Comparing mortgage rates is the first place to start if you want the best bang for your buck, and we have all the information you need here to point you in the right direction.
There are dozens of banks, mortgage brokers and other lending institutions prepared to take your hard earned money in mortgage repayments and there are different styles of lending to suit different personalities - for example, low risk takers or big risk takers.
Where to compare mortgage rates
You can take a look at today's interest rates provided by mainstream banking institutions and what mortgage rates are offered by alternative lending institutions like building societies, credit unions or other non-bank lenders, you'll get the whole shebang on interest.co.nz.
Put your bank loyalty to the test
You may just want to use the bank you already have accounts with, or feel a loyalty to.
However, a mortgage is a long haul and you might find that comparing banks could save you a lot of money in the long run, so at least take a look at the links above and use their calculators to do the maths.
If they don't come to the party, you should shop around for the best deal.
Calculating mortgage repayments
Before you decide to commit to a mortgage, you might want to calculate your current debts, how much they are costing and how to get debt-free as fast as possible.
If you want to face up to what your net worth is ... really ... sorted.org.nz can help you be honest about it.
We also found this handy mortgage calculator that is independent of any banking institution.
How much deposit will you need? Find out about changes to Loan to Value Ratios
Selling and buying your next property
If you’re looking at comparing mortgage interest rates, you’re either re-mortgaging or buying a new property.
If buying a new property, make sure you read Wise Up's Buying a House Checklist of things to tick off before you make the leap. The checklist covers everything from legal advice and the building inspection, to the valuation and insurance.
You may be upgrading to a better home, in which case you will also be selling your house.
You need to budget for real estate commission fees, and make sure your home is fully ready for the market in order to have the best chance of obtaining the best price in the shortest possible time span.
Banks can help with expenses when selling
Banks will often provide assistance to help you take the next step with property but how they assist will vary from bank to bank.
For example, if you are planning to sell and need a short term loan to get repairs or maintenance finished, they may help.
Remember that unfinished, unconsented projects will require codes of compliance to sell your property so don't leap into the real estate process until you have the paperwork as it can be very costly.
They may also assist with home staging an empty property.
You can share our information on home staging for bank staff to see what difference staging can make on the equity you could achieve.
If in doubt, just ask your bank to help.
Sign up to news about buying a house by adding your details below:
You might also like:
- Tax tips and regulations for property investors
- Where to start with getting a valuation
- DIY home decorating and upcycling
Article update February 16, 2021 | About