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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.

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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.