Mortgage Advisers

Mortgage brokers access multiple lenders (often 15-20+) and may be able to find competitive rates compared to going direct. Their service is usually free to you as they're paid by lenders. Go direct if you have a strong existing bank relationship with significant assets, or want bank-specific products. Many borrowers find brokers save time.

Most banks require 20% deposit for owner-occupied homes (e.g., $160,000 for an $800,000 house). First home buyers may qualify for 10% deposit loans under the First Home Loan scheme. Investment properties typically require 30-40% deposit. Your KiwiSaver can count toward your deposit after 3 years membership.

Fixed rates offer payment certainty for 1-5 years but limit flexibility and may have break fees. Floating rates move with market conditions—better when rates are falling. Many borrowers split their loan (e.g., 70% fixed, 30% floating) to balance certainty with flexibility. A mortgage adviser can help structure based on your situation and rate outlook.

Banks typically lend 5-6x your gross annual income, subject to their serviceability tests. For example, on $100,000 combined income, you might borrow $500,000-$600,000. Factors affecting this include your deposit size, existing debts, number of dependents, and credit history. A mortgage adviser can provide a more accurate pre-approval amount.

Mortgage advice is typically FREE to borrowers. Advisers are paid commission by lenders—usually 0.5-0.85% of the loan amount (paid by the lender, not you). Some advisers charge a fee for complex situations. There is typically no direct cost to the borrower for using a broker.