Made by Kiwis for Kiwis back in 2002, Kiwibank has over 200 branches nationwide and more than 2,500 workers. It is a full-service bank that supports New Zealanders doing extraordinary things, plus those opening their first bank account or buying their first home.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Kiwibank mortgage features
|Deposit size||The standard deposit at Kiwibank is 20%, but in some cases, a lower deposit is possible, for example, through the First Home Loan scheme|
|Payments||Most Kiwibank mortgages allow you to make extra repayments when you want, although conditions can apply|
|Revolving credit||This mortgage is suitable for people that are building or with irregular income, such as the self-employed|
|Interest security||A fixed-rate loan isn’t affected if interest rates rise, but you pay less with a variable rate home loan if interest rates fall|
Kiwibank has four types of mortgage available: fixed-rate, variable-rate (also known as a floating rate), an offset mortgage and revolving credit.
- Repayments remain the same
- Make extra payments (each year) up to 5% of your mortgage amount
- If there’s a rise in interest rates during your fixed loan term, your mortgage is not affected
- Lock in an interest rate for periods from six months to five years
- It lets you pay more than your regular repayments, without penalty
- You can make extra payments towards your mortgage whenever you wish
- If the market changes, your variable interest rate changes to reflect this
- With an offset mortgage, you can reduce the interest you pay on your mortgage, using the money in your linked savings or everyday account
- Allows you to make extra payments and also increase them without penalty
- Your interest rate is variable, so it changes with the market
- There are no fixed payments, so it could be helpful if you don’t have regular income
- You can use the money in your account, within your credit limit, as and when you need
- Put your pay directly into the account to help save on interest
- A variable interest rate so it changes with the market
- It may be an option if you’re good at budgeting and not tempted to spend your available credit.
- If you’re building or renovating, you may be able to save on interest. You can withdraw money as you need it instead of taking out a loan
Kiwibank has mortgage experts that can make the application process simple. They are available in-branch, by phone or email, and can visit you at a convenient location. Using the dropdown form online, you can choose a consultant and contact method. If you are a current Kiwibank customer and need to discuss a mortgage issue, you can contact the home loan team on 0800 000 654.
How do I apply for a Kiwibank mortgage?
Head to Kiwibank’s website, where you can fill in a home loan application form, which takes around 25 minutes to complete. Once the form is submitted, Kiwibank responds within 60 seconds with a conditional pre-approval, subject to supporting evidence. Otherwise, Kiwibank will notify you that it has referred your application to a loan specialist. You should make sure that you meet the eligibility criteria and have the appropriate documentation ready to go before applying.
To compare Kiwibank home loans, ensure you take a look at its fee structure, for example:
- Loan restructure. Each time you change your home loan, Kiwibank charges you between $25 and $50, depending on the request.
- Fixed home loan. If you choose to repay your fixed-rate mortgage during your fixed-rate period, Kiwibank may charge an early repayment fee.
- Extra payments. If you choose to make additional payments during your fixed-rate period, above Kiwibank’s 5% limit, you may have to pay break costs.
- Demand fee. If you default on your home loan, and Kiwibank has to request payment, it charges you $25.
Before you apply for a Kiwibank mortgage
Before applying for a Kiwibank mortgage, ensure you look at your finances, including:
- Expenses, including living costs (utility payments, food), credit cards, student loans and entertainment
- Total income, for example, wages, rental income, shares etc
- If you have a larger deposit, you can borrow less, which means your repayments are lower, and you become mortgage-free faster
To be eligible to apply for a Kiwibank mortgage, you need to meet the following criteria:
- Age. You must be at least 18 years of age
- Residency. You should be a New Zealand citizen or permanent resident
- Employment. You should have a regular source of income
- Credit history. You should have a good credit history and pass a credit check
- Deposit. You should have a deposit of at least 20% of the property value, but it is possible to get a Kiwibank mortgage with less
To support your Kiwibank home loan application, it asks you to provide documentation to confirm your personal information. So be sure to have these ready to go when you apply.
- Identification. You need identification such as a driver’s licence, passport or birth certificate, plus proof of address, for example, from a utility company or government agency
- Proof of income documents. A payslip from the last six months
- Bank statement. A statement or bill with your name and address from the previous six months
- Asset and liability documents. You need to show documents that give evidence of your current assets (savings accounts, vehicles, investments, other property) and liabilities (debts such as credit cards, loans, and hire purchases)
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