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Buying your first home, investing in property or just keen to review your mortgage?
Fill out our online applicationHow 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?
With interest rates now being as low as they have been in years, there are a huge number of people deciding to take ...
Top 5 first home buyer tips
Starting a new role at a new company is always an exciting time. For me, leading up to my start date here at Squirre...
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.
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Claire
Takanini, [New Zealand]
Emma was fantastic, she made the whole process stress free, she was great to deal with and explained all options open to me. I will definitely be a returning customerC
Anonymous
Eleanor was amazing, I used her a few years ago but it all fell apart. But this time it was all sorted and she really pulled throughA
Amy
Glenbrook, [New Zealand]
We found the staff easy to talk to and if we had any issues they would sort it out in a reasonable time.A
Seugnet V
Auckland, New Zealand
I highly recommend Sudam Salunke who has assisted me with excellent service. He has achieved an absolute great financial outcome for me. He is just a brilliant advisor.SV
Timothy
Auckland, New Zealand
Lindsay always gave great advise and was almost always available which was really handy while dealing with the whole situation.T
Eva
Auckland , New Zealand
Emma was fantastic to deal with. She was fast to respond to emails and always took the time to answer all of our questions, no matter how trivial. She managed to get us a great rate, and provided us with some valuable advice as first home buyers.E
Lutz H
Auckland, New Zealand
Lindsay was very thorough and approachable. Nothing was ever a problem and his attention to detail is outstanding. Felt safe and in good hands.LH
Maria N
Our broker was always on hand to answer queries and provided open and honest information and assistance. This was our first rental property we had purchased and we were very satisfied with the mortgage outcome and would recommend this service to others.MN
