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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 self-employed couple who have run our business for three years and are buying a home, having owned one before. What matters most to us is keeping the total cost as low as possible. Which lenders would you recommend for our home loan, and why?

For a self-employed couple in New Zealand who have been in business for three years, have owned a home before, and want to minimise the total cost of their home loan, I would compare lenders on more than just the advertised interest rate.

Your three years of trading is a useful starting point for a self-employed application, but lenders differ in how they assess business income, add back expenses, and treat retained profits. Since you have owned a home before, you'll generally be assessed as existing homeowners rather than first-home buyers, although your deposit and whether you are selling another property will affect your options.

My recommendation is to compare a major bank with a competitive smaller bank and a mortgage adviser who can access multiple lenders. The cheapest option for you will depend on how each lender assesses your income and the total cost of the loan over time.

The lenders I would shortlist

These are the lenders I would approach first, based on current New Zealand market comparisons and your self-employed circumstances. This is a shortlist to obtain competing quotes from, not a claim that one lender will definitely offer you the lowest rate.

1. BNZ

Best starting point

Why I'd consider it: BNZ won Canstar's 2026 Bank of the Year Home Loans award. Its TotalMoney offset mortgage can also reduce interest if you keep substantial savings in linked accounts. Best home loans: Canstar's Home Loan AwardsCompare BNZ home loan rates

Best for you if: Your business generates reliable income and you hold savings or cash reserves that could offset your mortgage.

View BNZ rates and fees

2. ASB

Why I'd consider it: ASB was among Canstar's 2026 Outstanding Value winners for residential fixed-rate home loans. It is worth requesting a competing fixed-rate offer, including any cash contribution. Best home loans: Canstar's Home Loan AwardsMortgage Cashback and Incentives

Best for you if: You want predictable repayments and can secure a competitive fixed rate without expensive conditions.

View ASB home loans

3. Westpac

Why I'd consider it: Westpac was another Canstar 2026 Outstanding Value winner for residential fixed-rate loans. Ask it to compete directly with BNZ and ASB on your actual loan amount. Best home loans: Canstar's Home Loan Awards

Best for you if: Its negotiated rate and upfront contribution produce a lower overall cost than the alternatives.

View Westpac home loans

4. The Co-operative Bank

Why I'd consider it: It received Canstar's Outstanding Value awards for residential floating-rate and line-of-credit lending in 2026. These options may be useful if you want flexibility with business income and savings, although their costs depend on how you use the loan. Best home loans: Canstar's Home Loan Awards

Best for you if: Your income fluctuates throughout the year and you can benefit from flexible access to funds.

View The Co-operative Bank home loans

5. Resimac

Why I'd consider it: It is an alternative if a mainstream bank's standard income assessment doesn't reflect the strength of your business. Non-bank lenders may consider applications individually or accept alternative income documentation. However, rates and fees can be higher, so I would not choose one unless the numbers justify it. Getting a mortgage if you’re self-employedHow NZ banks assess self-employed income for a mortgage

Best for you if: Your accounts show lower taxable income than your business's underlying cash flow would suggest.

View Resimac

How to get the lowest total cost

I would compare written offers using the same loan amount, deposit, repayment term and fixed-rate period. Ask every lender for:

  • The actual interest rate offered to you, including any low-equity premium.
  • Cash contributions and fees, including establishment, legal and adviser costs where applicable.
  • Repayment flexibility, including extra repayments, offset accounts and any early repayment charges.
  • Self-employed income treatment, including which expenses may be added back and whether both years of accounts are needed.

A cashback offer isn't automatically the cheapest deal. For example, a 0.5 percentage-point rate difference on a $600,000 mortgage is initially about $3,000 per year in interest, before accounting for principal repayments and future rate changes. That can outweigh a one-off cash contribution. MoneyHub's comparison guide explains how to assess cashback against ongoing mortgage costs. Best New Zealand Mortgage Rates (Fixed & Floating)Mortgage Cashback and Incentives

For your circumstances, I would start with BNZ, ASB and Westpac for competing offers, then check The Co-operative Bank and use a mortgage adviser to investigate any lenders that may assess your business income more favourably.

Let me narrow this down to your situation

Three details would help me rank the lenders more accurately, especially for a couple running a business.

Ask anything

ChatGPT can make mistakes. Check important info.

Captured 11 October 2026

Gemini · National

We're a self-employed couple who have run our business for three years and are buying a home, having owned one before. What matters most to us is keeping the total cost as low as possible. Which lenders would you recommend for our home loan, and why?

When your primary goal is keeping the total cost as low as possible while navigating being self-employed for three years, your choice of lender depends entirely on one core financial question: Can your business financials easily satisfy a standard main bank's strict servicing tests, or do you need alternative documentation?

Because you have owned a home before, you likely understand the property purchasing process, but self-employed income verification adds a layer of complexity. Main banks (like ANZ, ASB, BNZ, and Westpac) typically require a full two-to-three years of finalized IRD tax returns, and they often scrutinize business write-offs, which can artificially lower your shown "net income" and limit your borrowing power.

Strategy 1: Main Retail Banks (Lowest Cost If You Qualify)

If your three years of business accounts show strong, stable net profits after all write-offs, main retail banks will inherently offer the lowest total cost.

  • Why they keep costs lowest: Major banks provide access to the lowest market interest rates (with competitive fixed terms generally ranging in the mid-to-high 4% or lower 5% brackets depending on market shifts) and frequently offer cashback incentives (often 0.50% to 0.90% of the loan amount) upon settlement. This cash contribution drastically helps offset upfront legal and valuation costs.
  • The Catch: Main banks apply stringent serviceability test rates (often stress-testing your income around 7%). If your accountant has minimized your taxable income to reduce tax liability, a main bank may decline the loan or offer a lower borrowing limit, forcing you to look elsewhere.

Strategy 2: Specialist "Near-Bank" Lenders (Best Balance for Self-Employed Flexibility)

If a main bank declines you or restricts your borrowing power due to how your self-employed income is presented, look toward established non-bank or specialist lenders (such as Pepper Money or Basecorp Finance).

  • Why consider them: Lenders like Pepper Money offer Alt Doc (alternative documentation) home loans. For self-employed borrowers, this means instead of waiting for full end-of-year IRD returns to be fully processed, they may accept alternative proofs of income—such as GST returns, six months of business bank statements, or an accountant's certificate.
  • The Cost Trade-off: Their interest rates and establishment fees are typically higher than main banks (often tracking roughly 1% or more above standard bank rates), and they rarely offer cashbacks. However, they prevent you from missing out on a property or getting stuck paying short-term commercial rates.

Your Numbered Action Plan to Minimize Total Cost

To ensure your total cost remains as low as possible, take the following steps:

  1. Audit your financial visibility: Have your accountant prepare a clear summary showing your true cash flow and net profit over the last 3 years, separating personal drawings from business reinvestment.
  2. Approach a major bank first: Test your application with a main retail bank (e.g., your current everyday bank or one offering aggressive cashbacks) to chase the lowest headline rate and cash contribution.
  3. Engage an independent mortgage broker: Because you are self-employed, an independent broker costs you nothing (they are paid by the lender) and can simultaneously shop your profile across both main banks and near-bank lenders (like Pepper Money or Squirrel) to see who stretches their servicing test in your favor without unnecessarily inflating your interest rate.
  4. Weigh cashback against interest rates: Calculate whether a bank's upfront cashback offsets a slightly higher fixed rate, or if a lower standard rate elsewhere saves you more over a 2-to-3-year fixed term.

Would you like to explore how different fixed-rate terms (such as 6 months versus 1 to 2 years) might impact your repayment structure given current market conditions?

Ask Gemini

Gemini is AI and can make mistakes.

Captured 11 October 2026

Google AI Mode · National

We're a self-employed couple who have run our business for three years and are buying a home, having owned one before. What matters most to us is keeping the total cost as low as possible. Which lenders would you recommend for our home loan, and why?

When your priority is minimizing total cost as a self-employed couple who have been trading for three years and already own property experience, your strategy relies on two things: securing the lowest possible interest rate/fees and leveraging your 3-year track record to qualify for standard tier-one bank pricing rather than expensive non-bank alternatives.

Because you have 3 years of financial accounts (meeting the standard 2-year requirement for mainstream lenders) and past home-ownership experience, you have full access to competitive mainstream and challenger banks.

Recommended Lenders for Lowest Cost

  1. Challenger and Regional Registered Banks (TSB and SBS Bank)
  • Why: They frequently undercut the major Australian-owned four banks on advertised special fixed rates (such as competitive 1-year or 2-year fixed options) and often feature lower establishment or ongoing account fees.
  • Self-Employed Fit: Having 3 years of finalized IR3 tax returns and financial statements means TSB or SBS can process your application smoothly through standard channels without penalizing you with "low-doc" premium interest rates.
  1. The Co-operative Bank or Kiwibank
  • Why: As locally owned banking alternatives, they regularly feature near-the-bottom standard/special interest rates and lower transactional or monthly administration fees compared to some larger legacy institutions.
  • Self-Employed Fit: They are accustomed to dealing with small business owners and sole traders, and their credit teams take a pragmatic look at net profits and standard business add-backs (like depreciation or home-office expenses).
  1. The Major Mainstream Banks (ANZ, BNZ, ASB, Westpac)
  • Why: While their headline carded rates might occasionally lag behind smaller competitors, they are aggressive with cashback incentives (offering cash contributions of 0.50% to 1.00% of the total loan amount upon drawdown for new lending).
  • The Cost Calculation: If you borrow a substantial amount, a major bank's cash back can immediately offset thousands of dollars of initial legal/valuation costs and beat a slightly lower interest rate from a smaller bank that offers zero cashback. Always look at the net cost over the initial fixed term including the cash contribution.

Key Cost-Saving Strategies for Your Profile

  • Use Your 3-Year History to Negotiate: Do not accept standard carded rates. Bring competing offers from other institutions to your preferred lender or use a mortgage broker to pitch the major banks against each other for a better special "unadvertised" rate or a higher cash back.

  • Optimize the Structure: Utilize an offset account or a revolving credit portion only if you actively manage cash flow, but keep the bulk on a low fixed rate to lock in certainty.

  • Check the Fine Print on Fees: Watch out for low-rate traps that claw back savings via high monthly account-keeping fees or costly discharge fees when you eventually switch or sell. You can cross-reference current movements and fee structures using MoneyHub NZ's Mortgage Guide.

If you can share:

  • Your approximate loan size
  • Whether you are looking for a 1-year, 2-year, or split fixed rate

I can help calculate whether a lower interest rate or a larger upfront cashback yields the lowest net cost for your specific loan amount.

Ask anything

Captured 11 October 2026

AI Overviews · National

We're a self-employed couple who have run our business for three years and are buying a home, having owned one before. What matters most to us is keeping the total cost as low as possible. Which lenders would you recommend for our home loan, and why?

AI Overview

Mainstream tier-1 banks (like Kiwibank, TSB, ANZ, BNZ, and Westpac) are your highly recommended options.

Because you have successfully run your business for three years , you comfortably clear the standard "two-year rulebook" that mainstream banks require to verify self-employed income. Since your absolute priority is keeping the total cost as low as possible , qualifying for a prime bank loan allows you to bypass expensive "low-doc" or "alt-doc" non-bank lenders, which typically charge interest rates 1% to 2% higher and impose costly upfront establishment fees. Self Employed Mortgages - Home Loans New Zealand | iLenderSelf-Employed and Need a Mortgage? Exactly What the BankSelf-Employed Mortgages Explained - MoneyHub NZHow to get a mortgage when you're selfCurrent mortgage interest rates in NZ [2026] - Opes PartnersMortgage for Self Employed NZ: The 2026 Guide to Getting

Highly Recommended Lenders for Lowest Cost

  1. Kiwibank & TSB (Top for Lowest Base Rates)
  • Why: As of late 2026, Kiwibank and TSB frequently lead the market with the lowest advertised short-term fixed rates (such as 6-month and 1-year terms starting between 4.75% and 4.95%).
  • Cost Impact: Securing the lowest possible interest rate minimizes your ongoing monthly interest bill, which is the largest driver of a home loan's total cost. Current mortgage interest rates in NZ [2026] - Opes PartnersApply | Home loans - KiwibankInterest Rates in NZ | Compare Home Loan & Mortgage RatesLowest mortgage rates in NZ
  1. The Major Australian-Owned Banks (ANZ, BNZ, Westpac, ASB)
  • Why: With three years of clean, accountant-prepared financial statements, you can trigger a standard assessment process. These banks are highly aggressive with cashback offers for strong borrowers with at least a 20% deposit.
  • Cost Impact: Current market cashbacks range from $2,400 to over $8,100 depending on your loan size. This upfront cash injection can directly offset your legal costs and initial moving expenses.

Note on Heartland Bank: While previously known for ultra-low digital rates, Heartland Bank ceased offering new fixed-rate home loans to new customers.

Direct Comparison: Mainstream Banks vs. Non-Bank Lenders

Feature Mainstream Banks (e.g., Kiwibank, ANZ, BNZ) Non-Bank Lenders (e.g., Pepper Money, Resimac)
Typical Interest Rates Lowest available (Approx. 4.75% – 5.5% fixed) Higher premium (Often starting at 6.35% to 7.0%+)
Upfront Setup Fees Generally $0 (plus potential cashback) 1% to 2% establishment fees common
Documentation Needed 2 full years of financials & IR3 tax summaries Flexible (GST returns or bank statements only)
Suitability for You Perfect match (You easily meet the 2+ year requirement) Unnecessary expense unless your structure is highly complex

3 Action Steps to Minimize Your Total Cost

  • Provide Clean Financials: Have your accountant prepare your last two full financial years of Profit & Loss statements, Balance Sheets, and IR3 tax returns. Lenders will look at your net profit and add back non-cash expenses like depreciation or home office deductions to maximize your borrowing power.

  • Aim for a 20% Deposit: To secure the absolute lowest advertised "special" interest rates and avoid low-equity margin fees, ensure you have at least a 20% deposit.

  • Utilize a Mortgage Broker: Because broker services are generally free to the borrower in New Zealand (paid via bank commission), using an adviser via groups like Loan Market NZ or Squirrel allows you to shop all major banks simultaneously to find the absolute lowest rate and highest cashback combination.

To help narrow down the best strategy, could you tell me your estimated deposit percentage (e.g., under or over 20%) and whether your business profit has been stable or growing over the last three years?

Ask anything

Captured 11 October 2026