Mortgages
At Mortgage Lab – a proud subsidiary of Maurice Trapp Group – we believe that every home ownership journey should be exciting and stress-free.
Whether you’re a first-time home buyer, looking to refinance, or simply keen on expanding your financial knowledge, you’ve come to the right place.
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How Can We Help
At Mortgage Lab, we’re committed to making the home loan process as smooth and easy as possible. Our services include:
Home Loans: Our mortgage advisors will guide you through the process, offering expert advice on the best type of loan for your unique circumstances.
Refinancing: If you’re looking to lower your interest rate, reduce your monthly payment, or switch from a fixed-rate to a variable-rate loan, we can help find the best refinancing options for you.
Property Investment: Whether you’re a seasoned property investor or just starting out, our experts can provide you with insights and strategies to help maximise your investment.
Different Types of Mortgages in New Zealand
Fixed-Rate Mortgage: With this type of mortgage, the interest rate remains the same for a specified period. Your regular repayments stay the same during this term, making budgeting easier.
Floating Rate Mortgage (Variable Rate Mortgage): The interest rate on a floating rate mortgage can change. It usually fluctuates with the Official Cash Rate (OCR) set by the Reserve Bank of New Zealand.
Interest-Only Mortgage: You only pay the interest on the loan for a set period. After this period, you’ll start repaying both the principal and interest.
First Home Loan: Supported by Housing New Zealand, the First Home Loan scheme allows eligible first-time home buyers and previous homeowners to purchase a home with as little as a 5% deposit.
Understanding Mortgage Terms in New Zealand
Here are some common mortgage terms that you’ll come across:
- Principal: The original sum of money borrowed.
- Interest: The cost of borrowing money, expressed as a percentage of the loan amount.
- Equity: The difference between the market value of your property and the amount you owe on your mortgage.
- LVR (Loan to Value Ratio): The amount of your loan compared to the value of your property.
For lots more educational articles on mortgages, see our articles here.
Disclaimer: This guide is intended for informational purposes only and should not be construed as personal advice. Always consult with a licensed insurance professional before making any decisions.
Looking for relevant mortgage-related news? We recommend Mortgage News. Curated stories from New Zealand news sites summarised for easy reading.
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