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A mortgage adviser is not automatically cheaper than applying directly to a bank in New Zealand. The cheapest option depends on the actual rate, fees, incentives, loan features and exit costs you are offered—and on which lenders you can access. The Commerce Commission found that banks generally price customers with similar risk profiles similarly regardless of whether they apply directly or through an adviser. Compare written, personalised offers rather than assuming either channel has a better rate.
At a glance
| Name | Best for | Key spec | Checked |
|---|---|---|---|
| Apply directly to a bank | Borrowers who want to deal with a lender themselves and are comfortable comparing offers. | You can request that bank’s own personalised rate, loan structure, fees and incentive terms. | November 2026 |
| Use a mortgage adviser | Borrowers who want help comparing participating lenders and navigating the application process. | The adviser’s lender panel may not cover the whole market; commission or borrower fees may apply. | November 2026 |
Is a mortgage adviser cheaper than going to a bank?
There is no channel that is reliably cheaper for every borrower. The Commerce Commission’s market study found that banks’ pricing policies generally treat customers the same regardless of channel, while the rate and terms offered to an individual still depend on their circumstances and the lender’s credit settings.
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That does not mean every borrower will receive identical quotes from every bank, or that using an adviser has no value. An adviser may help you approach several participating lenders, compare loan structures and negotiate. Applying directly may suit someone who prefers to manage the comparison themselves or already has a strong relationship with a lender. Neither route guarantees the best available deal.
The practical answer is to compare actual offers on the same assumptions. Look beyond the advertised rate and include fees, cash incentives, repayment conditions and the cost of leaving early. An adviser’s recommendation is useful only if you understand what was compared, what was excluded and how the adviser is paid.
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Does a mortgage adviser get you a better rate?
An adviser may help you find or negotiate a competitive offer, but there is no evidence-based rule that an adviser always secures a lower rate than applying directly. The Commerce Commission says headline rates are a weak guide to the rates customers actually agree.
In its 2024 analysis of new floating, one-year fixed and two-year fixed lending across major banks and Kiwibank, the Commission estimated correlations of about 0.25–0.40 between relative headline rates and agreed rates. This is a finding about the study’s dataset, not a prediction of what any particular borrower will be offered. Discretionary discounts and individual circumstances can affect the final price, so the lowest advertised rate may not become your lowest personalised offer.
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Ask the bank for its actual negotiated rate, not just the rate displayed publicly. If an adviser presents an offer, ask for the written terms and the comparison behind the recommendation. Where possible, the Commission recommends advisers provide at least three actual offers and explain gaps in their lender panels. The number available to you may depend on which lenders work with that adviser and your eligibility.
Are mortgage advisers free in New Zealand?
Often, an adviser is paid commission by the lender when a loan is drawn down, but “free” should not be assumed. Advisers may also charge the borrower a fee instead of or in addition to lender commission, and a fee can apply in specified circumstances if commission is clawed back.
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The Financial Markets Authority says most mortgage advisers work on commission, usually calculated as a percentage of the loan when it is drawn down; some may also receive ongoing commission. The amount can vary by lender. Ask the adviser to explain how both the adviser and their business are paid by each lender being considered, whether you will pay any fee directly, and precisely when a fee could become payable. The adviser must disclose how they are paid and how much you may have to pay, including the circumstances that trigger a charge. See the FMA’s mortgage advice guidance.
Get those terms in writing before you proceed. In particular, clarify whether you could owe a fee if your loan does not settle, is repaid early, is refinanced or is restructured. A lender’s commission clawback and a borrower’s contractual liability are not automatically the same thing: check the adviser’s disclosed terms rather than assuming the lender’s action creates a fee for you.
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Compare the total cost and suitability of each offer over the period you realistically expect to keep the loan—not just the initial interest rate or cash contribution. Use the same loan amount, deposit or equity position, repayment structure, fixed or floating period, and expected time to a sale, refinance or repayment for each comparison.
- Interest rate and loan structure: Record the actual offered rate, the period it applies for and the loan type. Compare offers with equivalent assumptions; a lower rate on a different structure or period is not an apples-to-apples result.
- Fees: Include lender, application, account or other ongoing charges, as well as any adviser fee payable by you. Ask whether a listed cost is one-off or recurring.
- Cash incentives: Record the amount and the conditions for receiving it. Check how long you must keep the loan and whether some or all of the contribution must be repaid if you leave early.
- Early-exit costs: Ask about any repayment of a cash incentive, a possible adviser commission-clawback fee under the adviser’s terms, and any fixed-rate break fee that could apply. They are separate items and may have different triggers.
- Features and fit: Consider whether the recommended loan structure and features suit your plans and repayment needs, not only whether its starting rate is lowest.
- Comparison coverage: Note which lenders were approached, which were not available through the adviser, and whether you could seek a direct offer from a lender outside the panel.
The FMA’s written-quote guidance identifies loan type, amount, term, current rate and fees as important details to request. Keep the offers together so you can compare like with like, and ask the provider to explain anything missing or unclear. A rate and an upfront incentive can point in different directions: an incentive may look attractive initially but be outweighed by costs over your intended holding period or by repayment conditions if you leave sooner.
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How does a broker’s lender panel affect the comparison?
An adviser can compare lenders they work with, but that is not necessarily the whole market. Some lenders do not work with advisers; some non-bank lenders work only through advisers; and a particular adviser’s panel may omit providers. The Commerce Commission recommends that advisers explain panel limitations and, where possible, present at least three actual offers.
Ask for a clear list of lenders the adviser works with and any relevant exclusions. Also ask which lenders were considered for your situation, which were not, and why. If you are considering a lender outside the panel, you may need to approach it directly to see whether it will make you an offer. Do not interpret a panel comparison as proof that every lender in New Zealand was checked.
The value of an adviser therefore depends partly on the breadth and relevance of their panel, not simply the number of names on a list. A comparison is more useful when the adviser explains why the recommended option fits your needs, how it differs from other actual offers, and what alternatives were unavailable.
Should I go through an adviser or apply directly to my bank?
Choose the route that gives you a fair comparison you can understand and act on. An adviser may be useful if you want support approaching participating lenders, evaluating structures or handling the application process. Applying directly may suit you if you prefer to negotiate with a bank yourself or want an offer from a lender outside a particular adviser’s panel.
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You do not need to treat the choice as all-or-nothing. You can ask an adviser for offers from the lenders they represent and separately request a written offer from your bank or another lender. The important thing is to compare the same borrowing assumptions and the full terms. The Commerce Commission notes that obtaining actual offers can require applications to multiple providers, which takes time and effort. Decide how much of that work you want to do yourself, but do not substitute a headline rate for an actual offer just to make the process quicker.
For either route, get the offer in writing and ask what could change before settlement. A recommendation or indicative conversation is not a substitute for checking the offered loan amount, type, term, rate, fees and conditions. If you are comparing an adviser’s proposal with a bank’s, ask both sides to clarify differences so you are not judging unlike structures or time periods.
What should I ask before signing with an adviser?
Before you rely on an adviser’s comparison, establish the scope of the service, the lenders considered and all possible costs to you. Useful questions include:
- Which lenders do you work with, and which do you not work with?
- Which lenders did you approach for my situation, and can I see their actual written offers?
- Where possible, can you show me at least three offers and explain why you recommend one over the others?
- How are you and your firm paid by each lender being considered? Does any lender pay ongoing commission?
- Will I pay you a fee directly, and if so, how much, when is it due and what events could trigger it?
- What happens to your fee or commission if I repay, refinance, restructure or move the loan early?
- Does a lender’s cash contribution have a repayment period, and could a fixed-rate break fee apply if I change the loan?
Consumer Protection recommends checking the Financial Service Providers Register and confirming that the business is licensed. Its mortgages and home loans guidance also covers using advisers and comparing borrowing options. These checks do not replace reading the specific offer and service terms, but they help establish who you are dealing with and what they are expected to disclose.
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What happens if I switch or repay early?
Leaving a loan early can involve more than one separate cost. A lender may require repayment of some or all of a cash contribution under the loan’s terms. An adviser may face a commission clawback if the loan ends or moves, and the adviser may pass a fee to you only if the disclosed agreement allows it. Ending a fixed-rate loan before its term may also result in a break fee, depending on the contract and circumstances.
Do not treat “cashback” and “commission clawback” as two names for the same payment. The first is a lender incentive that may be repayable by the borrower under the lender’s conditions. The second concerns commission paid to the adviser and whether the adviser’s terms make you responsible for a fee if that commission is recovered. Ask for each possible amount and trigger separately, and request an estimate before you switch, repay or restructure. The FMA cautions borrowers to be wary of short-term incentives and to make sure the mortgage’s longer-term fundamentals still work.
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- Set one comparison scenario. Use the same loan amount, deposit or equity position, repayment structure, fixed or floating period and expected holding period for each quote.
- Collect actual written offers. Ask the bank for its negotiated rate and full terms. Ask the adviser for the actual offers available through their panel, rather than relying only on a suggested lender or a headline rate.
- Map the market coverage. Write down which lenders the adviser represents and which were excluded. If a relevant lender is outside the panel, decide whether to request an offer from it directly.
- List every cost and incentive. Record rates, fees, ongoing charges, cash contributions and conditions, possible adviser fees, commission-clawback terms and fixed-rate break costs.
- Compare the same time horizon. Consider the costs if you keep the loan as planned and the costs if you sell, refinance or repay earlier. A short-term incentive should not obscure the cost or conditions later.
- Check suitability and ask questions. Confirm the structure and features meet your needs. Ask why the recommended offer is preferred, how the adviser is compensated and what assumptions could alter the quote.
- Keep the paperwork. Save the written offers and the adviser’s disclosures. If a fee, incentive repayment or exit cost later becomes relevant, you can check the terms you were given.
This process does not ensure that you have seen every offer in the market. It does make the comparison more transparent: you can see whether an apparent saving comes from the rate, an incentive, a different loan structure or an omitted cost.
Frequently Asked Questions
How much of New Zealand’s home lending is represented by the major banks and Kiwibank?
The Commerce Commission’s 2024 study said those lenders represented about 95% of home lending by registered banks. That figure describes registered-bank lending; it does not mean an individual adviser’s panel covers 95% of every possible lender or product.
Why do some borrowers compare only one bank?
The Commission reported that around half of customers considered only one bank when they first chose a home-loan provider. That pattern can leave a borrower with little basis for knowing whether a personalised offer is competitive.
Does using an adviser make borrowers more likely to switch banks?
The Commission found that two-thirds of customers who had switched their home loan in the prior three years had used an adviser, compared with 40% of all home-loan customers. It cautioned that this association may partly reflect selection bias, so it does not show that advisers caused customers to switch.
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