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Mortgages

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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.

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.