Loan Check is free to use and lets you quickly check your chances of getting pre-approval for a mortgage. It also lets you adjust your figures and immediately see the effect on your mortgage potential. If your Loan Check results look positive, we match you with a selection of trusted mortgage brokers from our hand-picked panel.
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Change is constant. When you set up your mortgage originally, the interest rates were applicable to the housing market at the time. Likewise, the size and term of your mortgage was appropriate to your income and outgoings at that time. You had a new home, lots of set-up costs and were just finding your feet
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If your mortgage is due to come off fixed, you’re probably looking at a new interest rate that’s more than double what you’ve been paying. Scary moment. Why has this happened? In this article we look at some of the main influences on mortgage interest rates in New Zealand. We also use the Covid-19 period
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With so many mortgage lenders, interest rates and terms to choose from, finding the best solution for your circumstances can be hard work. Whether you’re about to buy a home or are exploring refinancing options for a property you already own, you’ll find our rates page incredibly useful. It shows the lowest interest rates available
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If you’ve been looking for a home for a while, you’ve probably put some thought into the option of building a new house or buying a new-build property. Committing a whole heap of money to something that doesn’t exist yet is a big step, but the rewards can be big too. There are many potential
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Despite the best of intentions, not all business and personal relationships survive the test of time. If the partners own a property together they’ll likely share a mortgage, so what happens to that loan if they break up? In a business partnership, there’s usually a written agreement about what will happen in various scenarios, including
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Buying your first home has become more and more challenging, particularly for Kiwis who may not have the option of significant financial support from family. To help address this, the New Zealand government provides several schemes designed to help people into home ownership for the first time. This guide provides a helpful overview of the
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In Budget 2022, the government eased some of the criteria for the First Home Grant, First Home Loan and Kāinga Whenua schemes administered by Kāinga Ora. The changes were made to help more first home buyers (existing or new-build) by better reflecting market prices for homes in some areas, as well as the needs of
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You’ve probably heard there’s usually no charge to use a mortgage broker (mortgage adviser). That’s because they’re paid a commission by the lender you end up deciding to go with. So, if the lender’s paying them and you’re getting their services for free, are they going to put your interests first? The short answer is
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Whether you’re applying for your first mortgage, restructuring an existing loan or refinancing to a new lender, it helps to understand why people choose different fix-float strategies. This guide is designed to get you thinking before talking with a mortgage adviser and choosing the best arrangement for your circumstances. Basically, you can choose a fixed
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When it comes to choosing a mortgage broker or mortgage adviser, there are quite a few things to check out and carefully consider. This article will help you to ask the right questions, so that you can choose a broker that suits you. For example, you’ll need to know whether a broker will charge you
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When you’re thinking about buying your first home or moving up to your next home, it helps to get your head around the acronyms and jargon that lie ahead. If someone’s using these abbreviations without first explaining what they mean, be sure to ask. There are no silly questions when it comes to making good
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One way to reduce some of the stress of finding and owning your first home, or moving up to your next home, is to plan ahead for the extra costs involved. That way there’ll be less chance of nasty surprises that blow your budget and ruin the fun. Everyone has their eye on mortgage repayments,
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With house prices accelerating in recent years and deposits outpacing first home owners’ best efforts to save, parents are now helping their children into a first home more than ever before. While parents and their children might prefer to remain independent, for many it’s the only way to secure home ownership. So here’s an overview
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Most people think about breaking their fixed rate mortgage when interest rates are falling and they see lower rates than the one they’re on. But even if fixed interest rates are climbing, you may be worried about how high the rates will be when your current fixed interest rate ends. And that could have you
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Whether you’re a first home buyer, looking for your next place or building a home, one of the most important rules is to know what you can realistically afford. And what you can afford isn’t the same as what you could pay if you really squeeze every last drop out of your income. It means
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For some years now, New Zealand’s main banks and other mortgage lenders have been known to offer a cashback reward to eligible customers when they draw down (start) a new mortgage. It’s typically a lump sum cash payment of $1,000 to $3,000 – or even significantly more, depending on how much you’re borrowing. In this
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Moving from one mortgage provider to another involves applying for and getting a new loan, then using that loan to repay your old one, so it can be discharged. People switch lenders a lot more often these days, whether they’re buying a new home or refinancing an existing property. If you think your current mortgage
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Are you considering a land purchase to build on straight away or to hold for future plans? Or maybe you want to build an investment property from the ground up? This guide will help you get started on the road to your ideal section, lifestyle block, or land and house package. Where is the best
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Understanding how lenders calculate your mortgage interest is the first step to finding ways to pay less interest over the life of your loan. To help you along, here’s a summary of where the interest goes, what affects interest rates, how your regular interest payment is calculated and ways to reduce the interest you pay.
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The yield on any investment usually refers to how much money it makes each year as a percentage of the amount invested. This percentage sometimes includes any increase in value, as well as the interest or other income generated by the investment. But when it comes to a property investment, yield usually considers the rental
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If you’ve had to deal with financial hardship or simply forgot to pay some bills in the last five years or so, you may find it difficult to get a mortgage from a bank. In this guide we look at how you can end up with a bad credit record, what you can do about
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A fixed rate mortgage has an interest rate that doesn’t change over an agreed period of time – six months, or one, two, three, four or five years. Fixed rates are typically lower than a floating rate. Also known as a ‘fixed mortgage’ or ‘fixed home loan’, this type of mortgage is popular with New
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When you start planning to buy a home, there’s a lot of jargon to get your head around. But most of it is easily understood, so you’ll soon be talking like a seasoned home owner. If a lender or mortgage broker ever uses a term you don’t understand, be sure to ask what it means.
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Owning your own home, or intending to, has been a New Zealand tradition for generations. But that doesn’t mean it’s still the best option for you today. People used to smoke on aircraft, we were once encouraged to save a tree by using plastic instead of paper and bars had to close at 6pm. Things
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Until recently, the commentary around interest rates has been a bit like taking a roadie with young kids. It’s been dominated with that age-old question, ‘are we there yet?’ And just like the usual back seat pleading, we’ve also heard plenty of ‘how much further?’ and ‘I want an ice cream’. In this case the
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Buying a house off the plans that hasn’t been built yet can seem pretty scary. You’re usually signing up to a massive new-build loan for something with thousands of components that doesn’t even exist yet. How do you know what the finished home will be worth and whether you’ll end up getting what you expected? The good news
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If you’ve owned a property for a few years you could have a good amount of equity tied up in it, particularly after the increase in property values during the Covid years. It may be possible to use this equity for the deposit on another investment property. This other property could be your next family
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Commercial property has provided investment opportunities for generations of New Zealanders. Options range from direct property ownership to investing in shares of commercial property companies. While most Kiwis are more familiar with residential property investment, there has been increasing interest in commercial property investments over the years. Most recently, market commentators have reported a surge
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Going shopping for a home – either your first or your next – is always an exciting time. The secret to making it a positive experience is having a realistic picture of how much you can afford to pay, so that you can view properties that fall within your budget. To get the clearest view
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When you have a mortgage ticking away with regular repayments happening automatically, it can be easy to simply let things continue as they are. But finding little ways to repay your mortgage faster will have an ever-accelerating effect. Every little extra you pay off will immediately reduce the interest you have to pay each time.
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The journey from scanning the real estate pages to signing up for a mortgage has many steps. We’ll walk you through the process, so there are no surprises. The more you know before you get in touch with a lender, the better. Step 1: Have a casual chat with your lender or broker Getting your
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When you’re borrowing to buy a home or an investment property there are several different types of mortgages to choose from. Once you understand how they work, and the pros and cons of each, it’s easier to pick the types that might suit you best. Most people choose a combination of two or more. It can
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Once you have a mortgage, it’s a good idea to keep a regular eye on how it’s performing for you. You should revisit things every six months or so, just to ensure you’ve still got the best arrangements in place. However, with everything set up on auto-payments and your budget fine-tuned for home ownership, it’s
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A revolving credit mortgage is like an all-in-one bank account with a large overdraft facility. It lets you draw down a loan, put money in and take it out whenever you choose, provided you don’t borrow more than your limit. The interest is calculated daily, so you can use your income to reduce the loan
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