Help Centre

Welcome to the Nomey help centre. Unjumbling money to help Kiwi's be better off

For many of us, buying a new home is one of the biggest purchases we will ever make. And unless you’ve recently won the lottery, you’ll likely have to borrow some money.

Mortgages can be confusing, with many options available to suit a large range of needs and situations. We want to take away the confusion by giving you information to help you start looking for the best options for you, so you can enjoy the prospect of buying your new home.

What type of mortgage should you choose?

Getting the right mortgage depends on your circumstances.

Nomey can help you:

  • find which types of mortgages are available to you.
  • pick the mortgage term you want
  • find the best mortgage rates
  • check which fees apply.

The amount of mortgage you can afford is based on your yearly income and any financial commitments you already have. If you want to see how much you could borrow, you can use our budgeting calculator.

It's easier and quicker find the best mortgage for you when you compare products with Nomey.

Compare mortgage deals

To help you work out which one is best for you, look for one that:

Costs less: How much your mortgage costs depends the interest rate and any fees. Compare every deal that fits what you need to find the best mortgage interest rates, lowest fees and the right loan to value ratio (LVR).

Will accept you: Some mortgages are especially for specific types of borrowers, such as first-time buyers. Not all mortgage offers are suitable for everyone. Applying for the right types of mortgage can avoid wasting your time and damaging your credit record.

It’s important to remember though that the actual mortgage deals you’re offered when you go to make an application may differ because they will then be influenced by your financial situation and credit history.

What type of mortgage do you want?

When you take out a mortgage, there are different types of interest rates available. Getting the right mortgage interest rate could save you money or give you a guarantee that your payments won't increase for several years.

 With fixed rate mortgages, the interest rate is set at the start and stays the same until the fixed term ends. This means your mortgage repayments are the same each month. Generally, interest only mortgage rates are higher. But, if the Reserve Bank of NZ (RBNZ) increases the Official Cash Rate (OCR), you could end up saving money as your mortgage repayments won't rise with it.

At the same time, if the OCR happens to fall, you can't take advantage of lower interest rates without having to break your existing mortgage, and you may have to pay fees.

With a variable rate mortgage, rates are often lower at the start, but they could increase. This means your mortgage repayments can go up and down based on factors outside of your control, such as the economy and the OCR.

Our mortgage repayment calculator can help you work out the potential monthly payments, based on different interest rates.

What is LVR?

LVR stands for Loan to Value Ratio and relates to the size of the loan available in relation to the value of the house or asset you are wishing to buy.  When applying for a mortgage, regardless of whether you can afford the loan or not, there are restrictions on how much money you can borrow based on the value of the house.

Most banks will lend up to an LVR of 80% as standard, which simply means if the house is valued at $500,000 you can borrow $400,000.  However, in rare cases and with certain restrictions and requirements being in place, you may be eligible for a higher LVR, up to 95%. 

The more money you can save as a deposit, the less you’ll need to borrow as a mortgage loan – and having a bigger deposit can help you get access to more competitive mortgage rates.

Should I break my mortgage for a new lower rate?

This is simply not a straightforward answer.  When it is time to renew your mortgage, you should  look at all the available rates in the market. If the rate is lower, you then need to do some research.  Starting with “are the any fees for breaking my current mortgage agreement”.  These can sometimes be rather large and negate the benefit of a lower rate.  Outside of this, you may also want to consider how long you have left on your mortgage.  If you only have a year or 2 to go, the change may be more trouble than the savings are worth.  But if you have a full 20 years or so to go, the savings over time could well make up for any fees for changing. 

Save a deposit

The more money you can save as a deposit, the less you’ll need to borrow as a mortgage loan – and having a bigger deposit can help you get access to more competitive mortgage rates. If you have Kiwisaver and are a first home buyer you may be eligible to use some of this for your deposit. Check out the eligibility criteria with your Kiwisaver provider.

General Information

Be Prepared

Before applying to borrow money, make sure you can provide the following items:

  • ID (Drivers’ licence, Passport etc),
  • Proof of Address,
  • Payslips or a Bank Statement (for income). 

Lenders must prove who you are (ID and Proof of Address), and they must make reasonable enquiries about your income and expenses under Responsible Lending requirements.  If you do not have these items readily available, it may delay the decision for your application.

Finding the Right Loan

If you have a specific reason for needing to borrow money (like buying a car), make sure you look around.  Most lenders will ask you what the loan is for, but this is not just to tick a box.  Sometimes lenders can offer better rates based on the loan purpose, especially when it comes to auto loans.  These loans may require you to offer security, in the case of a car loan it would be the vehicle you are buying, it’s a small request which may save you money in the long run.

Retail Credit Cards vs Bank Credit Cards

Credit cards are not just available from your bank, some are available from smaller financial institutions.  These cards are generally in relation to a retail purchase and contain potentially generous promotional terms.  These can range from Long Term Interest Free to Deferred Payment options and are one of the best ways to get that new fridge now without a large added cost.  Retail cards, like bank credit cards, can also be used for normal purchases in store or online, but make sure you pay attention to the interest rate.  The interest rate can sometimes be much higher than a bank credit card to make up for the promotional offers that can be available.

Retail Finance Promotional Terms

When taking a finance option for a retail purchase, you may be offered one of a few different promotional offers.  While they can all have benefits to you as the consumer, you need to be aware on what each offer means so you don’t fall foul of any unexpected costs like fees or lump sum interest.

Interest Free: This term is as its sounds.  Your purchase will be interest free for the specified term.  At the end of the term, if you have anything left owing on your purchase, you will get charged interest on that remaining balance only.  Payments must still be made every month towards the purchase.  Whether that is just a minimum payment required like a credit card (3%) or fixed amount, you cannot just forget about it – Interest Free not Payment Free.

Deferred/Deferred Interest Free: There are 2 standard versions of the Deferred promotional offers.  First is the straight deferred which requires no payments during the specified period.  During this time, you will also not be charged interest, however you will begin incurring interest at the end of that term on any remaining balance.  The second option which is even better for you is the Deferred and Interest Free option.  This starts with a deferred payment period, followed by an extended interest free period once payments are required.

Equal Payment Options: Today most “Hire-Purchase” offers are done via credit card options – Gem Visa, Purple Card, Q Card being some of the main options.  As such most offers only require a 3% minimum payment each month, which may not complete your purchase within the promotional term.  But Equal Payment offers are designed to address this concern for some customers.  Equal payment offers will split the cost of the purchase across the term to have it completed on time.  Just make sure you check the terms, as these offers can be either interest free or interest bearing, meaning it could cost you more for the convenience of equal payments.

Don't Over-Commit

Just because you can afford it, does not mean you should borrow money.  A great example of this is the rise of the Buy Now Pay Later (BNPL) options on small retail purchases.  They can be great for short term, interest free offers and are usually spread over 4-10 small equal weekly payments.  But like all finance, you are still required to pay it all back and if things go wrong, or you take on too many finance options, you can get yourself into a debt spiral.  This occurs when your income comes into your bank it is used to pay for that new outfit or TV.  Then because you have started with less money to spend that week, you take another retail finance offer to replace your shoes that broke.  And the cycle continues.  Always make sure you have a clear plan to pay for any finance you take out, not just BNPL, but all finance options.  Finance should work for you, not the other way around.

Struggling with your finances?

If you’re struggling with your finances and you think you might not be able to make your repayments, you should call your lender as soon as possible. They will be able to discuss your options with you, such as working out a manageable repayment plan or making a 'Hardship Application'. You can find more information here about "Hardship Applications'.

Alternatively you could get in touch with MoneyTalks a free helpline available to provide free budgeting advice to individuals, family and whānau.

What is AML?

When applying for finance you may hear the term AML or AML/CFT being mentioned by the provider in relation to having to send proof of address, or a copy of your ID.  AML is the short for Anti Money Laundering and Countering Financing Terrorism Act which was brought into New Zealand in 2009.  This Act means finance providers are required to verify all consumers who wish to take out finance with them, among other requirements.  This requirement cannot be waived for new customers, so unless you are an existing customer and have completed this process previously, you will be required to prove who you are before you can borrow any money.

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Having a good credit score can give you better options when it comes to applying for credit.

Because your credit score is a gauge of how responsibly you manage your financial accounts, a high score will give a lender confidence that you’ll pay back whatever you borrow. As well as improving your chances of being accepted for credit, a good credit score also means you have a better chance of getting more competitive interest rates on loans and credit cards.

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About Nomey

Unjumble your money with Nomey and be better off!!

We believe that with a little bit of help, anyone can unjumble their money and be better off.

Nomey is a financial comparison website with a difference. Think of Nomey like your personal financial GPS. When it’s not clear which way to go with your financial choices, tell us where you want to go, and we’ll help you know your position and point you in the right direction. The more information you share, the better we can customise your search results so you can easily compare the options that best match your personal situation and the providers that are more likely to say yes - so you don’t waste your time exploring dead ends or unrealistic options.

Because personal finances can sometimes be confusing, we have handy, unbiased tools, calculators, and tips to help you have a better understanding about the best options for you.

By signing up with Nomey you’ll be able to access your credit report and credit score for free to ensure that your data is accurate.

How it works

Knowing you is key to how we work.

You can use Nomey to find and compare financial products without signing up. However, the better we know you, the more we can identify the financial products that best fit your personal situation and needs, assess the affordability, and generate a chance of approval on your search results, so you can make an informed choice about what’s best for you.

When you search for a financial product on Nomey, we combine the information you share when you register with the acceptance criteria from a range of credit providers to customise your search results. This enables you to see a list of the financial products available, including rates and fees, and a “chance of approval”* for each credit provider, so you can choose a product that best fits your personal situation.

Once you select an offer or product that best suits your needs from the customised search results, you’ll be taken to the credit provider’s website where you can complete the application.

* A “Chance of Approval” is only available for registered users that have completed their profile page and consented to use this information when searching for products.

Who are Nomey?

Nomey has been created by experienced Kiwi fintech innovators, Happy Prime. With over 100 years of combined experience within the New Zealand finance industry, we understand how finance works and how confusing it can be. We want to use our knowledge and skills to unjumble money to help all Kiwis be better off.

Contact Us

Have a question or some feedback for Nomey? Drop us a note below and we will get back to you shortly.

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Nomey Limited trading as Nomey (FSP735451) holds a licence issued by the Financial Markets Authority (FMA) to provide digital “generic” financial adviser services. Click here to view our full disclosure statement.

Nomey is an independent comparison website, we are not a product issuer or credit provider. We may be compensated if you successfully apply for a product via our website.

Our loan providers offer fixed interest rates ranging from 5.03% to 29.95% per annum on 6 to 84 month terms and charge an establishment fee from $150 to $1000. Our providers may charge additional fees which will be disclosed on their site and should be reviewed before proceeding with any application.

We work hard to ensure the information displayed on our site is accurate. If you choose to apply for a product via our website, you will be dealing directly with the provider of that product and you should confirm the accuracy of any information with them. It is important that you read and understand any information provided by the product provider and if anything is unclear you should get independent advice before proceeding with the application.