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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 a salaried couple buying our first home with about a 10% deposit and little experience with mortgages. What matters most to us is getting good help and advice when we need it. Which lenders would you recommend for our home loan, and why?

For a salaried couple buying your first home in New Zealand with a roughly 10% deposit, I’d prioritise the quality of the advice, how easy it is to reach someone who knows your situation, and how well the lender supports first-home buyers — rather than simply chasing the lowest advertised interest rate.

With a smaller deposit and limited mortgage experience, you may need extra guidance on lending criteria, low-equity costs, choosing a fixed-rate term, and what happens when your fixed rate expires. A lender that explains those decisions clearly and proactively could be worth more to you than one offering a slightly cheaper rate but limited support.

My shortlist would start with the major banks that have established home-loan teams, alongside a good mortgage adviser who can compare lenders on your behalf.

My recommended lender shortlist

These are the lenders I would approach first based on your priorities, not a definitive ranking of customer-service quality. A lot depends on the individual home-loan specialist you deal with.

1. BNZ

Best starting point for hands-on support

BNZ advertises a dedicated Home Loan Partner who can guide first-home buyers through the process, from looking for a property to signing the agreement. Its low-deposit lending options make it worth an early conversation for a couple with around 10% deposit. Low deposit home lendingFirst home buyers

Why I’d shortlist it: The dedicated support model fits your preference for someone to explain the steps and help you navigate the paperwork.

BNZ first-home buyer home loans

2. ASB

Strong first-home guidance

ASB offers a dedicated Home Ownership Manager for eligible First Home Loan customers, as well as online tools for managing a mortgage. Its Kāinga Ora-supported First Home Loan option may suit buyers who meet the scheme's eligibility rules. Make your move with a First Home Loan

Why I’d shortlist it: A dedicated contact and structured guidance could be especially helpful if you want someone to walk you through the process rather than leave you to work everything out yourselves.

ASB first-home buyer options

3. Kiwibank

Worth comparing for low-deposit lending

Kiwibank says it may lend with a 10% deposit in some circumstances and offers home-loan specialists to discuss the options. It also participates in the Kāinga Ora First Home Loan scheme for eligible buyers. Low deposit options | Home loansFirst Home Loan | Home loans

Why I’d shortlist it: It gives you another route to explore if your deposit is the main obstacle, and it is worth comparing its loan structure and advice against the larger banks.

Kiwibank low-deposit options

4. ANZ

ANZ offers low-deposit lending in some circumstances and has Home Loan Coaches who can help buyers understand their borrowing options and next steps. Home loan deposit options

Why I’d shortlist it: It is a useful comparison if you value guided support but also want to weigh up different banks' lending criteria, fees and repayment options.

ANZ home-loan deposit options

5. Westpac

Westpac offers low-deposit pathways, including options involving family equity and some new-build purchases, as well as access to home-loan experts. More ways to get into your first home sooner

Why I’d shortlist it: It provides another established option to compare, particularly if your circumstances might suit one of its alternative deposit arrangements.

Westpac first-home buyer options

Which would I approach first?

I'd start with BNZ and ASB, then compare Kiwibank and ANZ. That's a practical shortlist based on their advertised support arrangements and low-deposit pathways, not proof that their service is objectively better.

I would also speak to an independent mortgage adviser before committing. That may be the most important step for you as inexperienced borrowers, because it can give you a broader comparison without having to learn each bank's lending process from scratch. The Financial Markets Authority explains that mortgage advisers can assess your needs, compare lenders, explain costs and help manage the application through to settlement. Mortgage adviceMortgage advice

Why your 10% deposit matters

A 10% deposit means you would borrow around 90% of the property's value. This is generally considered low-equity lending, and approval isn't guaranteed even if you both have salaried jobs.

Here are the main things to ask each lender about:

  • Low-equity premium: Will you pay a higher interest rate or an additional fee because your deposit is below 20%?
  • Approval flexibility: How do they assess two salaried incomes, existing debts, living expenses and any credit-card limits?
  • Support after settlement: Will you have a named contact to help when your fixed rate expires or your circumstances change?
  • Repayment flexibility: Can you make extra repayments, and what penalties apply if you repay early?
  • Total cost: Compare the interest rate, fees, cashback conditions and any valuation costs, not just the headline rate.

For example, BNZ publishes tiered low-equity premiums and explains that a registered valuation may be required for borrowers with less than a 20% deposit. Low deposit home lending

The option I'd seriously consider: a mortgage adviser

For your particular priorities, I'd lean towards finding a good mortgage adviser first, rather than relying exclusively on a bank's own representative.

A bank's home-loan specialist can be helpful, but generally represents that bank's products. An adviser who works with multiple lenders may be able to compare your options and explain which lender is most likely to suit your deposit, income and service expectations. The range of lenders available varies between advisers.

The New Zealand Financial Markets Authority recommends asking advisers which lenders they work with, how they are paid, what fees apply and why they recommend a particular loan. Mortgage adviceMortgage advisers: What you need to know

You can start with the official FMA guide to mortgage advice.

My suggested next steps

  1. Speak to a mortgage adviser who regularly helps first-home buyers with 10% deposits.
  2. Get a comparison from BNZ, ASB and at least one other suitable lender.
  3. Ask for a written breakdown of the interest rate, low-equity costs, fees, cashback conditions and repayment options.
  4. Before choosing, make sure you understand the proposed loan structure and can comfortably afford repayments if interest rates rise.

One final point: ask about the Kāinga Ora First Home Loan scheme if your household income might qualify. It can allow eligible buyers to purchase with a 5% deposit, although income limits and other eligibility requirements apply. First Home Loan | Home loansFinancial help for first-home buyers

My overall recommendation: Prioritise the quality of the person advising you, then compare the lenders. The best bank for you is the one that can approve a suitable loan on competitive terms and give you reliable, understandable support throughout the mortgage.

Ask anything

ChatGPT can make mistakes. Check important info.

Captured 11 October 2026

Gemini · National

We're a salaried couple buying our first home with about a 10% deposit and little experience with mortgages. What matters most to us is getting good help and advice when we need it. Which lenders would you recommend for our home loan, and why?

Buying your first home as a salaried couple with a 10% deposit is an exciting milestone, and because you value good help, guidance, and a smooth educational experience, your choice of lender (or professional representation) matters just as much as the interest rate.

In New Zealand, a 10% deposit puts you in a low-equity bracket (most traditional bank lending rules require 20% for existing properties unless utilizing specific schemes), but it is very workable with the right approach.

Key Options for Lenders & Support Paths in NZ

1. Specialist or Customer-Owned Banks (e.g., SBS Bank or The Co-operative Bank)

  • Why they fit your needs: Smaller, customer-owned, or building-society-style banks frequently score top marks for first-home buyer support (for instance, SBS Bank has received industry recognition like Canstar's Bank of the Year for First Home Buyers).
  • The Experience: They often provide dedicated, less rushed customer service, specialized digital coaching tools (like SBS's SKIP tool), and tailored first-home packages that include cash contributions or minor rate discounts to help offset early setup costs.

2. Major Trading Banks with Dedicated First Home Teams (e.g., ASB, BNZ, Westpac)

  • Why they fit your needs: The major banks have heavily invested digital platforms and dedicated mobile mortgage managers or home-ownership specialists whose entire job is to walk first-timers through the process.
  • The Experience: BNZ and ASB, for example, offer structured step-by-step guidance, clear online applications via their mobile apps, and competitive cash-back offers (even on low-deposit lending, subject to minimum loan amounts) which can help cover your legal and valuation fees. They also facilitate Kāinga Ora First Home Loans if you find you want to leverage a 5% deposit scheme instead.

3. Using a Mortgage Adviser (Broker) Instead of a Single Bank

  • Why it fits your needs: Since you want good advice and have limited experience, working with a registered financial adviser / mortgage broker is often the single best route for beginners.
  • The Experience: Unlike going to one bank—which will only sell you their products—a broker looks across multiple lenders (including major banks and second-tier lenders) to find who is most favorable toward 10% deposits at that exact moment. Best of all, mortgage brokers are typically free for you to use as they are paid a commission by the lender you ultimately choose. They handle the heavy lifting, paperwork, bank negotiations, and structural advice (like splitting fixed rates or setting up revolving credit).

Action Plan for Your Next Steps

  1. Check your KiwiSaver and First Home Withdrawal eligibility: Before talking to anyone, log into your KiwiSaver provider to see how much you can withdraw, as this frequently makes up a large portion of that 10% deposit.
  2. Book a discovery chat: Reach out to a highly-rated local mortgage adviser or book an initial first-home consultation with a dedicated mobile mortgage manager at a major or customer-owned bank (such as ASB or SBS).
  3. Get a conditional pre-approval: This will give you a clear, realistic borrowing ceiling so you can house-hunt with confidence without guessing your budget.

Would you like some guidance on what documents and income records you need to pull together before sitting down with a lender or adviser for the first time?

Ask Gemini

Gemini is AI and can make mistakes.

Captured 11 October 2026

Google AI Mode · National

We're a salaried couple buying our first home with about a 10% deposit and little experience with mortgages. What matters most to us is getting good help and advice when we need it. Which lenders would you recommend for our home loan, and why?

For a salaried couple with a 10% deposit prioritizing hands-on guidance, major retail banks likeKiwibank or Westpac, alongside dedicated advisory groups like NZHL, offer the best combination of low-deposit accommodation and dedicated first-home support. While standard bank policies typically enforce a 20% deposit, most major institutions and specialized lenders make allowances or participate in schemes for 10% (or lower) deposits, provided your income and servicing are stable.

Recommended Lenders and Why They Fit First-Home Buyers

  • Kiwibank: Widely recognized for supporting first-home buyers, Kiwibank participates in the Kāinga Ora First Home Loan scheme (if income caps allow) and offers dedicated mobile mortgage managers who walk inexperienced buyers through every step of the approval and settlement process. [Simpler Mortgages]

  • Westpac: Westpac features active mobile managers, robust online educational resources for first-timers, and flexible internal policy exceptions for low-equity salaried borrowers who show clean savings histories.

  • NZHL (New Zealand Home Loans): Operating on a personalized coach model, NZHL assigns a dedicated mentor to help structure your loan and educate you on repayment strategies designed to pay down debt faster, which suits buyers wanting intensive, ongoing guidance.

  • The Co-operative Bank: As a customer-owned co-operative, The Co-operative Bank routinely ranks high in customer satisfaction and provides responsive, personal service rather than an automated corporate runaround.

Key Considerations for a 10% Deposit

  • Low Equity Margin (LEM) / Low Equity Premium: Because your deposit is under 20%, lenders will charge a capitalized margin or premium on your interest rate until your equity reaches 20%.

  • Income and Job Stability: Being salaried is an advantage because lenders favor the consistency of PAYE income when assessing debt-to-income (DTI) and servicing ratios under current Reserve Bank of New Zealand rules.

  • KiwiSaver Utilization: Ensure you apply to withdraw your eligible KiwiSaver funds well in advance through your provider, as lenders require this confirmed before unconditional approval. [Simpler Mortgages]

If you tell me your combined household income and whether you are utilizing KiwiSaver , I can help you check if you qualify for specialized low-deposit government backing schemes.

Ask anything

Captured 11 October 2026

AI Overviews · National

We're a salaried couple buying our first home with about a 10% deposit and little experience with mortgages. What matters most to us is getting good help and advice when we need it. Which lenders would you recommend for our home loan, and why?

AI Overview

For a first-home buyer with a 10% deposit , the choice of lender is highly dependent on Kāinga Ora eligibility and low-equity lending constraints. Rather than choosing a single bank, my primary recommendation is to work with a registered Mortgage Adviser (Broker) rather than going directly to a single bank, as they provide the comprehensive, end-to-end guidance you are looking for at no cost to you.

Why a Mortgage Adviser is Your Best First Step

As a salaried couple with limited experience, navigating a 10% deposit (classified as a "low equity" loan in New Zealand) is complex.

  • The "Low Equity" Hurdle: Most retail banks restrict lending when deposits are under 20% due to Reserve Bank LVR rules. Banks apply Low Equity Premiums (LEP) or margins (added interest rates). An adviser knows which bank is currently offering the lowest low-equity penalties.

  • No Direct Cost: In New Zealand, mortgage advisers are paid via commission by the lenders, meaning you get comprehensive advice, application management, and support through the bidding process for free.

  • Support Network: They hold your hand through the entire home-buying journey, helping you understand pre-approvals, property valuations, and how to structure your fixed and floating loan tiers.

Top Lender Recommendations for Low-Deposit Buyers

If you want to look at specific banks that excel in helping low-deposit, first-time buyers with strong customer support, focus on these top choices:

Lender Why They Fit Your Situation Best For
Kiwibank Government-owned and highly integrated with first-home buyer support. They are a primary underwriter for the First Home Loan scheme. Under-20% deposit buyers needing a clear, community-focused guiding hand.
Westpac NZ Known for flexible low-equity criteria and robust online educational resources tailored specifically to inexperienced first-home buyers. Couples looking for competitive low-equity pricing and streamlined digital tracking.
ANZ NZ As NZ’s largest residential lender, they have a massive, dedicated mobile mortgage manager network that can come to your workplace or home to explain paperwork. Buyers who want highly accessible, face-to-face expert guidance outside of normal business hours.

Strategic Framework for a 10% Deposit

Because you have a 10% deposit, you should immediately ask your adviser or bank about the following risk-mitigation frameworks:

  1. The First Home Loan Scheme: Backed by Kāinga Ora, this scheme allows eligible buyers to purchase a home with as little as a 5% deposit. The major benefit is that it bypasses standard bank low-equity premium charges, saving you thousands.

  2. KiwiSaver First-Home Withdrawal: Ensure you have requested your "First Home Product Liability" letters from your KiwiSaver providers. Banks will want to see these integrated into your 10% deposit calculation early on.

  3. Budgeting for Hidden Fees: With less than 20% equity, banks will require a Registered Valuation on the property before final approval, which can cost $800–$1,200 out of pocket.

If you'd like to narrow down your options, tell me:

  • What is your combined gross annual income?

  • Are you planning to use KiwiSaver withdrawals as part of that 10% deposit?

Knowing this will help determine if you qualify for government-backed low-deposit schemes.

Ask anything

Captured 11 October 2026