Start with the decision you need to make
A home loan comparison should begin with your goal. A first home buyer may need help turning a deposit into an approval and understanding the conditions attached to it. Someone moving home may need sale and purchase dates coordinated. An existing homeowner may be deciding whether to refix, restructure, top up or move lenders.
Those are different jobs. A useful recommendation needs to compare the whole arrangement: the loan amount, term, repayment type, fixed and floating portions, fees, incentives, flexibility and the conditions that must be met before settlement. An attractive rate does not rescue a structure that is too restrictive or a timeline that cannot be met.
Homelend starts by clarifying the decision, then works backwards through the evidence a suitable lender will need. If you want to understand our wider process first, see the main services overview or meet the advisers.
Buying a first home
For most buyers, the deposit is only one part of the approval. The lender also assesses income, expenses, existing debts, account conduct and the property offered as security. A preapproval gives you a useful price range, but it is conditional and is not the same as final approval for a particular property. Kāinga Ora explains the difference in its official home buying guidance.
Some eligible first home buyers may be able to use a First Home Loan with a 5 percent deposit. This is not automatic: Kāinga Ora eligibility requirements and the participating lender's criteria both apply. Check the current position directly on the Kāinga Ora home ownership page.
KiwiSaver may also form part of a deposit. Inland Revenue says an eligible first home buyer must have been a KiwiSaver member for at least three years and must leave at least $1,000 in the account after withdrawal. Your provider processes the withdrawal, so timing matters. Read the current Inland Revenue first home withdrawal rules before relying on the money for a contract deposit.
Our role is to put these pieces into one workable plan and show you what remains uncertain before you make an offer.
Moving home without losing control of the timing
Buying and selling at the same time creates a coordination problem. The new lender may need evidence of the expected sale proceeds, confirmation of the debt being repaid and acceptable dates for settlement. If the sale and purchase do not line up, bridging finance may be considered, but it adds cost and approval risk.
We map the sequence before submitting anything. That includes the current mortgage, expected net sale proceeds, deposit available before settlement, any temporary borrowing need and the conditions attached to both agreements. Your solicitor remains responsible for legal advice and the contracts. The mortgage advice should fit the legal timetable, not work against it.
Refinancing and restructuring an existing mortgage
Refinancing means replacing lending with another lender. Restructuring can also happen with the existing lender by changing fixed terms, repayment types or account splits. Neither should be treated as an automatic saving.
The comparison needs to include break costs, legal or valuation costs, cash incentives and any commission clawback or adviser fee disclosed to you. It also needs a realistic time horizon. A small short term rate difference may not recover the cost of moving, while a better structure may still be valuable if it supports planned extra repayments or separates lending for clear purposes.
Reserve Bank restrictions contain exemptions for a refinance where the new loan does not exceed the original loan value. The exemption does not require a lender to approve the application, because each lender still applies its own criteria. See the current Reserve Bank LVR restrictions and DTI explanation.
If you are exploring a revolving credit strategy, use the channelling calculator as an illustration only. We have designed it to separate ordinary extra repayment effects from the additional result of the modelled revolving structure.
What we normally need to assess the options
The exact list depends on your income and transaction, but a useful first review commonly starts with:
-
Identification and confirmation of your current address.
-
Recent evidence of salary, wages, self employed income or other income being relied on.
-
Bank statements showing the deposit and ordinary account conduct.
-
Statements for existing mortgages, personal loans, credit cards and other limits.
-
The sale and purchase agreement once a property is involved.
-
Details of expected changes to income, expenses or household circumstances.
Providing a clean and consistent set of documents reduces avoidable follow up. It does not guarantee approval, but it lets the adviser identify gaps before the lender does.
What you should receive from the advice process
You should understand what is being recommended, why it fits the stated goal, what it costs and what could make it unsuitable. You should also know which assumptions still need to be confirmed. Homelend compares available lender options, prepares the application and manages lender questions through to settlement. The lender makes the credit decision.
Before signing anything, read the lender's final terms and your adviser's disclosure. Ask about repayment flexibility, early repayment limits, fixed rate expiry, fees, incentives and what happens if your plans change.
For shorter answers on deposits, KiwiSaver, borrowing capacity and adviser fees, visit the mortgage FAQ page. When you are ready to put numbers around your own position, start a conversation with Homelend.
This page provides general information only. Eligibility, lender criteria, product terms and government settings can change. A recommendation requires your current circumstances and documents.