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What Counts as Genuine Savings When Applying for a Mortgage?
Not all deposit money is created equal. When applying for a mortgage, banks often want to see that at least part of your deposit comes from genuine savings—money you’ve steadily put aside over time. But what counts as “genuine”? And how much do you actually need? In this article, we break down the types of savings banks love to see, which sources don’t qualify, and what to do if your deposit is mostly gifted or inherited. Understanding how genuine savings work can give you a stronger shot at mortgage approval—especially if you’ve got less than a 20% deposit.
What Is a Priority Amount in a Mortgage?
When you take out a mortgage in New Zealand, you might notice the phrase “priority amount” in your loan documentation. It’s often overlooked, but this little detail could raise eyebrows—especially if the amount listed is significantly more than you’re actually borrowing. So what is a priority amount, and should you be concerned?
Top 5 Most Useful Property Websites in New Zealand
Looking to research a property or better understand what your home—or future home—is really worth? These five websites are among the most trusted and useful tools in New Zealand for getting up-to-date valuations, sales histories, council rates, and market insights.
What Is Contract Works Insurance?
If you’re building or renovating a home in New Zealand, contract works insurance might be one of the most important policies you’ve never heard of. This specialised cover protects your home—while it's still under construction—from risks that ordinary house insurance doesn’t touch.
The Bank of Mum and Dad: Helping First Home Buyers the Right Way
As the dream of homeownership drifts further out of reach for many first-time buyers, the ‘Bank of Mum and Dad’ has become an increasingly common – and crucial – source of support. But how families structure that help can have long-term implications. Here's what you need to know before gifting or lending money for a home deposit.
4 Things You Can Do to Get Ready for Your Mortgage (No Matter When You’re Buying)
Thinking of buying a home now or even just “one day”? You don’t need to wait until you're house-hunting to start preparing. By taking a few simple steps now, you can put yourself in a far stronger position when the time comes to apply for a mortgage.
What’s the Minimum Deposit to Buy a House in NZ?
Wondering how much deposit you need to buy a house in New Zealand? Here's the 2025 guide to 5%, 10%, and 20% deposit options—and how to make yourself bank-ready.
Budgeting with PocketSmith
If there’s one budgeting app we rave about at Mortgage Lab, it’s PocketSmith. Proudly New Zealand-made and packed with powerful tools for tracking your income, expenses, and future goals, it’s our go-to recommendation for anyone looking to get their finances in order. Whether you’re saving for a home deposit or just want to understand your spending better, PocketSmith makes it easier—on desktop and mobile. Here's why we think it’s worth a look.
The Magic of Compound Interest When Paying Down Your Mortgage
Paying off your mortgage might feel like a long, slow journey—but thanks to the magic of compound interest, every extra dollar you put towards your loan can have a surprisingly powerful effect. By understanding how interest is calculated and why timing matters, you can make compound interest work in your favour and pay your mortgage off faster.
Purchasing at Auction – A Step by Step Guide
Bidding at auction can feel like a whirlwind of nerves and excitement—but with the right preparation, it doesn’t have to be intimidating. Whether you’re weeks out from auction day or already scouting open homes, understanding the mortgage and purchase process ahead of time can make all the difference. In this guide, we walk you through the steps to get auction-ready, explain the lingo you’ll hear on the day, and cover exactly what happens after the hammer falls.
Why Don’t We Have 30-Year Fixed Mortgages in New Zealand?
You’ve probably heard of 30-year fixed-rate mortgages in the US—home loans that lock in your interest rate for three decades. But in New Zealand, the longest fixed term you’re likely to see is just five years. Why? From our smaller financial markets to the way Kiwi borrowers prefer flexibility, this blog explores the key reasons why long-term fixed mortgages haven’t taken off in Aotearoa—and why they’re unlikely to anytime soon.
Who Pays for the Mortgage After a Separation?
Who pays the mortgage after a separation? It’s one of the most difficult financial questions facing separating couples—especially if you’re both still listed on the loan. This blog explores how ownership, liability, and credit risk work when a relationship ends, and what to do next.
5 Things To Know About Your Mortgage Pre-Approval Letter of Offer
You’ve got mortgage pre-approval—congrats! That all-important Letter of Offer (or LOO) is now sitting in your inbox. But what does it actually mean? In this blog, we walk you through the key parts of a typical letter of offer, from estimated interest rates to priority amounts and expiry dates. We explain what matters, what’s just standard wording, and what to do next to turn that pre-approval into a set of house keys.
When Do You Need a Registered Valuer’s Report When Purchasing a House?
A Registered Valuer’s Report is often essential when buying or building a home in New Zealand. Here’s when you might need one, what it involves, and why it’s different from other types of property estimates
What Is a Revolving Credit Account?
Revolving credit accounts can be a powerful tool for mortgage holders—offering flexibility, faster repayments, and interest savings. But they also come with discipline demands and careful planning. Here’s what you need to know to decide if it’s right for you.
Mortgage Strategies for Self-Employed and Gig Economy Workers
Navigating the mortgage process as a self-employed or gig economy worker in New Zealand presents unique challenges. This blog explores practical strategies for proving income, improving creditworthiness, and strengthening your home loan application.
When is the Right Time to Refinance Your Mortgage?
Refinancing your mortgage can unlock substantial financial benefits—but only if done at the right time. Discover the key indicators that signal when refinancing is the smartest move for your financial future.
How Does a Prenup Affect Your Application for a Mortgage?
Thinking about getting a mortgage with your partner? A prenup might not be the first thing on your mind—but it could be one of the smartest. Here’s how a contracting out agreement (prenup) can affect your mortgage application and protect your financial future.
Weekly vs Monthly Mortgage Payments: Which Is Better?
It’s a common myth that switching from monthly to weekly mortgage payments will save you thousands. While there is a small interest saving, it’s not as much as many think. We break down the numbers—and explain when weekly payments might actually pay off.
What Are Terraced Houses—and Are They a Good Buy?
Terraced housing is rapidly rising in popularity throughout New Zealand’s urban centres. But what exactly are terraced houses—and are they the right choice for first home buyers or investors? We explain how they work, what to look out for, and why they could (or might not) be a smart addition to your property plans.