See what questions customers have asked us about home loans.

Q. With the Reserve Bank removing LVR restrictions, does that mean that I can get a home loan with no deposit?"

A. While the Reserve Bank has removed the restriction to banks, it doesn’t mean the requirement for a deposit has been removed.

It simply means that banks can lend to more customers that we may not have been able to when the restrictions were in place who had less than 20% deposit. Find out more about loan-to-value ratio.

You'll still require a deposit of at least 10% if you're an owner-occupier, with the exception of our First Home Loan with Kainga Ora requiring a minimum deposit of 5%.

See our range of low deposit options.

Q. What options are available to me if I can't pay my mortgage?"

A. If you're an existing Kiwibank Home Loan customer and need temporary relief from your home loan commitments we have several options available depending on your circumstances. One of our experts will help work with you to determine what the best option is for your situation and talk you through the application process.

Here are some options that might be suitable for you:

  • Reducing to minimum payments
  • Extension of home loan term
  • Interest-only home loan payments
  • Home loan repayment deferral (previously known as a repayment holiday)

What paperwork/information do you need from me to make changes to my home loan repayments?

We don’t need you to dig out any paperwork, but we'll need you to have an idea of what your future income might be and what your essential outgoings are as this will give us an idea of what’s affordable for you. If you have additional lending with providers other than Kiwibank, we recommend contacting them too to discuss what your options are with them so you've got a clear picture of your financial situation.

Once you've filled in our personal support form, we'll give you a call back to discuss your options and tailor a solution that works best for you. Please don't call us to apply for support as we'll need to ask you to complete the form first.

How soon will these changes come into effect and what’s the process from here once you’ve received all my information?

Once we’ve discussed your options and agreed on the approach that best suits you, we’ll arrange the changes to your home loan. It usually takes a couple of days, after which we’ll confirm the changes with you in writing. You’ll receive an initial phone call, an email confirmation, and a letter. If you have questions during the process, you'll be given the contact details of one of our staff who you can contact.

Home loans Q&A session

Kiwibank’s Simon Hofmann (Chief Marketing Officer) & Nicole Pervan (General Manager Products) answer the questions customers asked us on home loans, such as what options are available to customers who are struggling to pay their mortgage in light of COVID-19 and how best to apply.

Please note that this live Q&A session, streamed via Facebook, has now finished.

Q. I was planning on using my KiwiSaver funds to buy a first home. I don’t have enough now for a deposit, what are my options?"

A. If you still plan to buy a home within the next 12 months, it may be worth considering your risk appetite. Moving your funds to a lower risk fund (like cash) may be an option to reduce any further significant loss.

Kiwi Wealth's Future You tool, available to every member of the Kiwi Wealth KiwiSaver Scheme, can help you assess your personal situation and risk appetite.

Q. I've gone unconditional on a house but my KiwiSaver balance has dropped. What are my options?"

A. In some cases you may be able to borrow more, even if your LVR (Loan to Value Ratio) increases to above 80%. Everyone's circumstances are different, so the best thing to do is to contact your lender and discuss what will work best for you.

Q. Would you consider waiving the break fee so I can refinance my loan to a lower interest rate currently offered, and thus reduce my payments?"

A. There are a number of ways we can help those customers impacted by COVID-19. If you're interested in obtaining a fixed rate break cost, then please contact us on 0800 000 654.

Q. I need some extra money to get me through the next few weeks or months. Can I get a top-up on my mortgage? What is the process for this and how long will it take?"

A. If you’ve been impacted by COVID-19 and need help, please fill out our personal support form. Our team will look at your situation and work with you to find the best solution.

You could also consider reducing your home loan payments through a term extension, changing to interest only payments or stopping your payments temporarily with a repayment deferral. To find out more these solutions in more detail, check out our support for personal customers.

Q. Can customers apply for a mortgage holiday while on a fixed rate mortgage?"

A. Yes, you can. Payment deferrals, also known as mortgage holidays, are possible while on a fixed mortgage.

If you’ve been financially impacted by COVID-19, the best thing to do is fill out our personal support form. Once we know your individual situation, we’ll make contact to talk through your options and work out the best way forward.

Q. Are you taking on new lending?"

A. Yes, we're still lending.

Q. What happens if my mortgage payment goes out and I don't have the funds to pay it?"

A. We understand that many of our customers are facing challenges due to COVID-19, so we’ll work with you to find a solution. Our team has the ability to reverse this payment, so the best way to address this is by filling out our personal support form and one of our friendly team will get in contact with you.

Q. Could a repayment holiday become available for a loan on a residential rental property if my tenants have trouble paying their rent?"

A. If you’re impacted by COVID-19, we’re here to support you. So yes, you may be able to get a repayment holiday, also known as a repayment deferral, for your home loans. Please get in touch by filling out our personal support form.

Q. Do you charge a fee if a customer changes to interest-only mortgage repayments? How is the fee calculated?"

A. We know times are tough, so we'll waive this fee if you're switching to interest-only due to the impact of COVID-19. Please get in touch by filling out our personal support form.

Keep informed with other FAQs