On December 1, 2021, the laws around lending money to consumers in New Zealand were changed. Under the new regulations, all lenders are required to follow robust processes to determine a borrower’s income and expenses, in an effort to ensure lending is both affordable and suitable. If you are considering borrowing money – whether a new loan or topping up - it’s important you know how these changes affect you and what to expect as a borrower.

Recent changes to lending laws and tighter loan-to-value restrictions (LVR) have required banks to take a more conservative approach to approving finance. These changes are impacting borrowers who no longer meet banks’ lending criteria, with many now turning to non-bank lenders as a financing option. Unlike traditional banks, non-bank lenders are not subject to LVR and tend to offer greater flexibility around low deposit lending. For borrowers struggling to get bank finance approval, non-bank lending could provide a solution.

If you need to crunch your numbers in a hurry, why not start with the online calculators on the Mortgage Express website? From calculating the cost of your repayments, to how much you could save with a split loan or by making extra repayments, work it out online using these handy calculators. Here’s an outline of what each calculator does.

Many young people turn to the “Bank of Mum and Dad” to help buy a first home. By using their own home as security to guarantee part of the deposit, parents are helping their children get into a first home much sooner. If you’ve been asked to step in and act as guarantor, it’s important you understand just what it is you’re guaranteeing, and how it could impact your own financial position.

Working with a mortgage adviser not only puts you in the best possible position when it comes to applying for a home loan – particularly as a first home buyer – it also means you have access to a much greater selection of financial options, which means finding the right mortgage to fit your unique situation. But that’s not all. Read on to find out why it pays to work with a mortgage adviser when applying for a mortgage – be it owner-occupied or investment.