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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

best bank for landlords with two mortgages

If you’re a landlord in New Zealand with two mortgages, I’d compare banks on more than just the advertised interest rate. The best bank will depend on whether you have two investment properties, or one home loan plus one rental-property loan, and whether you want to maximise cash flow, pay down debt faster, or keep refinancing options open.

My main recommendation is to compare the big four banks — ANZ, ASB, BNZ and Westpac — alongside Kiwibank. Focus on the total cost of both loans, investor lending criteria, and how flexibly you can structure repayments.

Best banks to compare for landlords in NZ

  1. BNZ — best overall starting point

BNZ won Canstar's 2026 Bank of the Year for home loans and an Outstanding Value award for investment lending. It offers principal-and-interest and interest-only options, plus TotalMoney offset lending. Home Loans Star Ratings and Awards New ZealandProperty investment

Best for: landlords who want flexible loan structures and competitive overall value.

BNZ property investment loans

  1. ASB — strong investment-loan alternative

ASB received Canstar's 2026 Outstanding Value awards for investment lending and investment fixed loans. Home Loans Star Ratings and Awards New ZealandHome Loans & Mortgages

Best for: comparing fixed rates across both mortgages.

ASB home loans

  1. ANZ — worth considering for cash flow

ANZ advertises investment-loan interest-only options for up to 10 years, subject to eligibility and lending criteria. This can reduce required repayments temporarily, although the principal won't decrease during the interest-only period. Borrowing for an investment property

Best for: landlords prioritising short-term cash flow.

ANZ investment property lending

  1. Westpac — worth checking for longer fixed terms

Westpac received Canstar's 2026 Outstanding Value award for residential lending, with particular strength in longer fixed-rate profiles. That doesn't automatically make it the cheapest for rental loans, so compare a specific investor-loan quote. Home Loans Star Ratings and Awards New Zealand

Westpac home loans

What matters most when you have two mortgages?

  • Compare the combined cost: Interest rates, fees, cashback, and any costs of breaking existing fixed-rate loans.
  • Check whether to split or combine lending: One bank can simplify managing both loans, but separate banks may offer a better deal or more flexibility.
  • Ask about interest-only repayments: These may help cash flow but generally increase the total interest paid over time.
  • Review tax and lending implications: Your loan structure and the purpose of borrowed funds matter. Discuss the tax treatment with your accountant.

Let’s narrow it down to the best bank for you

The biggest factor is what your two mortgages are for.

Ask anything

ChatGPT can make mistakes. Check important info.

Captured 11 October 2026

Gemini · National

best bank for landlords with two mortgages

When you already hold multiple mortgages as a property investor in New Zealand, finding the "best" bank shifts away from just looking at headline interest rates. Instead, the right choice depends heavily on portfolio structuring flexibility, rental income shading policies, and Debt-to-Income (DTI) frameworks.

Because major New Zealand lenders evaluate multi-property portfolios differently, evaluating your options requires looking beyond a single metric.

Key Factors for Multi-Mortgage Landlords

  1. Rental Income Shading (The "65% to 80%" Rule):
    When calculating your borrowing capacity for a new mortgage, banks don't count 100% of your rental income. Most major banks shade rental income down to between 65% and 75% to account for vacancies, insurance, and maintenance. Lenders with more generous shading policies will give you significantly more headroom when you already have two or more active loans.
  2. Cross-Collateralisation vs. Standalone Structures:
    Managing multiple properties means you want a bank that allows flexible, standalone security structures. Cross-collateralising all your properties under one master limit ties your hands, making it harder to sell one property or release equity cleanly without refinancing the entire portfolio.
  3. Debt-to-Income (DTI) Limits:
    The Reserve Bank of New Zealand (RBNZ) enforces strict DTI limits for residential investment property (typically capped at 7x income, with allowances for high-DTI lending exceptions). How a bank calculates existing debt and treats revolving credit facilities can make or break your next approval.

Major Bank Landscape for Investors

Bank Key Investor Strengths for Multi-Mortgage Portfolios
ANZ Generally robust for established portfolios with strong income streams, though strict on serviceability test rates. Offers solid restructuring tools for split loans.
BNZ Often favored by expanding landlords due to competitive pricing on certain LVR tiers and flexible handling of equity release across existing securities.
ASB Known for user-friendly digital tools and portfolio visibility, though serviceability test models remain conservative.
Westpac Frequently competitive on cashbacks for refinancing or moving multi-property portfolios, subject to policy adjustments and deal size.
Kiwibank As a locally owned alternative, they can sometimes offer pragmatic assessments on regional or provincial yields, though major metro portfolio caps still apply.

Strategic Considerations Before Deciding

  • Avoid Single-Bank Concentration Risk: Many experienced landlords deliberately split their portfolio across two different major banks (e.g., properties 1 and 2 with BNZ, property 3 with ANZ). This prevents one bank from having a blanket security interest over your entire asset base and gives you leverage when negotiating refi rates or cashbacks.
  • Interest-Only Terms: For cash flow management on multiple mortgages, maintaining interest-only terms on parts of your portfolio (where permitted by bank policy and tax strategies) frees up capital, though banks closely monitor the total term limits allowed for interest-only periods.
  • The Value of a Mortgage Broker: For multi-property portfolios, approaching a bank directly often yields rigid "computer-says-no" automated outcomes. An independent mortgage adviser who routinely places multi-security applications across 25+ lenders can pitch your overall portfolio narrative, asset equity, and cash flow directly to credit committees.

Explore Your Options

Ask Gemini

Gemini is AI and can make mistakes.

Captured 11 October 2026

Google AI Mode · National

best bank for landlords with two mortgages

When managing multiple mortgages as a landlord in New Zealand, the "best" bank depends heavily on your broader portfolio strategy, how you structure your borrowing, and whether you choose to keep your loans with a single institution or split them.

Single Bank vs. Split Banking for Landlords

  • Keeping mortgages with one bank: Major lenders like ANZ, ASB, BNZ, and Westpac make portfolio tracking simpler and offer streamlined revolving credit or offset facilities across properties. However, holding all loans with one bank means they use cross-collateralization (an "all obligations" clause). This gives the bank a security interest across all your properties, meaning if one property's value dips or rental income shifts under tighter serviceability rules, it can restrict your flexibility with the others. [Become Wealth]

  • Splitting across different banks: Many seasoned property investors deliberately split their mortgages across two different banks (e.g., Property 1 with ASB, Property 2 with BNZ). This prevents one lender from having total control over your entire equity and makes it harder for one bank's credit decisions to bottleneck the other. [Become Wealth]

Key Factors to Weigh Across NZ Lenders

  1. Servicing and Policies (DTI and LVR): Reserve Bank of New Zealand (RBNZ) restrictions—such as Loan-to-Value Ratio (LVR) caps and Debt-to-Income (DTI) limits—apply across all registered banks, but individual banks calculate rental income shading (how much of your rental income they actually count) differently. Some banks are more generous with test interest rates than others. [Become Wealth]
  2. Flexibility for Landlords: Look for banks that allow you to structure your loans effectively—such as combining revolving credit to manage cash flow/tenant bonds with fixed rates for security.
  3. Cashback and Refinancing Incentives: Major banks frequently offer cash contributions for bringing or switching multiple mortgages over, which can help offset legal and structural costs. [Become Wealth]

To help narrow down which specific lender fits your situation best, tell me:

  • Are both mortgages currently with the same bank or different banks?
  • Are the properties residential investments or new builds?
  • Are you looking to consolidate, expand your portfolio, or secure lower rates?
Ask anything

Captured 11 October 2026

AI Overviews · National

best bank for landlords with two mortgages

AI Overview

When managing two mortgages as a landlord in New Zealand, there is no single "best bank" because the right choice depends heavily on how your portfolio is structured. However, BNZ and ASB frequently stand out as top choices for property investors, recently winning Canstar’s Outstanding Value Investment Lender awards.

When you scale up to two mortgages, your primary focus should shift away from just the lowest interest rate and toward loan structure , equity flexibility , and servicing calculations.

The Front-Runners for Landlords

Bank Strengths for Two Mortgages Key Considerations
BNZ • Highly flexible with equity; known to lend up to 90% Loan-to-Value Ratio (LVR) on live investment deals in specific cases.
• Excellent digital tools for modifying repayments online. • Can implement strict Debt-to-Income (DTI) testing across larger portfolios.
ASB • Consistently rated as the top banking app (goMoney) for split-banking and tracking multiple loans.
• Highly competitive 6-month and 1-year fixed terms. • Tends to be conservative with rental "shading" (how much rental income they count toward your servicing).
Westpac • Offers offset accounts which let you use rental income/cash reserves across multiple accounts to lower your interest. • Floating/variable rates sit on the higher side if not actively managed.

Crucial Strategies for a Two-Mortgage Portfolio

1. Offset Accounts and Revolving Credit

As a landlord, your cash flow fluctuates with rental income, tax obligations, and maintenance costs. Lenders like Westpac and BNZ offer offset loans. You can link the floating portion of your investment mortgages to your everyday rental accounts. Any cash sitting in those accounts automatically reduces the interest you pay on your mortgage, saving you thousands while maintaining instant liquidity.

2. Avoid "Cross-Securitisation"

When you have two mortgages, banks naturally prefer to link both properties together as security for both loans. Avoid this if possible. If your mortgages are cross-secured, the bank controls the proceeds if you sell one property and can force you to pay down the other mortgage. Ask your bank or an independent investment mortgage broker to keep the securities separate so you retain flexibility.

3. Rental Shading & Servicing Math

Every bank calculates your borrowing power differently. When testing if you can afford two mortgages, banks do not count 100% of your rent. They "shade" it—typically counting only 70% to 80% to account for vacancies and expenses. If your second mortgage stretches your income, ANZ or BNZ may offer more generous servicing calculators or higher DTI limits (up to 7x for investors) compared to conservative lenders.

4. Deposit & Equity Rules

Under Reserve Bank rules, standard existing investment properties require a 30% deposit (70% LVR) , whereas qualifying new builds only require 20%. If you are looking to unlock equity from your first property to fund the second, BNZ and ANZ are historically the most accommodating with high-LVR investor allocations above the standard 70% threshold.

If you would like to narrow this down, could you tell me:

  • Are the properties existing homes or new builds?

  • Are you looking for interest-only terms , or principal and interest?

  • Do you want to keep both mortgages at the same bank , or are you open to split-banking?

Ask anything

Captured 11 October 2026