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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 with about a 25% deposit, but don't know much about home loans. Is it worth using a mortgage adviser, or should we compare banks ourselves?

For a first-home purchase in New Zealand with a 25% deposit, I'd lean towards using a mortgage adviser and doing some bank comparisons yourself. You don't necessarily need to choose one approach over the other.

A 25% deposit is a solid starting point. It will generally put you in a stronger position than a buyer with a smaller deposit, but the best mortgage isn't necessarily the one with the lowest advertised interest rate. The structure of the loan, fees, flexibility and how well it fits your budget all matter.

The good news is that you don't need to understand every detail of home loans before you start. A good adviser can explain your options, help you understand what banks are looking for, and guide you through the process.

Mortgage adviser vs going directly to banks

Option 1: Use a mortgage adviser

My preferred starting point

They can compare suitable loan options from multiple lenders, help prepare your application, explain the jargon and coordinate the process through to settlement. Mortgage adviceMortgage advisers: What you need to know

Best if: You're first-home buyers, want guidance, or aren't sure how to structure your mortgage.

Watch out: Advisers don't necessarily cover every bank, and many are paid commission by lenders. Ask which lenders they work with and how they're paid.

Option 2: Compare banks yourself

You deal directly with each bank, ask about rates and negotiate based on competing offers. You'll have direct access to each bank's own products.

Best if: You're comfortable researching, have time to negotiate and are happy to manage the application process yourself.

Watch out: Comparing headline interest rates alone can miss differences in fees, loan features and cashback conditions.

Why your 25% deposit matters

A 25% deposit means you're borrowing around 75% of the property's purchase price, before allowing for any other costs. This is generally a good position to be in when approaching lenders.

It may help you access standard lending terms and avoid the low-deposit restrictions that can apply to some borrowers. However, approval and the interest rate offered will still depend on your income, existing debts, expenses, credit history and the property you're buying.

With that deposit, I'd focus on negotiating a competitive overall deal rather than worrying only about whether a bank will lend to you.

What I'd do in your position

  1. Speak to two mortgage advisers. Have an initial conversation with each, and ask how many lenders they can access. Compare the quality of their explanations, not just their confidence or sales pitch.
  2. Get a direct quote from your main bank. If you already bank with one of the major New Zealand banks, ask what rate, fees and any cashback it could offer you.
  3. Compare the full package. Ask for written offers that cover interest rates, fees, loan structure, repayment flexibility and cashback conditions. Mortgage adviceMortgages and home loans
  4. Choose the option that makes sense for your finances. You don't have to accept the adviser's recommendation or take the first bank offer you receive.

What to ask a mortgage adviser

Here are five useful questions to take to your first meeting:

  • Which banks and lenders do you work with, and which don't you cover?
  • Are you paid by the bank, by us, or both?
  • Do you receive different commissions from different lenders?
  • Can you show us at least two suitable options and explain the pros and cons of each?
  • Could we owe you a fee if we change banks or repay the loan early?

In New Zealand, you can check an adviser's registration through the Financial Service Providers Register. The Financial Markets Authority also explains what to expect from a mortgage adviser and what they must disclose. Mortgage adviceFinancial advice

One more thing: how to structure your mortgage

When you get to the actual loan, you'll need to decide how much to fix, for how long, and whether some of the loan should remain floating or use an offset or revolving-credit facility. You may also be able to make additional repayments, depending on your loan terms.

Don't feel you need to solve all of that immediately. Ask the adviser to explain the options in plain English, including what happens when a fixed term ends and what it costs to break a fixed rate early.

Let me tailor this to your situation

There's one thing that would help me give you more specific guidance: what stage are you at in buying your first home?

Ask anything

ChatGPT can make mistakes. Check important info.

Captured 11 October 2026

Gemini · National

We're buying our first home with about a 25% deposit, but don't know much about home loans. Is it worth using a mortgage adviser, or should we compare banks ourselves?

For first-home buyers in New Zealand, using a mortgage adviser (commonly called a mortgage broker) is generally considered worthwhile, especially if you are new to the property market. With a solid 25% deposit, you are in a very strong position, meaning multiple banks will likely want your business.

However, whether you should use an adviser or go direct depends on how much time you want to spend managing the process.

Why Using a Mortgage Adviser is Popular for First-Home Buyers

  • One application, multiple lenders: Instead of filling out separate applications with Westpac, ASB, ANZ, BNZ, Kiwibank, etc., an adviser submits a single application to several lenders on their panel.
  • Free service: In New Zealand, mortgage advisers are typically paid by the lender via commission once your loan settles, meaning their core service is usually free to you. (Always ask your adviser upfront if they charge any private structuring or application fees).
  • Regulatory protection: Under New Zealand's Financial Markets Conduct Act, registered financial advisers are legally bound to put your interests ahead of their own.
  • Navigating KiwiSaver and First Home Grants: An adviser helps coordinate your KiwiSaver first-home withdrawals and ensures your application aligns with bank requirements and conditional timelines.
  • Negotiating power: Advisers deal with bank lending managers daily and can often push for sharper interest rates or higher cash contributions (cashback) than what is publicly advertised.

Comparing Banks Yourself (The DIY Route)

Going direct to banks means dealing with them one-on-one.

  • The Pros: You keep a direct relationship with your everyday bank, and you retain total control over every conversation and negotiation detail.
  • The Cons: It is time-consuming. You have to manage different mobile/branch bankers, duplicate all your paperwork (payslips, expenses, ID) for each institution, and independently figure out which bank has the appetite for your specific scenario. Furthermore, a bank will only ever pitch its own products—they will never tell you if a competitor has a better deal.

Recommended Action Plan

  1. Interview 1 or 2 local mortgage advisers: Ask about the size of their lender panel (do they cover all major trading banks and non-bank options?), verify they are registered financial advisers, and explicitly confirm that their service is free to you.
  2. Talk to your own bank directly: Simultaneously, touch base with your current day-to-day bank. Because you already have a history with them, ask what "welcome" or "first home" special rates and cashbacks they can offer an existing customer with a 25% deposit.
  3. Compare the final packages: Put the bank’s best offer side-by-side with what the adviser brings back from the wider market. Check the total cost, interest rates, cashback amounts, and loan structure flexibility (such as revolving credit vs. fixed terms) before signing anything.

Are you hoping to buy an existing property, or are you looking at a brand-new build (which sometimes qualifies for different loan-to-value ratio rules)?

Ask Gemini

Gemini is AI and can make mistakes.

Captured 11 October 2026

AI Overviews · National

We're buying our first home with about a 25% deposit, but don't know much about home loans. Is it worth using a mortgage adviser, or should we compare banks ourselves?

AI Overview

Yes, it is highly recommended to use a registered mortgage adviser (broker) rather than doing it yourself, especially as a first-home buyer who is new to the process.

With a 25% deposit , you are in an excellent financial position. You have cleared the standard 20% equity threshold required by most mainstream New Zealand banks, meaning you will avoid low-equity premium fees and are eligible for the best advertised interest rates.

Comparison: Mortgage Adviser vs. Bank Direct

Feature Using a Mortgage Adviser Going Direct to the Bank
Cost to You Typically $0 (Paid via bank commission) $0
Lender Access Compares 15+ lenders (ANZ, ASB, BNZ, Westpac, non-banks) Strictly only their own loan products
Legal Duty Legally required to act in your best interest (FMA regulated) Legally obligated to act in the bank's interest
Application Legwork Handles the forms, chasing approvals, and multiple submissions You must apply and follow up with each bank individually
Negotiation Power Actively negotiates interest rate discounts and cashback terms Limited to standard bank-published tier discounts

Hidden Costs & Realities to Watch Out For

  • The "Clawback" Clause: While advisers don't charge you an upfront fee, they stand to lose their bank commission if you pay off or move your loan within the first 24 to 36 months. If you switch banks or sell during this window, the adviser may pass a "clawback fee" onto you (ranging from $1,000–$3,000) to cover their time. Always ask to see their Disclosure Statement regarding clawbacks upfront.

  • The Lender Blindspot: Mortgage advisers do not have access to every bank. For instance, some smaller or niche lenders choose not to work through the broker network.

Strategic Framework: How to Approach the Market

  1. Engage an Adviser First: Choose a registered financial adviser who specializes in first-home buyers. Let them assess your borrowing capacity, manage your KiwiSaver withdrawals, and package your application to make it look clean to credit teams.

  2. Double-Check Your Main Bank: If your current everyday bank offers special internal loyalty packages or is one of the few that doesn't deal heavily with brokers, it doesn't hurt to check their online portal directly to compare against what your broker brings back.

  3. Focus on Loan Structure: As a beginner, the absolute interest rate is only half the battle. A good adviser will help you split your loan (e.g., locking a portion into a 1-year fixed term, another into a 2-year fixed term, and utilizing a floating or offset account to save interest using your day-to-day savings).

To help tailor this, are you planning to use KiwiSaver for part of that 25% deposit, and do you have a specific property type in mind (e.g., an existing house, a turn-key new build, or an auction)?

Ask anything

Captured 11 October 2026