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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

We're buying our first home and have about a 10% deposit. Neither of us knows much about mortgages. Should we start with our bank or talk to a mortgage adviser?

For a first home in New Zealand, with a 10% deposit and little mortgage experience, I'd speak to a mortgage adviser and your bank, rather than choosing one or the other. If you only want to take one step first, I'd lean towards an independent mortgage adviser who works with several lenders.

The reason is simple: with a 10% deposit, getting a home loan approved can be more complicated than it is for someone with a 20% deposit. You want to understand which lenders might accept your situation, what the loan will cost, and how much you can comfortably borrow before you start making offers.

Mortgage adviser vs your bank

Mortgage adviser

My preferred starting point

  • Can compare options across multiple lenders.
  • Can explain which banks may consider a 10% deposit.
  • Can help prepare your application and handle lender discussions.
  • May be paid a commission by the lender, so ask how they're paid and which lenders they work with.

Best for understanding your options before committing to a particular bank.

Your bank

  • Knows your existing banking history and may offer a competitive deal.
  • Can tell you what it would lend you and what conditions would apply.
  • Only assesses its own lending options, so you won't see the whole market.

Best for getting a useful comparison and checking whether your existing bank can offer you a good deal.

You don't have to choose one exclusively. You can speak to an adviser and ask your bank for a quote, then compare the actual offers.

Why your 10% deposit matters

A 10% deposit doesn't rule out buying a home, but it does mean you should get advice early.

What I'd do in your position

  1. Book a first meeting with a mortgage adviser. Look for someone who works with multiple lenders and regularly helps first-home buyers with low deposits. Ask whether their service is free to you and how they're paid.
  2. Get a conditional pre-approval. This helps you understand your potential borrowing limit before you start seriously house hunting. It isn't a guarantee of final approval. Thinking about your finances when buying2. Preparing and applying :: Kāinga Ora
  3. Ask your bank for a competing offer. Compare the interest rate, fees, any low-equity charges, cash contribution, and fixed-rate terms—not just the advertised rate.
  4. Keep money aside for buying costs. Budget for a lawyer, building inspection, valuation if required, insurance, and moving costs rather than putting every dollar into the deposit. How to save for a deposit and other costs when buying a home » Sorted

A useful place to start is Sorted's guide to finding financial advice. You can also check an adviser's credentials through New Zealand's Financial Service Providers Register.

Let me help you work out your next step

I can give you a much more practical steer if I know one thing first:

Roughly what is your combined annual income before tax?

A ballpark figure is fine. With that, and your 10% deposit, we can start thinking about what price range might be realistic and what questions you should ask an adviser.

Ask anything

ChatGPT can make mistakes. Check important info.

Captured 11 October 2026

Gemini · National

We're buying our first home and have about a 10% deposit. Neither of us knows much about mortgages. Should we start with our bank or talk to a mortgage adviser?

For first-home buyers in New Zealand with a 10% deposit, deciding whether to go directly to a bank or use a mortgage adviser is one of the most important early choices you will make.

With a 10% deposit, your situation requires careful navigation of the Reserve Bank of New Zealand (RBNZ) Loan-to-Value Ratio (LVR) rules. Under standard rules, banks have strict quotas on how much lending they can do with less than a 20% deposit, meaning lender appetite and credit policies matter significantly for your success.

Mortgage Adviser vs. Bank Direct: At a Glance

Feature Mortgage Adviser Going Direct to a Bank
Lender Access Compares multiple lenders across a broad panel (major banks, non-banks, etc.). Limited strictly to that single bank's products, rates, and credit policies.
Cost Typically free for standard residential mortgages (they are paid via commission by the lender upon settlement). Free (you deal directly with an employee of the bank).
LVR Flexibility Knows which specific banks currently have "high-LVR quota space" available for 10% deposit buyers. If that bank says no due to internal policy or quota limits, you have to start over elsewhere.
Advocacy & Strategy Legally bound (under NZ law) to act in your best interest; structures applications to maximize approval odds. Bank staff are bound to act in the commercial interest of their employer.

Why a Mortgage Adviser is Usually Recommended with a 10% Deposit

  1. Navigating LVR Restrictions: Because you have a 10% deposit, you need a bank that currently has space in its high-LVR lending quota. If you walk into your everyday bank and they have run out of quota for that quarter, they will decline you. A mortgage adviser knows in real-time which banks are actively welcoming 10% deposit applications.
  2. Access to Low-Deposit Options: Advisers routinely help coordinate KiwiSaver first-home withdrawals and assess whether you might qualify for specialized schemes like a Kāinga Ora First Home Loan (which allows eligible buyers to purchase with a 5% deposit through participating lenders).
  3. Saving Time and Stress: Instead of filling out multiple distinct applications with different banks and trying to interpret varying "test interest rates" and Debt-to-Income (DTI) calculations yourself, an adviser handles the comparison and presents a packaged file to the best-suited lender.

When Going Direct to a Bank Makes Sense

  • Your financial situation is bulletproof: You have stable, straightforward PAYE income, zero other debt (like personal loans or credit card limits), and a pristine credit history.
  • You want loyalty perks: You already have a long-standing relationship with your bank and want to see what specific bundle or loyalty discount they might offer to keep you.
    (Note: Many buyers use a hybrid approach—they get a baseline quote from their own bank first, then take it to a mortgage adviser to see if another lender can beat it with sharper rates, lower fees, or better cash contributions).

Recommended Next Steps

  1. Check your KiwiSaver and Savings Balances: Confirm the exact combined total of your 10% deposit, keeping in mind that KiwiSaver funds take a few weeks to withdraw once an offer is accepted.
  2. Talk to a Registered Mortgage Adviser: Look for an adviser who is Financial Service Providers Register (FSPR) registered and works with a wide panel of lenders. Ask them upfront: "Which lenders on your panel are currently approving 10% deposit owner-occupier applications?"
  3. Get a Pre-Approval: Work with your chosen adviser or bank to secure a mortgage pre-approval before you start seriously bidding at auctions or making unconditional offers on properties.

Are you planning to look at existing established homes, or are you considering a brand-new build (which sometimes has more flexible 10% to 20% deposit allowances under NZ lending rules)?

Ask Gemini

Gemini is AI and can make mistakes.

Captured 11 October 2026

Google AI Mode · National

We're buying our first home and have about a 10% deposit. Neither of us knows much about mortgages. Should we start with our bank or talk to a mortgage adviser?

For first-home buyers in New Zealand with a 10% deposit, starting with a mortgage adviser (broker) is generally the recommended and most strategic first step.

With a 10% deposit, you are navigating tighter Reserve Bank LVR (loan-to-value ratio) restrictions and varying bank policies on low-equity lending. Here is a breakdown of how both options work and why an adviser usually has the edge for beginners.

1. Talking to a Mortgage Adviser

A mortgage adviser is a licensed professional who acts as a middleman between you and multiple lending institutions.

  • The Pros:

  • Access to multiple lenders: They can compare options and policies across most major NZ banks (and sometimes non-bank lenders) simultaneously with a single application.

  • Navigating low deposits: With a 10% deposit, criteria matter immensely. An adviser knows which bank's credit policy is currently most lenient or favorable for 10% deposits, First Home Loans, or KiwiSaver withdrawals.

  • Best-interest duty: Under New Zealand law (Financial Markets Conduct Act), registered financial advisers are legally required to act in your best interest.

  • No direct cost: Advisers are typically paid commission by the lender you ultimately choose, meaning their service is usually free to you as the borrower.

  • The Cons:

  • Their panel of lenders might not include every single bank in the market (though most cover the big ones like ANZ, ASB, BNZ, Westpac, and KiwiBank). [The First Home Buyers Club]

2. Going Direct to Your Bank

Approaching your everyday personal bank (the one where your wages go and your everyday spending happens). [www.capitalfinance.nz]

  • The Pros:

  • Familiarity: You already have an existing relationship, and they can see your transaction and saving history straight away.

  • Simplicity: If your financial situation is completely straightforward (e.g., standard PAYE salaries, consistent clean savings, perfect credit), going direct can feel seamless.

  • The Cons:

  • Single-lender view: They can only offer you their own bank's products, interest rates, and lending policies. If they decline you or offer a high low-equity margin, you have to start the whole process over with another bank.

  • Bank-centric interest: Bank mobile mortgage managers work for the bank, not for you; their job is to sell you their employer's product.

Summary Verdict

Because a 10% deposit limits your flexibility compared to having a 20% deposit, an independent mortgage adviser can save you considerable time, stress, and potentially money by shopping around the market on your behalf. They can also help walk you through accessing your KiwiSaver First-Home Withdrawal and the Kainga Ora First Home Grant (if applicable).

If you'd like, let me know:

  • Are you using KiwiSaver for part of that 10% deposit?
  • Is your income primarily PAYE (salaried) or self-employed?

I can give you more specific tips on what documents to prep before you talk to an adviser.

Ask anything

Captured 11 October 2026

AI Overviews · National

We're buying our first home and have about a 10% deposit. Neither of us knows much about mortgages. Should we start with our bank or talk to a mortgage adviser?

AI Overview

For most first-home buyers in New Zealand—especially with a 10% deposit—starting with a registered mortgage adviser (broker) is highly recommended.

A 10% deposit places you into what NZ banks call a "high LVR" (Loan-to-Value Ratio) category. Because the Reserve Bank of New Zealand (RBNZ) strictly limits how many low-deposit loans each bank can issue, bank policies, lending caps, and interest rate premiums change constantly.

If you go directly to your own bank and they say no, you are back at square one. A mortgage adviser can assess your situation once and match you with whichever NZ lender has the highest appetite for a 10% deposit at that exact moment.

Mortgage Adviser vs. Direct Bank Comparison

Feature Mortgage Adviser (Broker) Going Direct to Bank
Cost to You Free (Paid via bank commissions) Free
Lender Access Multiple NZ banks & non-bank lenders Only that specific bank’s products
Low-Deposit Strategy Matches you to banks with active low-deposit caps Subject to that single bank's strict RBNZ quotas
Support Level Hand-holds you through KiwiSaver & first-home processes Varies; requires you to manage the moving pieces
Legal Duty Legally mandated to act in your best interest Acts in the bank's commercial interest

Key Low-Deposit Pathways to Explore

Since you don't know much about mortgages yet, a good adviser will help you evaluate these specific pathways available to New Zealanders with a 10% deposit:

  • Standard Under-20% Bank Loan: A standard mortgage, but the bank will likely apply a Low Equity Margin (LEM) or Low Equity Premium (LEP). This either adds a one-off fee to your loan or bumps up your interest rate until your equity reaches 20%.

  • Kāinga Ora First Home Loan: If your combined pre-tax household income is $150,000 or less ($95,000 for individuals), you may qualify for this government-backed scheme. It allows you to buy with as little as a 5% deposit and bypasses some standard low-deposit bank restrictions.

  • KiwiSaver First Home Withdrawal: Your adviser can guide you through the process of extracting your eligible KiwiSaver funds to formalise that 10% deposit.

Your Immediate Next Steps

  1. Gather 3 months of unedited bank statements to show clean spending habits (minimise buy-now-pay-later usage like Afterpay).

  2. Request a KiwiSaver compliance letter from your provider stating how much you can withdraw for a first home.

  3. Book an initial chat with an adviser. Ask them upfront which banks are on their panel to ensure they cover the major NZ lenders.

If you would like to map out your budget further, tell me your combined annual income before tax and your total estimated deposit amount. I can help you estimate your potential maximum property price range or check if you fit the Kāinga Ora income thresholds.

Ask anything

Captured 11 October 2026