NZ's leading mortgage calculator

Discover your options in 90-seconds

The 90 second mortgage snapshot will calculate your borrowing poweravailable equity, servicing ability, refix and refinance options plus more!

Over 30,000 Kiwis have already benefitted from the insights. 

If you are struggling to keep up with your mortgage payments or just need to minimize your monthly expenses for a while, then you might need to apply for a mortgage repayments reduction.

There are a few ways to pay less on your mortgage. You can switch from fortnightly payments back to monthly which brings the total annual repayment down a bit because instead of making 26 fortnightly repayments each year you can make 12 monthly repayments. The fortnightly option is essentially like you paying for a 13th month each year.

Another way to minimize your repayments is to extend the term of your mortgage. Let’s say you’ve had your mortgage for 8years and it was originally set up on a 30 year term. You have been making principal and interest payments regularly without missing any. If life has thrown you a curveball and now you need to bring your outgoings down as much as possible, you might decide to combine the mortgage top up strategy with the loan extension strategy.

You can extend your loan terms back out to 30 years and get some breathing room because you have spent time building up equity already. Now, if you have just lost your job, it is harder to do this because your bank is going to want to see that you have the income to support new and current debts. That’s why it is good to plan for this in advance and think about having mortgage interruption insurance or income protection before that all happens.

It never hurts to ask a mortgage adviser what your options are.

Interest Only loans are also an option. Perhaps you’d like to switch your principal and interest loans which shortens the loan terms each time you pay, to an approach where you are paying the minimum. This is when your debt does not get smaller, you simply pay the bank for the privilege of them lending you the money. Say you have $500,000 of mortgage debt, and your interest rate is 5%, then your annual interest expense will only be $25,000 instead of a higher number (depending on loan length and repayment method). Principal and Interest payments are more expensive but allow you to build up more equity. Using interest-only loans are usually for investment properties and rely on capital gains for equity growth.

You can also apply for a mortgage holiday in times of distress. This is a case by case basis. One thing you might want to do is pay a little more than you have to on your mortgages when you start and build up a buffer that if this every becomes your only option then at least you have equity to use. In some cases the bank will force you to sell your property.

If you’d like to reduce your monthly expenses, even if you are just curious about seeing the options, we won’t tell your bank (or anyone for that matter), and we can workshop your options with you. mortgage hq provides a free service – we do not pass judgment and will be encouraging you every step of the way.

Interest-only Mortgages

Using Interest-Only Mortgages to Minimise Payments Generally, interest-only mortgages are designed to allow a property investor to secure new property by using their current home(s) as security

Read More »

Getting Mortgage Free

Utilising an Offset Mortgage Let’s have a quick look at offset mortgages. So, with a normal mortgage, what you’re doing is paying interest on the

Read More »
7B450704-CAEA-4A08-A11D-EAEED9DAA6CB__iRefi logo 5600x1708

After four successful years,
iRefi has outgrown its brand. 

What started as a fledgling mortgage brokerage focused on helping kiwis refinance mortgages has matured into a highly driven company hunting pragmatic results for clients and stakeholders, then guiding them down the pathway to property goals.

mortgage hq logo

It is time for a new brand.

A brand that better represents who we are and who we are striving to become over the next five years.

OUR VALUES

Frank. Engage in open and honest conversations, broach tough subjects and always admit when you don’t have the answer.

Ownership.  When trusted with a task or client, take full ownership, refuse to blame others or circumstances.

Resourceful. Use all available resources to find clients the best outcome possible.

Real talk, real results.