Ways to borrow
I'd like to borrow some money for

Your borrowing options

If you’ve got a big purchase coming up take a look at your budget and see if you can cover it with your savings. If that's not possible then consider your borrowing options. Before you take on any debt though, think carefully about how much you’re borrowing and if you’ll be able to comfortably make your repayments.

Budget and save

Take a look at your budget and see if there are places you could cut back on spending and start saving to reduce the amount you borrow. Our bills calculator can help you work out how much your regular expenses are. Building up an emergency fund can help you cope with unexpected bills or big purchases, without having to dip into debt. Every little bit helps when it comes to saving, so even if it's just a few dollars a week, see if you can start putting regular savings aside. Setting up a separate savings account can help, as it keeps your nest egg separate from your everyday account.

Consider a credit card

Depending on how much you’re looking to spend and how quickly you think you could pay it off, a Zero Visa credit card could be a good option for making a big purchase. If you’re more interested in getting rewards than paying low interest, then take a look at our Air New Zealand Airpoints™ credit cards.

Compare interest rates and fees on our credit cards to see which one might suit you. Whatever card you choose, you need to be able to pay at least the minimum repayments each month, otherwise you’ll face extra interest and charges. At Kiwibank the minimum monthly repayment is calculated as either 5% of your closing balance or $10, whichever is greater.

Check out personal loans

If you’re looking to borrow $2,000 or more and are after a fixed interest rate and set repayment amounts, a personal loan might suit you. Once your loan is approved you can get the cash as early as the next business day. If you know how much you want to borrow, our personal loan calculator will give you an idea of what your repayments might be, how long it could take to pay off and what the total interest might be.

Interest rates will vary depending on how much you borrow. Kiwibank Home Loan customers are eligible for discounted personal loan interest rates. See all rates and fees.

A home loan top-up

Want to renovate your home, spruce up your kitchen, do some landscaping or go green with solar panels? You might be able to pay for it by topping up your existing Kiwibank home loan. A top-up means that you borrow money and add it to your existing home loan.

You may also be able to use a top-up to pay for a big purchase or to pay off existing debts that may be at a higher interest rate such as credit cards, personal loans and hire purchases.

The amount you could borrow will depend on how much of your home loan you’ve already paid off, the current value of your home, how much you can afford in repayments and what the top-up is for.

Take a look at an overdraft

If you need a bit of flexibility, take a look at an overdraft. An overdraft can be accessed through your everyday account and have an agreed limit that you can spend up to whenever you need to. You only pay interest on the money you use, so if you've arranged an overdraft limit of $5,000 but only use $2,000 in a month, you only pay interest on $2,000.

There are no minimum monthly payments, but repaying it as quickly as you can will minimise the amount of interest you pay.

Improve your credit rating

If you’re late paying bills or have defaulted on a loan or a credit card, this is likely to show up on your credit report. If you’ve made a few money mistakes in the past, you can start to rebuild a positive financial picture by paying your bills and loans on time, or if you’ve fallen behind in payments, setting up a regular repayment plan to get back on track.

You can get a free copy of your credit report from any of New Zealand’s three credit reporting agencies: Equifax, Centrix, or Illion.

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Have extra funds available

Having an emergency fund is a smart way to give yourself a financial backstop to help out with unexpected finances, or if things are tight between pay days. Building up an emergency fund could take some time, so if you need extra funds in the meantime you could consider borrowing. This will give you a buffer that you can dip into, up to an approved limit.

  1. Budget and save

    Create a budget and take a look at your spending and see if there’s any way you can squeeze out some savings, so that the next time you’re hit with an unexpected expense, you can dip into savings rather than slip into debt. The general rule of thumb for an emergency fund is to aim to be able to cover around three months' worth of expenses. Our bills calculator will help you work out your expenses.

  2. Arrange an overdraft

    An overdraft could be a handy financial backstop, to help make sure you’re not charged dishonour fees if your bank account dips into the red. If you’re approved for an overdraft, we’ll agree on an overdraft limit and you'll be able to access the overdraft through your everyday account.

  3. Consider a credit card

    The Zero Visa could be a good way to deal with an unexpected expense and has no annual account fee. To pay off your balance faster, try to pay more than the minimum monthly repayments, as this will save you interest.

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Cope with surprises

Life doesn’t always go to plan and there are times you might find yourself dealing with unexpected costs or expenses. Ideally, you'll have an emergency fund or insurance to cope with financial hiccups, but if your savings can't cope with an unwelcome surprise you could look at an overdraft or a credit card to help tide you over.

  1. Set up an overdraft

    An overdraft provides a flexible financial backstop to help you deal with unexpected expenses. Your overdraft will have an agreed overdraft limit, and you can access the overdraft through your everyday account.There are no fixed repayments and you can spend within your agreed overdraft limit.

  2. Look into credit cards

    Depending on your circumstances, a Zero credit card could be a good way to deal with an unexpected expense. Kiwibank has a range of credit cards to suit different circumstances and spending habits. Whichever card you choose, make sure you can make at least the minimum monthly repayments, to avoid extra interest and charges.

  3. After you've paid off debt

    Once you're back on an even keel and have paid off any debt, try to get ahead of any future financial emergencies. Put the money that was going on debt repayment into a savings account and start building up an emergency fund.

  4. Sort out your budget

    If you’re financially squeezed, take a look at your spending and see if there’s anywhere you can cut back. Our bills calculator can help you work out your regular expenses. This will help you create a budget and work out if you can start saving.

  5. Get insured

    Insurance is a good way to financially protect yourself, your loved ones and your things from life’s hiccups. We’ve got tools and calculators to help you work out what Life & Living, house, contents, and car cover you might need.

  6. Build a buffer

    Work towards building an emergency fund – aim to be able to cover around three months’ worth of expenses. Consider a separate savings account that isn’t linked to your EFTPOS or debit card, and so it’s harder to dip into. Set up a direct debit or automatic payment so your savings happen automatically.

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Manage your everyday banking

Need some help or inspiration on how to manage your everyday finances and deal with your daily purchases? We’ve got accounts, tools and calculators to help you sort out your everyday spending.

  1. Track your spending

    Keeping track of your spending and knowing where your money is going is a great way to get on top of your day-to-day finances. You can do this by going through your recent transactions on internet banking or the mobile app. Our bills calculator can help you work out your regular expenses – the first step in creating a budget.

  2. Sort out your accounts

    Rather than have all of your money sitting in one account, consider setting up a few accounts to cater to all of your needs. For example, one for bills, one for everyday spending and one for saving. Compare the fees, interest rates and features of the accounts we have on offer to make sure you’ve got the best options for your circumstances.

  3. Automate your banking

    Set up direct debits or automatic payments so you’re never late paying a bill. Set them up to go out the day after your pay day, so you know there’ll always be enough in your account to cover them. Alternatively, you could use PayStream, which allows you to split your pay into different accounts.

  4. If money is tight

    Our Sweep tool is helpful if money is a bit tight and you’re worried there might be times automatic payments or direct debits might be dishonoured. With Sweep, if there’s not enough money in your transaction account for an upcoming payment, Sweep will take money from a second account (that you nominate) to cover the payment.

  5. Consider a credit card

    Credit cards are a handy way to pay for everyday things, but you need to manage them well. Ideally, you’d be able to pay off your balance in full each month – that way you’ll avoid paying interest on purchases. Plus if you take one of our Airpoints credit cards you can earn rewards on your everyday spend.

  6. Set up a backstop

    Ideally, you'll have saved an emergency fund, but if your savings can't cope with tough times or unexpected expenses, you could consider getting an authorised overdraft. You'll be given an overdraft and an agreed limit, which you can access through your transaction account. Minimise the amount of interest you pay on your overdraft by repaying it as quickly as you can.

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Funding for your next holiday

Ideally, if you want to head off on holiday you'll be able to save up for it. If you’re ready to go for a rest or an adventure, but haven’t managed to save all the cash to do so, you could look at borrowing money to get you going. Just make sure if you do take on debt, you’ve got a plan to pay it back.

Start saving and budgeting

The first step is working out a realistic budget for how much your trip will cost and when you want to go. Ideally, you'll have enough time to save up for your trip so you don't have to take on any debt.

Do your research and go online to price accommodation, food and drinks, entrance tickets, airline or train tickets, petrol prices, rental car prices – anything you can think of that you’ll need to spend money on. Once you’ve done this, you’ll have a ballpark figure of what your trip is likely to cost.

If you're on a tight timeframe, and can't save what you need, then take a look at your borrowing options – but remember, your repayments won't take a holiday just because you do, so before you take on any debt, make sure you'll be able to pay it off.

Consider a credit card

If you’re looking to borrow less than $2,000, a credit card might be the answer. Compare our credit cards to find one that that best suits your circumstances.

Our Air New Zealand Airpoints Platinum Visa credit card comes with built-in overseas travel insurance. You can activate this by paying for one of the following: overseas travel tickets, one or more nights of pre-paid accommodation, a pre-paid rental car, pre-paid scheduled transport ticket or a pre-paid guided tour.

If you do get a credit card, try to make more than the minimum repayments each month, this will pay off your balance quicker and save you interest over time.

Set up an overdraft

Another option could be setting up an overdraft. An overdraft can be accessed through your transaction account and have an agreed limit that you can spend up to whenever you need to. You only pay interest on the money you use, so if you've arranged an overdraft limit of $5,000 but only use $2,000 in a month, you only pay interest on $2,000. There’s no minimum monthly payments, but repaying it as quickly as you can will minimise the amount of interest you pay.

Look at a personal loan

Depending on your financial situation, you might be able to take out a personal loan for your holiday. You can borrow from $2,000 and set the length of your loan from six months to seven years.

It’s important that you only take on as much debt as you can comfortably handle, so you’ll need to prove that you’re in a financial position to take on debt and repay it. Use our personal loan calculator to work out what your repayments might be.

Calculate your costs

As well as making sure you can handle the repayments, it’s also important to look at the interest rates and fees. These will vary depending on what kind of debt you’re taking on, i.e. a personal loan, credit card or overdraft.

Before you go

Get in touch before you head off to let us know where and when you’re travelling. That way when overseas spending shows up on your accounts, we’ll know it’s you who’s making the transactions.

You can notify us via our mobile app, just go to Settings, click on Overseas Travel and add a trip.

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