Search studies, brands and more…⌘ KExplore research

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

What's the best bank for a first home loan if we're a salaried couple with about a 25% deposit?

For a salaried couple in New Zealand buying your first home with a 25% deposit, I'd start by comparing BNZ, Westpac, ANZ, ASB and Kiwibank rather than assuming one bank is automatically the best.

You're in a relatively strong position: a 25% deposit means you're borrowing about 75% of the property's value, which generally puts you in a better position than buyers with smaller deposits. You may have access to more competitive mortgage pricing and avoid the low-deposit lending restrictions that can apply to borrowers with less than a 20% deposit, subject to the bank's assessment.

The best bank for you will depend on the interest rate, cash contribution, lending flexibility and how much you can comfortably repay—not just the advertised rate.

My shortlist for your situation

1. ASB

Worth checking first

ASB advertises a $5,000 first-home-buyer cash contribution for eligible buyers borrowing at least $200,000. With a 25% deposit, this is worth asking about, although eligibility conditions apply. Home Loans & Mortgages

ASB home loans

2. BNZ

A strong bank to include in your rate negotiations. Compare its special fixed rates and any cash contribution against ASB's total offer.

BNZ home loans

3. Kiwibank

Include it as a competitor when comparing interest rates and fees. Don't assume a larger bank will give you the best overall deal.

Kiwibank home loans

4. ANZ

Worth getting a competing offer from, particularly if you already bank with ANZ or want to negotiate a package around your income and deposit.

ANZ home loans

5. Westpac

Get a quote here too. The combination of negotiated interest rate, cash contribution and loan features may make its offer more attractive than the advertised rate suggests.

Westpac home loans

What interest rate should you aim for?

The Reserve Bank of New Zealand's September 2026 data puts average advertised special rates for new mortgages at approximately:

Fixed term Average special rate
6 months 4.74%
1 year 4.97%
2 years 5.27%
3 years 5.47%

These are market averages, not guaranteed offers or necessarily the best rates available to you. The latest figures were released on 7 October 2026. New residential mortgage special interest rates (B21) - Reserve Bank of New Zealand

Check the live offers before committing, and ask each bank whether it can improve its rate or cash contribution. A difference of just 0.25 percentage points on a $600,000 mortgage is roughly $1,500 in first-year interest, before accounting for principal repayments.

How I'd approach the banks

  1. Get pre-approval based on your combined salaries, existing debts and expenses.
  2. Ask for the special rate and cash contribution together. Compare the total value rather than focusing on either one alone.
  3. Compare a one-year and two-year fixed option. Consider splitting the mortgage across different fixed terms if that suits your budget and risk tolerance.
  4. Check the cash contribution conditions. These can include minimum loan amounts and repayment obligations if you refinance or leave within a specified period.
  5. Consider a mortgage adviser who can compare multiple lenders and explain any differences in lending criteria.

The RBNZ publishes market-wide mortgage data, but individual offers depend on your application and the bank's criteria. New residential mortgage special interest rates (B21) - Reserve Bank of New ZealandLoan-to-value ratio restrictions - Reserve Bank of New Zealand

Let me narrow this down for you

I can make a more useful recommendation if I know two things: how much you earn together and roughly how much you're looking to spend on the property.

Ask anything

ChatGPT can make mistakes. Check important info.

Captured 11 October 2026

Gemini · National

What's the best bank for a first home loan if we're a salaried couple with about a 25% deposit?

Determining the "best" bank for a first home loan as a salaried couple with a 25% deposit depends on how you weigh interest rates, cashback incentives, and loan flexibility.

With a 25% deposit, you sit comfortably below the 80% Loan-to-Value Ratio (LVR) threshold. This means you qualify for banks' "special rates" (the lowest advertised discounted rates) and will completely avoid paying any Low Equity Margins (LEM) or Lenders Mortgage Insurance (LMI).

An evaluation of how New Zealand lenders stack up for your specific scenario highlights key considerations:

1. The Major Banks (ANZ, ASB, BNZ, Westpac, Kiwibank)

  • The Draw: These institutions dominate the market and are generally aggressive with cashback offers for new borrowers. Because you have a 25% deposit and stable salaries, major banks will compete for your business by offering cash contributions (often ranging between 0.5% to 0.9% of the total loan amount) deposited on settlement day.
  • Interest Rates: Their carded "special rates" for sub-80% LVR borrowers track very closely with one another, though they fluctuate frequently based on wholesale swap markets.
  • Best For: Maximizing cashback incentives to help cover post-purchase expenses (like legal fees, moving costs, or insurance) and streamlined digital banking apps.

2. Specialist and Second-Tier Lenders (e.g., SBS Bank, The Co-operative Bank)

  • The Draw: Smaller institutions and customer-owned banks frequently rank highly for first-home buyer support and customer satisfaction. For instance, SBS Bank has notably been recognized in industry awards (such as Canstar’s Bank of the Year for First Home Buyers) for pairing competitive rates with extra hands-on guidance through the buying process.
  • Best For: Couples who value personalized customer service and relationship management over automated or purely digital major-bank processes.

Key Strategies to Leverage Your Position

  • Shop Around for Cashbacks: Bank cash contributions are negotiable, especially if you move your everyday transactional accounts, insurances, and KiwiSaver accounts over to them. Always ask what cash contribution they are offering for a new home loan of your size.
  • Consider Using a Mortgage Broker: A registered mortgage adviser acts as a free intermediary (they are paid commission by the lender) who can pull live, unadvertised "adviser rates" across multiple banks. Brokers often have access to sharper discounting power than what you can negotiate walking into a bank branch directly.
  • Split Your Loan Structure: As a salaried couple, you don't have to put your entire mortgage on a single fixed term. You can split your loan—for example, fixing a portion on a 1-year or 18-month term for certainty, and leaving a smaller portion floating or on a revolving credit facility to aggressively pay down principal using your regular salaries.

Would you like a breakdown of how the current home loan approval criteria (such as bank serviceability stress-tests) might calculate your maximum borrowing power based on your combined salary?

Ask Gemini

Gemini is AI and can make mistakes.

Captured 11 October 2026

Google AI Mode · National

What's the best bank for a first home loan if we're a salaried couple with about a 25% deposit?

As a salaried couple with a 25% deposit , you are in a very strong position. Because your deposit meets or exceeds the standard 20% equity threshold, you avoid Low Equity Margins (LEMs) or extra premium fees, unlocking the most competitive standard interest rates and solid cashback offers from almost any lender in New Zealand.

There isn't a single "best" bank for everyone because the right choice depends on whether you value lowest advertised interest rates, cash contributions (cashback), or specialized first-home buyer support.

Top Contenders in New Zealand

  • SBS Bank (Southland Building Society): Frequently recognized for first-home buyer support—winning accolades like Canstar's Bank of the Year First Home Buyers Award. They offer competitive specialized first-home fixed rates and personalized service, though their digital app ecosystem is smaller than the major australian-owned banks.

  • Kiwibank: As a 100% state-owned Kiwi bank, they are very active in the first-home market. They frequently feature competitive short-term fixed rates and practical green/sustainable home loan top-up extras if you plan on making energy-efficient upgrades.

  • The Co-operative Bank & TSB: These smaller, customer-owned or regional-heritage New Zealand banks often undercut the major four banks on specific fixed rates or offer unique profit-sharing/rebate models.

  • The "Big Four" (ANZ, ASB, BNZ, Westpac): While their standard advertised card rates might occasionally sit slightly higher than smaller tier-2 lenders, they make up for it with aggressive cashback offers (cash given upfront upon settlement to help with legal fees or furnishings) and robust, feature-rich mobile banking apps. With a 25% deposit on a sizeable loan, you have strong leverage to negotiate a better cashback or interest rate discount through a mobile mortgage manager or broker. [Mortgages.co.nz]

Key Factors to Weigh

  1. Cashback vs. Rate: A lower interest rate saves money over the long term, but a higher upfront cashback from a major bank can immediately offset your initial legal, moving, and structural inspection costs.
  2. Loan Features: Check if they allow free extra repayments (crucial if you want to crush the principal faster on your salaries) or offer revolving credit / offset facilities. [MoneyHub NZ]
  3. Use a Mortgage Adviser: For first-home buyers with a clean profile (salaried + 25% deposit), using a registered mortgage broker is completely free to you (they get paid commission by the lender). A broker can simultaneously pull unadvertised "special" or discounted turnaround rates across all major banks and smaller lenders to see who yields the best total financial package for your specific borrowing amount. [MoneyHub NZ]

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

  • Roughly what purchase price range or loan amount are you looking at?
  • Are you prioritizing the lowest overall interest rate or the highest upfront cashback?

I can help outline how the numbers typically stack up.

Ask anything

Captured 11 October 2026

AI Overviews · National

What's the best bank for a first home loan if we're a salaried couple with about a 25% deposit?

AI Overview

SBS Bank and The Co-operative Bank stand out as the top choices for salaried first-home buyers with a 25% deposit in New Zealand.

Because your deposit is 25% , you exceed the standard 20% equity threshold required by mainstream banks. This means you completely avoid low-equity margin penalties and are fully eligible for the lowest advertised "Special" interest rates. Your stable salary makes you an ideal customer for any mainstream lender, so your strategy should focus on maximizing cashback offers and securing the most competitive fixed rates.

Top Recommendations for First-Home Buyers

My primary recommendation is to look at SBS Bank , closely followed by The Co-operative Bank , based on their specialized first-home packages and market awards.

  • SBS Bank (Top Pick for First-Home Incentives): Awarded Canstar’s Bank of the Year for First Home Buyers. Their FirstHome Combo package is highly competitive, offering a 12-month fixed rate discount, a $3,000 cash back reward, a $1,000 home insurance contribution, and a $1,000 contribution to your SBS Wealth KiwiSaver.

  • The Co-operative Bank (Top Pick for Cashbacks): Also recognized heavily for its first-home buyer support. They offer a generous 1% cashback (up to $15,000) for home loans over $250,000, provided you remain with the bank for at least three years. For a typical first home loan size, this easily beats standard flat-rate cashbacks.

Mainstream Bank Direct Comparison

If you prefer to stick with the major retail banks, your 25% equity gives you leverage to secure their best pricing. Below is a look at what the majors are offering for borrowers with more than 20% equity:

Bank Key Highlights & Cashbacks 1-Year Fixed Special 2-Year Fixed Special
Kiwibank Strong reputation for NZ-owned service; great offset structures. 4.95% 5.39%
Westpac Offers $5,000+ cashback for new first-home loans over $250,000. 5.19% 5.29%
ANZ Largest lender; highly structured and predictable application processing. 4.99% 5.35%
ASB Standard tier cashbacks; recently adjusted rates to align closely with competitors. 4.99% 5.35%

(Note: Interest rates fluctuate regularly; data is current as of October 2026). Home loan interest rates and fees - ASB BankCurrent mortgage interest rates in NZ [2026]

Strategic Advice for Your Situation

  • Leverage Your 25% Deposit: Because you are "clean" borrowers (salaried, >20% deposit), banks will compete for your business. Do not just accept the carded rates. Use a mortgage broker to make the banks bid against each other for a higher cashback or a discounted interest rate.

  • Mind the Test Rates: Even though advertised fixed rates are hovering around 4.8% to 5.4%, banks will stress-test your salaried income at a test rate of roughly 6.85% to 7.10% to ensure you can handle future rate hikes. Keep your short-term personal debts (credit cards, Buy Now Pay Later) at zero to maximize your borrowing capacity under these stress tests.

  • Fixing Strategy: Given the current economic environment, many first-home buyers are opting for shorter fixed terms (e.g., 12 to 18 months) to avoid locking in long-term rates if the market shifts lower later on.

To give more tailored advice on your exact borrowing power, what is your combined annual gross income, and do you have any existing debts?

Ask anything

Captured 11 October 2026