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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

I'm a contractor buying my first home. I've got conditional pre-approval and have found a property. What should I check with the lender before I commit to buying it?

As a contractor buying your first home in New Zealand, the biggest thing to understand is that conditional pre-approval is not the same as final approval for the specific property. Your lender may have assessed your borrowing capacity, but it still needs to be satisfied with your income evidence, the property itself, and any conditions attached to your approval.

Before you sign an unconditional sale and purchase agreement, or let any finance condition expire, I'd work through the following checklist with your mortgage adviser or lender.

1. Confirm the lender will approve you as a contractor

Contractor income can be assessed differently from a permanent employee's salary. The lender may want to see a consistent income history and evidence that your contracts are likely to continue.

Ask your lender:

  • Has my contractor income been fully assessed, or is that still outstanding? Find out whether approval relies on one, two, or more years of financial records.
  • Which income figure are you using? Is it your gross contracting revenue, your salary or drawings from your company, or your net profit after business expenses?
  • What documents do you still need? For example, financial statements, IR3 or IR4 tax returns, tax summaries, GST returns, business bank statements, current contracts and invoices.
  • Does my current contract need to extend beyond settlement? Would a contract ending soon, a gap between contracts, or a change in clients affect approval?
  • Are there any concerns about my deposit or business liabilities? This includes tax owing, GST obligations, business loans, overdrafts, or personal guarantees.

If your income varies month to month, ask the lender how it calculates your sustainable income and whether it has already accepted that calculation in principle.

2. Get approval for the actual property

Even if the property is within your budget, the lender may have concerns about its valuation, condition, title or insurance.

Ask:

  • Is this property acceptable security for the loan?
  • Do you require a registered valuation, and who must arrange it?
  • Is the lending dependent on a satisfactory building inspection, insurance confirmation or other reports?
  • Are there any restrictions because it is a unit title, apartment, leasehold property, cross-lease, new build or unusual construction?
  • If the valuation comes in below the purchase price, how much extra deposit would I need?

Important: Don't assume the lender's willingness to lend means the property is worth the price you're paying.

3. Confirm the deposit and total cash you need

Ask the lender to confirm the maximum loan amount for this property and the minimum cash contribution you must make.

  • Is my deposit acceptable, and have you verified where it came from?
  • Can I use my KiwiSaver first-home withdrawal, if eligible, and what timing or documentation is required?
  • Will the loan require low-equity pricing, a low-equity premium or a different interest rate?
  • If the valuation is lower than the purchase price, can I cover the shortfall?
  • How much cash should I keep available for legal fees, valuation, inspections, insurance, moving costs and immediate repairs?

If you run your own contracting business, be particularly careful not to use all your available cash for the deposit. You may need money for GST, income tax, operating expenses and gaps between contracts.

4. Get the exact conditions and deadlines in writing

Ask your lender or mortgage adviser to go through every outstanding condition on your pre-approval, one by one.

Ask this Why it matters
What conditions are still outstanding? You need a clear list of what remains before final approval.
What documents do you need from me, and by when? Gathering business financials or a valuation can take time.
Does approval expire, and can it be extended? Your settlement date might fall outside the approval period.
When can you issue unconditional loan approval? You need to know whether this is realistic before your agreement's deadlines.
What could cause the loan to be declined at this stage? It identifies any unresolved risks before you commit.

The New Zealand government's Settled.govt.nz guide to confirming your finances explains that lenders commonly request property-specific information even after conditional pre-approval, and may require a signed sale and purchase agreement, valuation or LIM report. Confirming your financesGetting conditional approval

Don't rely on a verbal assurance that everything should be fine. Ask for written confirmation of the remaining conditions and realistic timeframes.

5. Check the mortgage repayments and structure

Don't just ask whether the lender will approve the loan. Make sure the loan will still work when your contracting income fluctuates.

Ask:

  • What will my repayments be at the proposed interest rate?
  • What would repayments look like if interest rates rose by 1–2 percentage points?
  • Can I make extra repayments when business is busy without incurring fees or break costs?
  • Should I split the loan between fixed and floating rates?
  • Are there cashback offers, fees, low-equity charges or conditions attached to any special interest rate?
  • Can I choose weekly, fortnightly or monthly repayments to match how I receive income?

Also ask what happens if you have a quiet month or a gap between contracts. Keep a separate emergency buffer for both personal expenses and business obligations.

You can compare mortgage structures and questions to ask lenders using Sorted's mortgage guide. How to find a good deal on your mortgage » SortedFind out how much of a mortgage you could get » Sorted

6. Confirm insurance and property-specific requirements

Before you commit, ask whether the lender has any special requirements for the property and what evidence it needs before settlement.

  • Will the lender accept the property in its current condition?
  • Do you need a registered valuation, building report, LIM report or other documentation?
  • Can you obtain full house insurance on acceptable terms?
  • Are there any concerns about flood risk, earthquake damage, unconsented work, cladding, a shared driveway or a body corporate?
  • Does the lender need to approve any insurance exclusions or excesses?

Make sure you can actually obtain suitable insurance before going unconditional. Your lender will generally require evidence of property insurance before settlement. Confirming your financesBuying by negotiation

7. Protect yourself in the sale and purchase agreement

This is where your lawyer becomes just as important as your lender.

Before signing, ask your lawyer to check:

  • Whether the agreement includes an appropriate finance condition, with a deadline that gives the lender enough time to complete its checks.
  • Whether you should include building inspection, LIM, title or other conditions relevant to the property.
  • What happens if your lender declines the loan, the valuation is too low or a condition cannot be satisfied.
  • When the deposit becomes payable and what your obligations are if you cannot proceed.

Don't assume a finance condition automatically protects you in every situation. The wording, deadlines and steps required to satisfy it matter. An accepted sale and purchase agreement can be legally binding, so get legal advice before signing. Buying property in New ZealandBuying by negotiation

If the property is being sold by auction, remember that auctions are generally unconditional for the successful bidder. Get the lender's property-specific approval and complete your due diligence beforehand.

The five questions I'd prioritise for a contractor

If you have limited time before making an offer, start with these:

Has my contractor income been fully assessed, including the latest financial statements and tax obligations?

Will you lend on this specific property, and what valuation or reports do you require?

What exact conditions remain before you can give unconditional approval?

How much cash must I contribute, including any valuation shortfall, fees and low-equity costs?

Can you meet the finance-condition deadline and settlement date in my proposed agreement?

0 of 5 covered

A message you can send your mortgage adviser

Writing

Hi, I've found a property I'm interested in purchasing and have conditional pre-approval. Before I commit, could you please confirm:

  • Whether my contractor income has been fully assessed and whether you need any further financial or tax documents.
  • What property-specific checks, valuations or reports the lender requires.
  • The remaining conditions for unconditional approval and the expected timeframe.
  • The maximum loan amount, required cash contribution and any low-equity costs.
  • Whether the lender can meet the proposed finance-condition deadline and settlement date.

Please also let me know if there are any outstanding risks that could prevent final approval, so I can discuss the appropriate conditions with my lawyer before signing.

Thanks.

My main recommendation: get your lender to confirm the outstanding conditions in writing, and have your lawyer review the agreement before you sign. You want enough time and contractual protection to resolve any problems before you're committed to completing the purchase.

Ask anything

ChatGPT can make mistakes. Check important info.

Captured 11 October 2026

Gemini · National

I'm a contractor buying my first home. I've got conditional pre-approval and have found a property. What should I check with the lender before I commit to buying it?

Finding a property while holding conditional pre-approval is a major milestone, but because you are a contractor (self-employed), banks and lenders will apply extra scrutiny before converting your pre-approval into an unconditional (full) approval.

Conditional pre-approval generally means the lender likes you and your financial profile on paper, but they haven't yet approved the specific property or completed a final check on your income stability.

Key Questions to Ask Your Lender Before Committing

Before you sign an unconditional agreement or let your finance condition deadline lapse, clarify the following points with your lender or mortgage broker:

  1. "Do you need updated business financials, and how are you calculating my income?"
    • Why it matters: Lenders typically look at your last 1 to 2 years of accountant-prepared financial statements (Profit & Loss, Balance Sheet) and IRD tax assessments (like your IR3). If you have filed a more recent set of accounts since your pre-approval was issued, or if your contract revenue has fluctuated, the bank will want to re-verify your "taxable profit" rather than your gross contracting revenue.
  2. "Does this specific property meet your security and lending criteria?"
    • Why it matters: Lenders can reject a property even if you have pre-approval if they deem it high-risk. Ask if they have restrictions on the property type, size, location, or construction materials (e.g., leaky-building risk, monolithic cladding, tiny apartments, or rural/lifestyle blocks).
  3. "Will you require a registered valuation for this specific address?"
    • Why it matters: Banks often order an automated valuation model (AVM) or require a full registered valuation paid for by you. If the bank's valuer appraises the property at a lower purchase price than your agreed-upon purchase price, they may reduce your loan-to-value ratio (LVR) lending limit, meaning you would need to come up with a higher cash deposit.
  4. "What is your exact turnaround time for formal unconditional approval?"
    • Why it matters: Standard New Zealand Sale and Purchase agreements include a Finance Condition (usually 5 to 10 working days). Ensure your lender can process the property security review and issue a formal loan offer well before your finance date expires, leaving no room for last-minute stress.
  5. "Are there any changes to interest rates or policy caps we need to lock in?"
    • Why it matters: If you are looking to fix your interest rate, check when you can formally lock it in. Ensure that any recent shifts in your contract income or business expenses haven't triggered a change in your credit scoring under current credit policies.

Recommended Next Steps

To make sure your transition from pre-approval to unconditional approval goes smoothly, consider what information or actions you need to line up next:

Ask Gemini

Gemini is AI and can make mistakes.

Captured 11 October 2026

Google AI Mode · National

I'm a contractor buying my first home. I've got conditional pre-approval and have found a property. What should I check with the lender before I commit to buying it?

As a contractor (operating as a sole trader, freelancer, or through your own company), moving from conditional pre-approval to an unconditional offer requires tighter scrutiny from your lender. Because lender policies for self-employed/contractor income can be strict regarding continuity and tax returns, you need to verify specific details before making your contract unconditional.

Here is what you should check with your lender or mortgage broker:

  • Final Property Assessment and Valuation: Provide the exact address and a copy of the signed Sale and Purchase Agreement. Ask if the bank requires a registered valuation or a specific property type assessment (e.g., apartment size, leaky building risk, or rural location), which can affect your required deposit or LVR (Loan-to-Value Ratio).

  • Contractor Income Re-Verification: Confirm whether the lender needs updated GST returns, interim P&L (Profit and Loss) statements, or bank statements since your pre-approval was issued. Ensure your recent contract workflow or income stability hasn't triggered a reassessment of your borrowing capacity.

  • Property Specific Conditions: Check if the property has unique characteristics (e.g., cross-lease title, unorthodox construction, commercial zoning mix, or body corporate fees) that might cause the bank's risk team to hesitate or demand a higher deposit.

  • Insurance Availability (House and Natural Disaster): Lenders require proof of comprehensive house insurance (including fire and earthquake cover) before making finance unconditional or settling. As a contractor, verify that you can secure standard cover for the specific property address, noting that certain regions or land classifications in New Zealand face tighter insurer constraints.

  • KiwiSaver and First Home Grant/Subsidy Timing: If you plan to use KiwiSaver or any eligible Kāinga Ora assistance, confirm with the lender the exact timeline required by their legal team to process and draw down those funds before the settlement date. [Settled.govt.nz]

  • Unconditional Finance Deadline: Double-check the exact date and time your finance condition expires on the Sale and Purchase Agreement, and confirm with your lender/broker that they can turn around the formal unconditional approval letter with plenty of buffer.

To help narrow this down, could you tell me:

  • Are you operating as a sole trader/independent contractor or through a company/trust?
  • Do you have a mortgage broker assisting you, or are you dealing directly with a retail bank?
Ask anything

Captured 11 October 2026

AI Overviews · National

I'm a contractor buying my first home. I've got conditional pre-approval and have found a property. What should I check with the lender before I commit to buying it?

AI Overview

Congratulations on getting pre-approval and finding a house! As a contractor in New Zealand, moving from conditional pre-approval to a live, unconditional deal requires a few specific property and income checks.

You must check that the property itself meets the lender’s criteria and that your recent contracting income matches what they originally assessed. Because pre-approvals are conditional on the bank approving the specific property, you cannot commit to an unconditional offer until they give you the green light.

Here is exactly what you need to check and clear with your lender before you sign or go unconditional:

1. Specific Property Approval

NZ banks are very selective about what types of properties they secure loans against. Send your lender or mortgage broker the Draft Sale and Purchase Agreement and ask:

  • Does the property type meet your guidelines? Lenders often have strict limits or require larger deposits for apartments, monolithic cladding (leaky home risks), tiny homes, or cross-lease/unit title properties.

  • Is a registered valuation required? For contractors, or anyone with less than a 20% deposit, lenders almost always require an independent registered valuation to prove the home is worth what you are paying. Do not order this yourself —the lender must order it through their specific approved panel (e.g., Valocity or CoreLogic).

2. Contractor Income Re-Verification

Lenders want to ensure your financial situation hasn’t changed since they issued the pre-approval. Ask them:

  • What updated income documents do you need? If your pre-approval is a few weeks old, they may want your latest invoices, a current bank statement showing recent invoice payouts, or proof that your current contract hasn't changed or isn't ending immediately.

  • Are there any contract-specific conditions remaining? Ensure they don't have outstanding conditions requiring a minimum remaining term on your current contract (e.g., some banks require at least 3 to 6 months left on your contract).

3. Due Diligence Documentation

Your lender will want to see the official paperwork verifying the property's health. Ask if they require you to provide:

  • A clear LIM (Land Information Memorandum) report: To check for unconsented work, zoning, or natural hazards.

  • A satisfactory building report: To confirm it is structurally sound.

  • Insureability: You must confirm that a New Zealand insurer will provide full house insurance from settlement day, naming the bank as an interested party. Properties with previous earthquake damage or high flood risks can be hard to insure, which will cause the bank to decline the loan.

4. Deposit & First Home Schemes

  • KiwiSaver and Kāinga Ora: If you are using a KiwiSaver first-home withdrawal or a First Home Loan, ask your lender if they have everything they need to coordinate with your KiwiSaver provider and lawyer. Note that processing KiwiSaver withdrawals typically takes at least 10–15 working days.

To move forward safely, ensure your lawyer includes a Finance Condition (typically 5 to 10 working days) in your Sale and Purchase Agreement. This gives your lender time to review the property and issue an unconditional approval before you are legally locked into the purchase.

To help me tailor this, are you looking at a standard house, an apartment, or a new build/construction project? Also, if you know your estimated deposit percentage , let me know so I can highlight any extra bank requirements!

Ask anything

Captured 11 October 2026