Buying guide
How to get a mortgage
A quick guide to understanding your borrowing power using the new LoanMatch mortgage potential tool.
18 January 2024
Content provided by our partner mortgages.co.nz
When you’re looking at property - to live in or for investment - thoughts about finance constantly churn around in your mind. Can you get the loan you need? How much could you borrow? What would the repayments be? How should the loan be structured? Who could give you advice about the best approach to borrowing? How do you know if the advice you’re getting is any good?
Getting answers to these questions is essential, because they point to the type of property you can buy, where it could be located and how long it will take to pay back the required loan.
Getting the home loan answers you need
Understanding your home loan position isn’t always quick or easy - especially when the borrowing landscape is constantly changing. Fluctuating interest rates, loan-to-value restrictions (LVRs) and the possibility of debt-to-income (DTI) rules are challenges that make it hard to get a clear picture of your borrowing potential.
You can talk directly to a lender or mortgage broker about your situation, but this doesn’t always happen quickly. The process can sometimes take several days or weeks of emails, missed calls, voicemails, txt messages, returning calls, budget reviews and meetings. And then the outcome could be disappointing, so it feels like you’ve wasted a lot of time, energy and emotional commitment.
Also, you might feel like you’re not talking to the best person – the mortgage broker space is increasingly crowded, so the quality of the advice you receive might not be ideal.
A fresh approach to home loan information
The team at mortgages.co.nz understands those problems and the frustration that comes with them. Since 2020 they've been building resources that aim to help New Zealand property buyers including their new LoanMatch tool, a quick and easy online tool that provides a real-time digital assessment of your chances of getting home loan approval.
Try the LoanMatch tool, then find good advice
LoanMatch is a free service that can help you to understand where you stand in the borrowing market.
If LoanMatch suggests you have a good chance of getting home loan approval, you can move to the next step – getting trusted advice from an expert mortgage adviser.
LoanMatch provides a selection of advisers from a hand-picked panel and lets you read their profiles and customer feedback before choosing the one you’d like to connect with. Every adviser available through mortgages.co.nz has been carefully selected for their expertise, reputation and track record of successful loan applications. Also, the advisers we recommend work with a wide range of bank and non-bank lenders, so you get the benefit of more options for borrowing.
Working with a mortgage adviser has become the most popular way to get a home loan in New Zealand. More than 60% of Kiwi now engage a mortgage adviser when they want a new loan or to refinance.
Your relationship with the adviser you choose begins with an online video meeting at your convenience. There’s no charge and no obligation to move to the next step. You stay in control at all times.
Authors
Jo is one of New Zealand’s most experienced web content writers. Her special talent is being able to slip into the audience’s shoes, to make articles relevant, useful and engaging. Jo’s work for the financial services sector spans more than three decades.
Head of Strategic Partnerships - mortgages.co.nz
Karina has worked in the mortgage sector for the last two decades, and is considered an industry expert. As a content author she has a database of financial advisers who share her weekly commentary through their social and digital channels. A well-respected and popular member of the industry, Karina was recently recognised as one of the ‘Elite women in mortgages 2023’.
