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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.
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We arrange around $1billion of loans per year which gives us negotiating power and access to better rates.
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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
Banks will test your affordability using a higher test rate, compared to current interest rates. This might seem daunting with rising interest rates, but it’s a great way for you to make sure that you don’t run into any nasty problems with repayments if interest rates increase. Our calculator above has got your back, and already factors in the banks’ testing rates.
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Putaruru, New Zealand
Tim was awesome. I'm a customer experience manager and have no suggestions for improvements. Well done!S
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Lincoln, New Zealand
Eleanor and the support team was great refixing a portion of mortgage. Have used squirrel since our first house continues to provide great serviceS
Harry
Auckland, New Zealand
Jess Molony represents everything you want in a trusted advisor. She is knowledgeable and patient, has great communication skills and is highly responsive by phone and email ~ I am very satisfied.H
Victoria
Dunedin, New Zealand
Emma was great organising my mortgage, made it stress free and easy would definitely recommend and would use again the the need arises.V
Jordan
Auckland, New Zealand
Our broker was super helpful, from the first call all the way through to settling on our house. Super easy to talk to and contact, friendly and had so much knowledge that we really needed as first time buyers.J
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Hamilton, New Zealand
Awesome service a big Thank you to Aatish Balsara he was a pleasure to deal with and gave excellent advice.A
B
Te Awamutu, New Zealand
Simply brilliant! Two words are really all that is needed to express the service and outcome provided by Jessica Carr, our wonderful advisor. When we thought hope was lost, Jessica found hope and came through for us. Thank you Squirrel!!B
Patty
Auckland, New Zealand
I am very grateful for the services I have received from Basil Frank. He is professional and efficient.P
