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What do I need to know about mortgages in New Zealand?

The following is all you need to know about taking out a mortgage in New Zealand.

Your home is likely to be the biggest purchase of your life, and a home loan your biggest financial commitment. Choosing the right loan and repaying it quickly can save you thousands of dollars. It can also free you up faster to look at other goals in your life.
In this section, you'll find the following information:

• Introduction
  Where to start and the first things to think about
  
• How much can I borrow?
  Knowing what size loan you can get determines the sort of home you can buy - and how quickly you'll be debt-free
  
• Types of mortgage
  You need to choose between loans with fixed or floating interest rates, and between different ways of making repayment
  
• Special types of lending
  Alongside the more popular lending types there are also some special types of lending for different situations and stages of life
  
• Where to get a mortgage
  You can borrow from a bank or another type of lender, or get a broker to find a good deal for you
  
• Striking a deal
  How to apply for a loan and negotiate the details
  
• Managing your mortgage
  Some occasional fine-tuning or even switching to another lender could get you mortgage-free faster
  
• Mortgages for investors
  Choosing the right loan can boost your investment returns
  
• Fees and interest rates
  Knowing how fees and interest rates work can help you find a good deal
  
• Checklists
  Use these checklists to get the information you need from your lender or mortgage broker
  

This information has been provided by sorted.org.nz, a website run by The Retirement Commission to help New Zealanders make better-informed decisions about how best to manage their finances and to plan their future.

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