diff --git a/build-scripts/components/metallb/repository b/build-scripts/components/metallb/repository
new file mode 100644
index 0000000000..90737d74b7
--- /dev/null
+++ b/build-scripts/components/metallb/repository
@@ -0,0 +1 @@
+https://metallb.github.io/metallb
diff --git a/build-scripts/components/metrics-server/repository b/build-scripts/components/metrics-server/repository
new file mode 100644
index 0000000000..280b7a1b98
--- /dev/null
+++ b/build-scripts/components/metrics-server/repository
@@ -0,0 +1 @@
+https://kubernetes-sigs.github.io/metrics-server
diff --git a/build-scripts/hack/update-component-versions.py b/build-scripts/hack/update-component-versions.py
index 75b7a5086d..25edf2ba04 100755
--- a/build-scripts/hack/update-component-versions.py
+++ b/build-scripts/hack/update-component-versions.py
@@ -23,6 +23,7 @@
 
 DIR = Path(__file__).absolute().parent
 COMPONENTS = DIR.parent / "components"
+MANIFESTS = DIR.parent.parent / "k8s" / "manifests" / "charts"
 
 # Version marker for latest Kubernetes version. Expected to be one of:
 #
@@ -36,6 +37,14 @@
 # Helm release branch to track. The most recent tag in the branch will be used.
 HELM_RELEASE_BRANCH = "release-3.14"
 
+# MetalLB Helm repository and chart version
+METALLB_HELM_REPO = "https://metallb.github.io/metallb"
+METALLB_CHART_VERSION = "0.14.5"
+
+# Metrics Server Helm repository
+METRICS_SERVER_REPO = "https://kubernetes-sigs.github.io/metrics-server"
+METRICS_SERVER_CHART_VERSION = "3.12.1"
+
 
 def get_kubernetes_version() -> str:
     """Update Kubernetes version based on the specified marker file"""
@@ -64,7 +73,9 @@ def get_containerd_version() -> str:
     """Update containerd version using latest tag of specified branch"""
     containerd_repo = util.read_file(COMPONENTS / "containerd/repository")
 
-    with util.git_repo(containerd_repo, CONTAINERD_RELEASE_BRANCH, shallow=False) as dir:
+    with util.git_repo(
+        containerd_repo, CONTAINERD_RELEASE_BRANCH, shallow=False
+    ) as dir:
         # Get the latest tagged release from the current branch
         return util.parse_output(["git", "describe", "--tags", "--abbrev=0"], cwd=dir)
 
@@ -86,6 +97,20 @@ def get_helm_version() -> str:
         return util.parse_output(["git", "describe", "--tags", "--abbrev=0"], cwd=dir)
 
 
+def pull_metallb_chart() -> None:
+    LOG.info("Pulling MetalLB chart @ %s", METALLB_CHART_VERSION)
+    metallb_chart_repo = util.read_file(COMPONENTS / "metallb/repository")
+    util.helm_pull("metallb", metallb_chart_repo, METALLB_CHART_VERSION, MANIFESTS)
+
+
+def pull_metrics_server_chart() -> None:
+    LOG.info("Pulling Metrics Server chart @ %s", METRICS_SERVER_CHART_VERSION)
+    metallb_chart_repo = util.read_file(COMPONENTS / "metrics-server/repository")
+    util.helm_pull(
+        "metrics-server", metallb_chart_repo, METRICS_SERVER_CHART_VERSION, MANIFESTS
+    )
+
+
 def update_component_versions(dry_run: bool):
     for component, get_version in [
         ("kubernetes", get_kubernetes_version),
@@ -101,6 +126,14 @@ def update_component_versions(dry_run: bool):
         if not dry_run:
             Path(path).write_text(version.strip() + "\n")
 
+    for component, pull_helm_chart in [
+        ("metallb", pull_metallb_chart),
+        ("metrics-server", pull_metrics_server_chart),
+    ]:
+        LOG.info("Updating chart for %s", component)
+        if not dry_run:
+            pull_helm_chart()
+
 
 def main():
     parser = argparse.ArgumentParser(
diff --git a/build-scripts/hack/update-metrics-server-chart.sh b/build-scripts/hack/update-metrics-server-chart.sh
deleted file mode 100755
index 7d8dc352bd..0000000000
--- a/build-scripts/hack/update-metrics-server-chart.sh
+++ /dev/null
@@ -1,10 +0,0 @@
-#!/bin/bash
-
-VERSION="3.12.0"
-DIR=`realpath $(dirname "${0}")`
-
-CHARTS_PATH="$DIR/../../k8s/components/charts"
-
-cd "$CHARTS_PATH"
-
-helm pull --repo https://kubernetes-sigs.github.io/metrics-server/ metrics-server --version $VERSION
diff --git a/build-scripts/hack/util.py b/build-scripts/hack/util.py
index 871d5b47c1..84acc8eb8b 100644
--- a/build-scripts/hack/util.py
+++ b/build-scripts/hack/util.py
@@ -3,6 +3,7 @@
 import tempfile
 import subprocess
 import logging
+import yaml
 from urllib.request import urlopen
 from pathlib import Path
 
@@ -48,3 +49,9 @@ def read_file(path: Path) -> str:
 
 def read_url(url: str) -> str:
     return urlopen(url).read().decode().strip()
+
+def helm_pull(chart_name: str, repo_url: str, version: str, destination: Path) -> None:
+    parse_output(["helm", "repo", "add", chart_name, repo_url])
+    parse_output(["helm", "pull", f"{chart_name}/{chart_name}", "--version", version, "--destination", destination])
+
+    LOG.info("Pulled helm repository %s @ %s as %s to %s", repo_url, version, chart_name, destination)