Compare Home Loans
Learn about the different types of home loans you can choose from
Become mortgage free faster with a personalised home loan. Unlike a typical bank we work with you to put a personalised plan in place to help you get out of debt, reduce the amount of interest you pay and use your savings to pay off your home loan, faster. Track your progress online using daily updates from your home loan account.
Managed Home
Loan from
New Zealand
Home Loans
Loan from
New Zealand
Home Loans
A managed home loan is similar to revolving credit it is a mortgage account that is transactional and has all your income ‘channelled’ into the one account to maximise interest savings, however the loan limit decreases each month (like that of a table mortgage.) A managed home loan also involves several other components including debt management software and regular reviews with a consultant.
Standard
Table
Mortgage
Table
Mortgage
This is the most common type of home loan.
You can choose a term up to 30 years. Most of your early repayments pay off more interest than principal, while most of the latter payments pay off more of the principal.
You can choose a term up to 30 years. Most of your early repayments pay off more interest than principal, while most of the latter payments pay off more of the principal.
Reducing
(Non-Table)
Mortgages
(Non-Table)
Mortgages
Reducing, Straight Line or Non-Table mortgages repay the same amount of principal with each repayment, but a reducing amount of interest each time. These are quite rare in New Zealand.
Interest
Only
Mortgage
Only
Mortgage
You only pay interest on the loan amount so the principal balance doesn’t reduce. Typically interest only loans are for 6 months – 5 years terms, with full repayment due at the end of the loan or the balance is converted to a table mortgage at this time.
Revolving
Credit
Mortgage
Credit
Mortgage
Revolving credit loans work like a large overdraft. Your pay goes straight into the account and bills are paid out of the account when they’re due. By keeping the loan as low as you can at any time, you pay less interest because lenders calculate interest daily.
You can make lump sum repayments and re-draw money up to your limit.
You can make lump sum repayments and re-draw money up to your limit.
Off
Set
Mortgage
Set
Mortgage
Off Set mortgages use the balance of your transactional and savings accounts to off set the interest costs of your home loan. Eg if your home loan is $100k and you have $10k in your savings account you will only pay interest on $90k.