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How much can you borrow?
If you're looking to find out how much you can borrow or what your mortgage repayments might be, you've come to the right place.
Give our mortgage calculators a whirl.
This will take about 30 seconds
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.
How much can I borrow for a house?
We'll quickly work out how much you could borrow towards purchasing a home, just tell us a little about your financial situation.
What will my Mortgage repayments be?
Work out your regular repayments and how quickly you could pay off your home loan.
Our advisers are paid salaries, not commission
This means our advice is impartial, and you know you won't get pushed into a loan you don't want, or can't afford.
Better mortgage rates
We arrange around $1billion of loans per year which gives us negotiating power and access to better rates.
Better technology
Our online application takes less than 10 minutes, and will help us focus on what's most important to you.
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Getting your ducks in a row
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.
Bank of mum and dad
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.
Get schooled up so you can make smarter decisions.
The more you understand about borrowing for a house, the more likely you will be to make more informed decisions that work for you. We've written a few articles that we think you'll find helpful.
All articles
How much can I afford to borrow?
It's one of the first questions that anyone looking for a home loan needs to ask themselves.
Is the amount I'm borrowing manageable?
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Top 5 first home buyer tips
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Figure out what income you're left with after expenses
When the banks look at your affordability, they factor in your UMI (uncommitted monthly income) to make sure you’re left with enough to live after all your bills go out. The amount they assume varies between lenders and also depends on the loan-to-value-ratio (LVR), but aim for $300 per adult at the very least. You'll also get asked for three months’ worth of bank statements as part of the loan application, to see what your spending habits are like.
Monthly subscriptions affect your borrowing power
You’d be amazed at how much more you can afford to borrow if you reduce your monthly expenses. Things like Netflix, Spotify, gym memberships and consumer finance bills all add up, reducing the amount you can borrow. For example, $100 of subscriptions per month equates to a reduction of about $18,000 in borrowing power. It might be time to kick something to the curb.
Keep an eye on interest rates
Interest rates are at an all-time low at the moment, and they can’t stay there forever. Even though they're mostly under 4%, the banks will test your affordability at a rate of around 7% to make sure you’ll still be able to afford the repayments if rates were to rise that high. It’s hard to imagine that when they’re this low, but make sure you factor this in when doing your calculations. Our calculator above has got your back, and already factors in the 7% test rate.
Zosimo
Auckland, [New Zealand]
Baz was always quick to respond and gave me advise and several options on my mortgage. He handles everything at the bank side and was able to secure me with cash back. Great work.Z
Nikhil
Auckland, [New Zealand]
Eleanor was very helpful and guided us throughout the process. Eleanor always responded to our queries regardless of how small or big it was and made the whole process stress free for us as a first home buyer. Thank you Squirrel & Eleanor NikhilN
Barbara
Auckland, [New Zealand]
Ben Goldsmith is an excellent mortgage broker. His communication was warm & efficient & he was quick to respond to our queries. He came highly recommended from a real estate agent we know & we will recommend him to our friends & colleagues.B
Ritnesh
, New Zealand
Sudam gave me good advise from start ti finish for my home purchase. Very knowledgeable and efficient person.R
Jaimin
, New Zealand
Aatish was really professional and panctual on communication to keep.me up to date with what happening with application and made refinance process very easy. Awesome customer service!J
Tanya
Hawkes Bay, [New Zealand]
Paul was recommended to us and we're so glad he was. Paul went above and beyond excellent service. Answering all our first home buyer questions and genuinely listening to us and giving us sound advice.T
Joel
Auckland, [New Zealand]
JB was super helpful, proactive and prompt. He quickly understood what I needed from this loan, researched the market and gave me a clear range of choices. After we discussed how to proceed, he made it happen super quick. Well done.J
Gaelyn
Auckland, [New Zealand]
It was easy from start to finish. I felt well informed and my needs were exceeded. A very simple and satisfying process.G
