The questions and original answers

For your situation in New Zealand, I’d prioritise lenders that are comfortable assessing self-employed contractors with variable income, while competing hard on the total cost of the loan rather than just the advertised interest rate.

Having three years of earnings records and a 20% deposit puts you in a potentially strong position. The main challenge is how each lender calculates your sustainable income, particularly if your earnings fluctuate from year to year.

My recommendation is to compare a mix of major banks and lenders with more flexible assessment approaches, using the same loan amount, deposit, term and repayment assumptions for each.

What matters most in your case

• How your income is assessed: A lender may average your last two or three years of earnings, focus on the most recent year, or adjust income for business expenses. This can affect how much you can borrow.
• The actual interest rate: A small rate difference can add up to thousands of dollars over the life of a mortgage.
• Fees and cashback: Account for application or package fees, any cash contribution, and the conditions attached to it.
• Flexibility for irregular income: The ability to make extra repayments, use an offset account, or make lump-sum payments can help you reduce interest when your income is strong.
• Approval certainty: The cheapest advertised loan isn't the cheapest option if the lender's income policy means you can't get approved on suitable terms.

The lenders I’d put on your shortlist

1. ANZ New Zealand

First to compare

Why: A good starting point for a conventional bank mortgage with a 20% deposit. ANZ offers basic home loans as well as fixed-rate options, so you can compare a low-frills loan against one with more features. A 2026 mortgage adviser survey also ranked ANZ first among the major banks overall. Home loan for self employedANZ and non-banks fare well in mortgage broker survey

What I’d ask: Will you assess my income using three years of accounts, and can you offer a sharper rate or cash contribution for my deposit and borrowing amount?

Best for: establishing a competitive major-bank benchmark.

2. ASB

Why: ASB is worth a direct quote alongside ANZ. It publishes its home-loan rates and fees, making it useful for comparing fixed terms and variable lending costs. Its Orbit revolving-credit option may also suit you if you regularly hold surplus cash between contracts, although the extra flexibility only helps if you use it effectively. Home loan interest rates and feesANZ and non-banks fare well in mortgage broker survey

What I’d ask: Is the lowest-cost basic loan available to me, and would Orbit save more interest than it costs?

Best for: comparing straightforward pricing against cash-flow flexibility.

3. Kiwibank

Why: Kiwibank is another strong comparison candidate. It offers standard variable, offset and revolving-credit structures, so you can compare the cheapest basic option with ways to reduce interest using spare cash. It also ranked third among the major banks in the cited 2026 adviser survey. Rates & fees | Home loansANZ and non-banks fare well in mortgage broker survey

What I’d ask: What are your best fixed rates for new borrowers, and can an offset loan reduce my interest without increasing my total fees?

Best for: price competition and potentially useful offset features.

4. BNZ

Why: BNZ belongs on your quote list because it explicitly identifies the last two annual financial statements as evidence for self-employed applicants. That gives you a clear starting point for preparing your application, although acceptance and income calculations depend on your circumstances. Preparing for a home loan appointment

What I’d ask: How will you treat fluctuating annual earnings, and what interest rate and cash contribution can you offer on my loan?

Best for: a further major-bank quote and an additional approval option.

5. Pepper Money

Why: I’d keep Pepper as a backup if a mainstream bank's income assessment becomes the obstacle. Its published lending information says it accepts applicants who are newly self-employed, including some with six months of NZBN history. However, its specialist lending rates and fees can be substantially higher, so it would not be my first choice when minimising total cost. Home Loan Options

What I’d ask: Can you approve me at a lower-cost tier based on my three years of documented earnings, and what is the full cost over the first two to five years?

Best for: an alternative if mainstream-bank approval is difficult.

These are a shortlist to seek quotes from, not a guarantee that any lender will approve you or offer the lowest rate. I would start with ANZ, ASB and Kiwibank, obtain a fourth quote from BNZ, and only pursue specialist lending if necessary.

How to get the lowest total cost

I wouldn't choose a lender from its headline rate alone. I'd ask each lender or mortgage adviser for a written comparison using the same assumptions.

Cost factor	What to compare
Interest rate	Best rate you actually qualify for, including any low-equity margin
Cash contribution	Amount offered, eligibility conditions and repayment obligations if you refinance early
Fees	Loan, account, valuation and adviser fees, where applicable
Repayment flexibility	Extra repayments allowed without penalties and any offset-account fees
Fixed-rate flexibility	Potential early repayment charges if your circumstances change

Your 20% deposit is particularly valuable because it may qualify you for standard equity-based pricing rather than low-equity pricing. Keep in mind that a lender uses its own valuation and lending criteria to establish your loan-to-value ratio. Home loan interest rates and feesRates & fees | Home loans

A practical strategy for your variable income

1. Prepare three years of tax returns, financial statements and income evidence, plus current contracts and recent bank statements.
2. Ask the lender to explain precisely how it calculates your assessable income. If the most recent year is stronger, find out whether it can give that year appropriate weight.
3. Compare the total interest and fees over your expected time in the home, including any cashback clawback if you refinance.
4. Keep an emergency fund for gaps between contracts instead of putting every available dollar into the deposit.
5. Consider a mortgage adviser who works across multiple banks and non-bank lenders. Ask which lenders they can access and whether their recommendations are based on both pricing and self-employed lending policy. Before you start contractingHome Loans for Self-Employed

My bottom line

Start with ANZ, ASB and Kiwibank, then use BNZ as a fourth competitive quote. With three years of documented earnings and a 20% deposit, I would exhaust mainstream-bank options before considering a more expensive specialist lender.

To make this recommendation more precise, the most useful next detail is: what is your approximate annual income before personal tax, and how much does it vary between years? For example, you could share the income for each of the last three years and your approximate target property price. That would help narrow down which lenders and loan structures are most worth approaching first.