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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

What's the best bank for a mortgage top-up to pay for renovations?

For a mortgage top-up to pay for renovations in New Zealand, I'd start by asking your existing home-loan bank for a top-up offer, then compare it with at least two other banks. Your current bank is often the simplest option because it already has your mortgage and property valuation details, but it isn't necessarily the cheapest.

The best choice depends on how much you want to borrow, your current mortgage rate, your equity in the property and whether you want to keep repayments low or pay off the renovation costs quickly.

What matters most when choosing a bank?

  • Interest rate: Compare the rate on the additional borrowing, not just the rate advertised for new mortgages.
  • Fees: Check application, valuation, legal and loan-structure fees.
  • Loan structure: Ask whether you can put the renovation money into a separate loan portion, potentially with a shorter term or floating rate.
  • Equity: Your available equity and the bank's lending criteria will affect how much you can borrow.
  • Flexibility: If you expect to make extra repayments, check for early-repayment restrictions or break fees.

My shortlist of New Zealand banks

1. ANZ — best one to check for general renovations

ANZ offers a dedicated Reno Loan top-up for renovations such as kitchens, bathrooms, roofing, flooring and landscaping. It allows up to $50,000 over a three-year fixed-rate term, subject to eligibility and at least 20% equity. Top up your ANZ Home Loan

Check ANZ Reno Loan

2. BNZ — best to investigate for a standard top-up

BNZ allows you to structure additional borrowing separately from your existing mortgage, with fixed or floating interest options. Its special 1% offer is for eligible energy-efficiency upgrades, rather than general renovations. A top-up fee of up to $100 may apply. Home loan top-upsBetter Future home loan top-ups

Check BNZ top-ups

3. ASB — worth comparing if you're an existing customer

ASB offers a Better Homes Top Up for eligible improvements, with special pricing aimed at energy-efficient upgrades. For a conventional kitchen or bathroom renovation, ask for its standard top-up pricing too. Home loan interest rates and fees

Check ASB home-loan rates and fees

These are a shortlist to compare, not a definitive rate ranking. Special offers can change, and the cheapest option for you depends on your circumstances.

One important exception: energy-efficient renovations

If your renovation includes insulation, heating, ventilation or other eligible energy upgrades, special-purpose loans could be significantly cheaper than a standard mortgage top-up.

  • ANZ, ASB and BNZ list eligible upgrade loans at 1% p.a. for three years, with limits up to $80,000.
  • Westpac lists a 0% interest top-up for five years, up to $50,000, for eligible home improvements under its Greater Choices programme.

Eligibility and permitted uses differ, so check the current terms before applying. Bank loans for home energy upgradesWestpac NZ announces interest-free lending to support home resilience

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

I can give you a more useful recommendation if you tell me three things.

Ask anything

ChatGPT can make mistakes. Check important info.

Captured 11 October 2026

Gemini · National

What's the best bank for a mortgage top-up to pay for renovations?

When looking for a mortgage top-up for home renovations in New Zealand, the "best" bank is almost always your current mortgage provider.

Because a top-up involves borrowing additional funds against your existing property equity, staying with your current lender avoids the significant legal, discharge, and application fees associated with refinancing or moving banks. It also streamlines the approval process since they already hold your security and financial history.

However, if you are open to shifting banks or are comparing offerings across major New Zealand lenders (ANZ, ASB, BNZ, Westpac, Kiwibank, etc.), key factors and specialized products dictate which bank fits best:

1. Special "Green" Renovation Incentives

If your renovations include sustainable upgrades—such as double glazing, insulation, heat pumps, solar panels, or EV chargers—major banks offer heavily discounted, low-interest or zero-interest top-up products:

  • Westpac: Offers a Greater Choices scheme with ultra-low or 0% interest rates for specific green additions (like EVs) over extended terms.
  • ANZ, ASB, & BNZ: Offer specialized green home loan top-ups (e.g., ANZ Good Energy, ASB Better Homes, BNZ Better Future) providing low fixed rates (around 1% p.a.) for up to 3 years for eligible eco-upgrades.
  • Kiwibank: Rather than a discounted rate, Kiwibank offers a cash contribution (up to $2,000 spread over four years) if you take out a sustainable energy loan above a certain threshold.

2. Standard Renovation Top-Ups

For general renovations (kitchens, bathrooms, decks, extensions):

  • Standard mortgage top-up rates across major and secondary banks (such as The Co-operative Bank, SBS, and TSB) track closely with standard home loan fixed or floating rates.
  • Some lenders like ANZ feature specific packaged options (such as the ANZ Reno Loan) designed for mid-tier renovation amounts (typically $3,000 to $50,000).

Key Considerations Before Applying

  • Equity Requirement: Banks generally require you to maintain at least 20% equity in your home (owner-occupied) after the top-up.
  • Loan Structure: Consider a revolving credit facility or an offset account for renovations. This allows you to draw down funds progressively as builders or suppliers require payments, meaning you only pay interest on the exact money used at any given time rather than paying interest on a lump sum from day one.
  • Affordability (CCCFA): Under New Zealand's Credit Contracts and Consumer Finance Act (CCCFA) regulations, the bank will re-test your income and expenses to prove you can service the larger mortgage amount, even if your equity is high.

Are your planned renovations focused on general structural upgrades (like a new kitchen or bathroom) or energy-efficiency improvements (like solar or insulation)?

Ask Gemini

Gemini is AI and can make mistakes.

Captured 11 October 2026

AI Overviews · National

What's the best bank for a mortgage top-up to pay for renovations?

AI Overview

The best bank for a mortgage top-up depends heavily on what kind of renovations you are planning, as New Zealand banks highly subsidize energy-efficient and sustainable home upgrades. If your renovations include any "green" elements (like insulation, heat pumps, solar, or double glazing), you can access 0% to 1% interest rates , which beats standard mortgage rates.

If you are doing standard cosmetic or structural renovations (like a kitchen or extension), your current mortgage lender is almost always the best and most practical choice, provided you have at least 20% equity remaining in your property after taking out the extra cash.

1. Best for Energy-Efficient Renovations (Green Loans)

If you are upgrading heating, insulation, ventilation, windows, or solar power alongside your renovation, you should leverage highly subsidized top-ups:

  • Westpac NZ (Greater Choices Home Loan): Offers 0% interest for up to $50,000 over a 5-year term. This is the most cost-effective option on the NZ market for eco-friendly upgrades.

  • BNZ , ANZ NZ, and ASB: All offer 1% interest for up to $80,000 over a 3-year term. This is ideal if you need a higher borrowing limit than Westpac offers.

2. Best for Standard Renovations (Kitchens, Extensions, Landscaping)

For non-green structural or cosmetic renovations, banks will typically price your top-up using their standard fixed or floating home loan rates. Because switching banks (refinancing) involves legal and valuation fees ($800–$1,600), staying with your existing lender is usually the cheapest route.

  • ASB Bank : Great for visual planning and speed. Existing customers can usually apply online via the ASB app in about 10 minutes, with decisions often turning around in two business days.

  • Kiwibank : Excellent alternative if you want to support a fully Kiwi-owned bank. They offer flexible splitting so you can put your top-up on a revolving credit line (allowing you to pay interest only on what you use as the renovation progresses).

  • BNZ : Low fee transparency. Top-up fees for existing customers are capped at $100, making it a low-friction option if you already bank with them.

Directly Comparing Your Options

Renovation Scale / Type Recommended Strategy Expected Interest Rates Key Conditions
Eco-Upgrades (Heat pumps, insulation, double glazing) Westpac, ANZ, ASB, or BNZ Green Top-ups 0% to 1% p.a. Must use approved items/contractors. Max $50k–$80k limits.
Minor / Cosmetic (<$50,000 kitchen or bathroom refresh) Standard Top-up with your current bank Standard Fixed/Floating Home Loan Rates (~5.5% - 6.5%) Requires 20% equity left in the home. Quickest approval.
Major / Structural (Extensions, major layout changes) Construction Loan / Staged Top-up Standard Home Loan Rates (often Interest-Only during build) Requires registered builder contract, council consents, and progress valuations.

Crucial Top-Up Rules in NZ

  1. The 20% Equity Rule: Banks generally require you to retain at least 20% equity in your home after the top-up is added. If your equity drops below 20%, you may face Low Equity Margins (higher interest rates) or a decline.

  2. Affordability Stress Testing: Even if you have plenty of equity, the bank will re-evaluate your income and expenses to ensure you can comfortably manage the higher monthly mortgage repayments.

  3. Loan Structure: Ask your bank to set up the top-up as a separate "tranche" (or sub-loan). If you choose a floating or revolving credit structure for that specific portion, you can pay it off as quickly as you want without breaking fees.

If you would like to map out the next steps, tell me:

  • What is the estimated cost of your renovation project?

  • Do you know roughly how much equity you currently have in your home?

  • Are you planning to include any energy-efficient upgrades (like insulation or heat pumps)?

Ask anything

Captured 11 October 2026