balance statements
When you receive a statement in the post, it is for your records only.
Early repayments
Early repayments will not incur any charges or penalties.
Email retrofit@aucklandcouncil.govt.nz to make an early repayment.
When you sell your house
If you sell your house with an outstanding amount owing on your repayment plan, you must:
- tell the buyer about the existence of the targeted rate
- include a written provision in any sale agreement recording that disclosure
- notify our Retrofit Your Home programme team by emailing
retrofit@aucklandcouncil.govt.nz.
You may also arrange to pay the outstanding Retrofit Your Home amount in full.
