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Banks want to lend to you. That's how they make their money. This means they'll often let you borrow more money than you can actually afford. We’ll help to give you an idea of how much you can afford to borrow. Simply enter a few basic details into this handy mortgage calculator.
Already know how much you can borrow but keen to know how your repayments will be affected by a change in the total amount of your mortgage, the term or the interest rate? Just pop your details into our quick mortgage repayment calculator below and see how the payment amount is affected.
We'll quickly work out how much you could borrow towards purchasing a home, just tell us a little about your financial situation.
*Based on an interest rate of 7.5% p.a.
Fill in our hassle-free form to get your mortgage underway.
Work out your regular repayments and how quickly you could pay off your home loan.
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Our experienced brokers aren't paid on commission, which means our advice is reliable and unbiased
It might seem like a minefield of jargon but it doesn’t have to be.
Having the right home loan solution in place will save you thousands.
Basically, banks won't lend the full amount for a house - you need to be able to put down a deposit, and the more the better. You may be familiar with 20% as the magic number, but the reality is if you're in a strong financial position we can work with as little as 5% deposit. Most people will need around 10% deposit, and if you can fork out a whopping 20%, you'll access the banks' most competitive rates and avoid low equity fees.
The banks' appetite for lending more than 80% has been increasing recently which is excellent for first home buyers. In January 2018 the RBNZ (Reserve Bank of New Zealand) loosened their rules, and then again in January 2019 to allow 20% of total lending for owner-occupied houses with less than a 20% deposit.
If you're eager to put down a 20% deposit but don't have enough, the easiest and cheapest way is to use your parents to guarantee that part of your 20% deposit you don’t have.
Their guaranteed portion will be secured over their property or it can be secured over a term deposit, so you're not asking them to fork out cash, it's more like putting a 'hold' on their existing equity until you've paid that portion back.
In the event they use a term deposit as security, the term deposit stays in your parent’s name and they continue to earn interest on it. Guaranteed home loans are treated the same as loans under 80% so you get great interest rates, there are no fees, and you’ll even get a cash contribution from the bank. On a loan size of $400,000 you will save around $10,000 using this option. Using a guarantor makes strong financial sense, even if you can go it alone.
See for yourself what our clients think with over 1054 5 star reviews on Shopper Approved.
Emma was ultra responsive, very helpful and made the mortgage process for a first time buyer (from overseas) super simple and pain free. Would highly recommend her and Squirrel! Planning to get in touch on the next purchase.K
We worked with Sam Ludbrook. He was great at securing a low rate and explaining the various options for us and tireless in chasing me up despite my travelling vastlyL
Leigh , New Zealand
Shaun is AMAZING! I would highly recommend him to anyone. We are young investors and he assisted us in purchasing our first two investment properties and made the process that was so daunting so easy for us!AL
Auckland, New Zealand
Really efficient and quick. Got a better rate than I could on my own and arranged a bigger loan on short notice. Thanks.K
I have used Squirrel for several years and have brought a friend and family members for help with their mortgages.NS
Tauranga, New Zealand
We have always found Squirrel awesome to work with. They provide informed advice in a timely manner and make the whole process really easy!CS
Bay of Plenty, New Zealand
We had fantastic service right from the word go. With just the right amount of backwards and forwards emailing and phone calls. Our broker was really friendly and professional.GV
Tauranga, New Zealand
Wanted to say: Tell Jess's boss to NEVER let her go, she is absolutely AMAZING! Always helpful, fast and friendlyMR