Could you be saving money on your mortgage?
Try out our refinance calculator to see if you could save on interest or get cash immediately by refinancing to a new bank.
Reasons to review your mortgage
These are some of the lowest mortgage rates we’ve ever seen and they won’t last forever.
Lending criteria is becoming stricter so make sure your current mortgage structure is future-proofed.
Changing how your mortgage is set up could free up much needed cash flow.
With just a little discipline you can pay your mortgage off years faster and save a serious amount of money.
Maybe your mortgage is well structured and makes managing a budget too hard.
Strong growth is a key factor driving higher interest rates
The bounceback in economic activity in New Zealand since the first nationwide lockdown last year has been so strong that the unemp...Read More
What type of borrower are you?
Buying your first home
It's best to have pre-approval for a mortgage in place before seriously looking at houses. Pre-approval will give you a realistic idea of how much you can borrow, and how much deposit you need. It won’t tell you a lot about what sort of deal you’ll get as rates and cash backs are negotiated when you put a house under contract and before mortgage documents are finalised.
If you have more than 20% equity in your home, you're likely to get a cash back offer if refinancing from one bank to another. Cash backs are worth 0.50% - 0.80% of your mortgage balance and the amount also depends on what rates you get. The better the rates, the lower the cash back. Mortgage brokers are constantly negotiating rates, so are in a good position to know what deals are available.
Buying an investment property
Lenders are tightening up their criteria and property investors who have commercial properties in their portfolio, or more than six residential rentals are increasingly being charged slightly higher mortgage rates. With more capital changes in the pipeline, the rate difference between investment property and owner-occupied property is likely to become greater. Make sure you have a plan.