Refinance calculator | MortgageRates.co.nz

Mortgage Calculators

Use our mortgage calculators to make smarter decisions that save you money in the long-run, work out how much you can borrow, what repayments you'd be looking at and whether or not you should refinance.

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.

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Property details
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Mortgage details
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Calculate savings

Tell us about your property

Add the details of your property and summary of your mortgage below

Property Value
Check the value at homes.co.nz
Total owing on the property
Is your mortgage split into multiple loans?
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Is your mortgage over 3 years old?
Did you receive a cash back when you received your mortgage?
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How Lenders assess your affordability

Lenders test your ability to afford a mortgage by looking at your repayments over a 30 year term, based on a test mortgage rate of around 7.00%.

Lenders will include 100% of your PAYE income, or the average of the past two year's business income if you're self-employed. For investment properties, lenders will include 75% of the rental income. For owner-occupied properties, lenders have varying boarder income policies however you can typically count on up to two boarders at $150 each per week.

The other big factor when it comes to affordability is disclosure of expenses, which get assessed on a more granular level. Living expenses are assumed around $800 per adult per month and $400 per child along with allowances for insurance, rates, utilities and cars.

Lenders are looking for affordability to be evident in account conduct and bank behaviour. For a first home buyer, the amount you save plus your rent plus discretionary expenses is a good indication of how much you can afford.

Tips to increase how much you can borrow