FAQs for Mortgage Broker Services

Mortgage Masters are your local Auckland mortgage brokers and financial advisors, servicing businesses and residents across the community since 1998.

Have a browse of our FAQs below for all your questions in mortgage loans and insurance. From new home loans to investment property, from business loans to life insurance, we offer services across the broad spectrum of mortgage broker and insurance services.

Contact us if you have any other questions not listed here.

Which loan is best for first time buyers?

The New Zealand government provides help for first home buyers, with KiwiBuild, First Home Loan and First Home Grant initiatives. To qualify for this mortgage scheme, first home buyers now only need a 5% deposit.

There are different types of loans available – fixed, floating, offset, revolving, or a mixture of these – and the best choice for you depends on your financial situation and lifestyle.

How much deposit do I need to buy a house in NZ?

Many of our clients believe a 20% deposit is needed to buy a house in New Zealand, but that’s not always the case. First home buyers going through the First Home Scheme, for example, will only need to produce 5% to secure a house.

In general, the minimum required deposit for existing properties in New Zealand is 10%.

When should you refinance your home?

The best time to consider refinancing your mortgage is towards the end of your current loan’s term, or when some aspects of your situation have changed that would affect your finances.

You can always look into refinancing to search for a more competitive interest rate, review your loan structure or borrow more money.

Is there a downside to refinancing?

There are some potential pitfalls to look out for when refinancing your home.

For example, you may need to cover some of the costs you had to pay when taking out your original mortgage, such as application fees and closing fees. Working with a trusted mortgage broker can ensure you’re prepared for the process, to avoid any nasty surprises.

Get in touch to find out more

Any further questions? Get in touch to speak to our experts.

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