Search studies, brands and more…⌘ KExplore research

Evidence · Home lending

The questions and original answers

Explore every question and captured response in the home-lending study, including answers asked nationally and from four cities.

questions
193
captured answers
1,094
AI platforms
4
collected
11 October 2026

01

Every question, with its answers

Each question was written as a voter would ask it and went to all four assistants. Some were also asked from a town. Open a question to read every answer to it in full.

Showing 20 of 193 questions

Show all 193

02

The tables behind the study

Every figure on the study page comes from these tables. They are CSV files, which open in any spreadsheet.

  • Question catalogue

    questions.csv

    One row per question.

    Question ID, borrower, exact question, group and collected answers

    193rows

    Download question catalogue (CSV)

  • Answers

    answers.csv

    One row per answer, with its full text.

    Answer ID, question ID, borrower, assistant, city, words, coded recommendations, showed a link and full text

    1,094rows

    Download answers (CSV)

  • Sources by answer

    sources.csv

    One row for each website recorded as a source of an answer.

    Answer ID, question ID, assistant, city, website and publisher type

    4,574rows

    Download sources by answer (CSV)

  • Checks against official sources

    checks.csv

    One row per statement checked.

    Check, answer ID, assistant, what the answer said, verdict, what the source says, source and date

    4rows

    Download checks against official sources (CSV)

  • Recommendation coding

    recommendation-coding.csv

    One row per coded national loan-choice or support answer.

    Answer ID, question ID, borrower, assistant, question group, recommended lenders and supporting passages

    360rows

    Download recommendation coding (CSV)

  • Platform comparisons

    platform-recommendation-counts.csv

    One row per platform, lender and question group.

    Matched panel, recommended answers, denominator and supporting answer IDs

    105rows

    Download platform comparisons (CSV)

  • City comparisons

    city-recommendation-counts.csv

    One row per city, lender and question group.

    Matched panel, recommended answers, denominator and supporting answer IDs

    112rows

    Download city comparisons (CSV)

Use these tables to trace findings back to the original questions and answers. The full text of each answer is also on this page, under its question.

03

Read in full and checked

Some answers were read in detail or checked against official sources. Those appear on the study page, beside the findings they support.

ChatGPT · National

My partner and I want to buy our first home. We both have salaried jobs and about a 10% deposit. Are we ready to start talking to banks, or should we keep saving?

My advice: start talking to banks now, while continuing to save. You don't necessarily need to wait until you've saved a 20% deposit before exploring your options.

As a first-home-buying couple in New Zealand, with two salaried incomes and around a 10% deposit, you're in a reasonable position to start finding out what you can afford. Whether you're ready to buy will depend on your combined income, existing debts, regular expenses, the size of your deposit and the property you're considering.

The goal at this stage isn't necessarily to get a mortgage immediately. It's to understand what a bank might lend you, what your repayments would look like, and whether waiting longer would put you in a stronger position.

1. Why a 10% deposit can be enough to start

In New Zealand, many banks prefer a 20% deposit, but they can lend to some owner-occupiers with smaller deposits. There are limits on how much low-deposit lending banks can do, so approval isn't guaranteed. Loan-to-value ratio restrictions - Reserve Bank of New ZealandReserve Bank to ease LVR restrictions - Reserve Bank of New Zealand

Here are the main options worth exploring:

2. What the bank will actually look at

Having two salaried incomes is helpful, but lenders will assess your overall financial position.

What they'll assess What you should aim for
Combined income Stable, documented income from both jobs
Existing debt Keep credit-card limits, personal loans and car loans manageable
Spending Show that you can comfortably cover expenses and save regularly
Deposit Have evidence of your savings and any eligible KiwiSaver withdrawals
Repayments Be comfortable with repayments even if interest rates rise
Cash buffer Retain money for legal fees, inspections, moving and unexpected repairs

Banks also operate under debt-to-income restrictions, which can limit lending when borrowing is high relative to gross household income. Understanding debt-to-income (DTI) restrictions - Reserve Bank of New Zealand

One important point: Don't assume that the maximum amount a bank is willing to lend is the amount you should borrow.

3. Should you save to 20% first?

I'd weigh it up like this.

Talk to banks now

Find out your potential borrowing limit, whether they'll consider a 10% deposit, what interest rates and low-equity costs may apply, and whether you qualify for any first-home assistance.

Keep saving in parallel

A larger deposit reduces the amount you need to borrow and may give you access to better lending terms. It also helps preserve a cash buffer after settlement.

Buy when the numbers work

You don't need to wait for 20% if a suitable loan is available and the repayments are genuinely affordable for you both.

You can start with a mortgage adviser or a bank's home-loan team. A conditional pre-approval can help establish a realistic price range, although the lender will still need to approve the specific property and confirm the loan before settlement. Confirming your finances

4. Let's work out whether you're close

If you share a few approximate numbers, I can help you estimate whether buying now looks realistic or whether another 6–12 months of saving could put you in a much stronger position.

Approximate figures are fine. Use NZ dollars and annual income before tax.

With those figures, we can look at the trade-off between buying sooner with a 10% deposit and waiting to build a bigger deposit, rather than assuming that one option is automatically better.

Ask anything

ChatGPT can make mistakes. Check important info.

Captured 11 October 2026

Gemini · National

My partner and I want to buy our first home. We both have salaried jobs and about a 10% deposit. Are we ready to start talking to banks, or should we keep saving?

You are definitely at the stage where you should start talking to banks or a mortgage broker, rather than waiting to save more.

Having a 10% deposit combined with salaried jobs puts you in a viable position under current New Zealand lending rules. You don't necessarily need to wait until you hit 20%.

Why a 10% Deposit is Viable Right Now

  1. Low-Deposit Lending Allocations ("Speed Limits"): The Reserve Bank of New Zealand (RBNZ) permits retail banks to allocate a portion of their total new owner-occupier lending to borrowers with a deposit of less than 20% (an LVR above 80%). While competition for these spots can vary, a significant share of this low-deposit lending goes directly to first-home buyers.
  2. Kāinga Ora First Home Loan Option: If your combined household income is under $150,000 (gross), you might qualify for a Kāinga Ora First Home Loan, which only requires a 5% deposit and is exempt from standard Reserve Bank LVR and DTI restrictions.
  3. The Reality of Saving vs. House Price Growth: Trying to out-save a rising property market purely through a savings account can sometimes feel like chasing a moving target. Getting pre-approval helps you understand your actual boundaries.

What to Expect When You Talk to a Bank or Broker

Be prepared for the banks to look far deeper than just your deposit size. Under current regulations, they evaluate your application using strict criteria:

  • Debt-to-Income (DTI) Caps: For owner-occupiers, banks generally cap total borrowing at 6 times your gross annual household income (though exceptions apply for a limited portion of their lending).
  • Serviceability Stress Tests: Banks don't test whether you can afford your mortgage at today's interest rates. They apply a stressed test rate (often around 8.5% to 9%) to ensure you can comfortably handle future economic shifts.
  • The 3-Month Rule (CCCFA): Banks will comb through your last 3 to 6 months of transaction statements. They look closely at spending habits, uncommitted monthly income buffers, and existing debt (including credit card limits, even if unused, and car loans).
  • Low Equity Margins (LEM): Because your deposit is under 20%, the bank will likely apply a temporary "low equity margin" (a slightly higher interest rate or a one-off fee) to your loan until you pay the principal down or the property value increases to an 80% LVR.

Recommended Action Plan

  1. Pull Together Your Numbers: Gather your recent payslips, KiwiSaver balances, proof of your 10% savings, and a breakdown of your regular monthly expenses.
  2. Check Your Credit Scores: Ensure there are no defaults or hidden surprises on your credit report via agencies like Centrix, Equifax, or Illion.
  3. Consult a Mortgage Broker (Free Service): Reach out to a registered adviser. Unlike going to a single bank, a broker can look across multiple lenders to see which bank has an appetite for 10% deposit lending and matches your income profile best.

Are you working with a mortgage broker yet, or would you like a breakdown of how to check your KiwiSaver and First Home Withdrawal eligibility?

Ask Gemini

Gemini is AI and can make mistakes.

Captured 11 October 2026

Google AI Mode · National

My partner and I want to buy our first home. We both have salaried jobs and about a 10% deposit. Are we ready to start talking to banks, or should we keep saving?

You are ready to start talking to banks or a mortgage adviser right now. Having stable salaried jobs and a 10% deposit puts you in a viable position to explore your borrowing capacity, even though standard Reserve Bank rules mean most home loans require a 20% deposit.

New Zealand banks operate under a "speed limit" system (Loan-to-Value Ratio, or LVR restrictions) that allows them to allocate a portion of their lending—typically up to 25% for owner-occupiers—to buyers with less than a 20% deposit. Because you have steady salaried incomes and a 10% pool, you may well fit into a bank’s low-deposit quota, or you could look into a brand-new build or a Kāinga Ora First Home Loan which can accept a 5% deposit if you meet income caps. [Opes Partners]

Why You Should Talk to a Bank or Broker Now

  • Determine Borrowing Power: Find out exactly how much a bank is willing to lend you based on your combined salaries and current Debt-to-Income (DTI) caps (which generally limit owner-occupiers to 6 times their income). [Opes Partners]

  • Understand Low-Equity Costs: A 10% deposit instead of 20% means you will likely pay a low-equity margin (LEM) —a temporary higher interest rate or fee added to your loan until your equity reaches 20%.

  • Map Out a Timeline: A professional can tell you if continuing to save makes a tangible difference or if you can enter the market sooner than expected.

Key Next Steps

  • Gather Documents: Prepare your last 3 to 6 months of bank statements, payslips, and proof of your KiwiSaver balances.

  • Compare Options: Consider speaking with a free mortgage broker who can shop around multiple major New Zealand lenders on your behalf, or approach your main bank directly.

  • Factor in Extra Costs: Remember to budget for upfront non-recoverable expenses like legal fees (solicitors), building inspections, and LIM reports.

If you'd like, let me know:

  • Your approximate combined household income
  • Your target house price range in your preferred region

I can help you estimate what your weekly mortgage repayments might look like with a 10% deposit.

Ask anything

Captured 11 October 2026

AI Overviews · National

My partner and I want to buy our first home. We both have salaried jobs and about a 10% deposit. Are we ready to start talking to banks, or should we keep saving?

AI Overview

Yes, you are ready to start talking to banks and mortgage brokers right now. While a 20% deposit is the standard benchmark in New Zealand to avoid extra costs, most major Kiwi banks actively lend to first-home buyers with a 10% deposit , provided you have stable salaried incomes to service the mortgage.

Talking to a professional early will give you a clear picture of your borrowing capacity and help you map out your next steps. Here is a breakdown of what a 10% deposit means for you in the current New Zealand market and why you should make the call.

Why You Should Start the Conversation Now

  • Get a Realistic Budget: Banks don't just look at your deposit; they test your ability to service a loan at a higher "test interest rate." Speaking with a bank or a mortgage broker will tell you exactly what price range you can look at.

  • Identify Financial Blind Spots: They will review your bank statements and help you clean up your account conduct (e.g., reducing credit card limits, eliminating Buy Now Pay Later habits) so you look as low-risk as possible when you formally apply.

  • Understand Your "Low-Deposit" Costs: Lending with less than a 20% deposit is called low-equity lending. Banks charge extra for this, and knowing these costs ahead of time will help you budget:

  • Low Equity Premium (LEP): A one-off upfront fee (often 0.25% to 2% of the total loan amount) that is usually added to your mortgage balance.

  • Low Equity Margin (LEM): An additional interest rate percentage (typically 0.25% to 1.5%) added to your standard fixed or floating interest rate until your equity reaches 20%.

Government Help for 10% Deposits

When you speak to a lender, ask them if you qualify for government-backed products administered by Kāinga Ora (the government housing agency), which are specifically designed for lower deposit amounts:

  • First Home Loan: Under this scheme, selected banks can provide loans with as little as a 5% deposit. Because Kāinga Ora underwrites the loan, you can often bypass the expensive low-equity margins that banks usually charge.

  • KiwiSaver First-Home Withdrawal: If you and your partner have been contributing to KiwiSaver for at least three years, you can likely withdraw your savings (leaving a $1,000 minimum balance) to count toward your 10% deposit.

What to Prepare Before Talking to a Lender

To make your initial consultation as productive as possible, gather the following details:

  1. Proof of Income: Your latest 3 months of payslips to verify your salaried roles.

  2. ID & KiwiSaver Statements: Up-to-date balances showing how much you can withdraw.

  3. Debt & Expenses: A clear list of any student loans, car loans, credit cards, or overdrafts.

Next Steps

You don't need to commit to a specific property to get started. You can book an initial chat directly with home loan officers at major banks like ANZ, ASB, Westpac, or BNZ. Alternatively, consider using a registered mortgage broker , who can compare policies across multiple banks simultaneously to find the most lenient low-deposit terms for your specific salaried situation.

Ask anything

Captured 11 October 2026