This is based on our observations and feedback from clients. Our intention is to survey our newsletter mailing list annually to update this reference table.

Lender Positives Negatives
ANZ
  • No fixed rollover fees
  • Simple low rate variable product
  • Will do standard apartments to 80%
  • Can pay 5% off fixed rates for free
  • Bit more paperwork when it comes to locking in fixed rates
  • Credit policy tighter than other banks
ASB
  • Real time banking
  • Best parental guarantor policy in market
  • Less worried about servicing provided there is good security
  • Less competitive on pricing
  • Fixed rate rollover fees
  • Won’t do apartments
  • Tight credit policy for investors (max 70%)
BNZ
  • Will lend up to 95% at 1% premium to rates
  • Variable Offset Product
  • Excellent prepayment policy
  • Fixed rate rollover fees
  • Fees generally higher or charged more often
National
  • No fixed rollover fees
  • Will do standard apartments to 80%
  • Good guarantor options for first home buyers
  • Excellent prepayment policy
  • Older products – less flexible around repayment options
  • Credit policy tighter than other banks
KiwiBank
  • Can borrow up to 95% but most expensive bank and least flexible above 80%.
  • Consistently competitive rates
  • Can pay 5% off fixed rates for free
  • Most punitive fixed rate prepayment fee policy in market
  • Most expensive low equity fee in market
  • Poor service levels and turnaround times.
  • Strict credit policy