We offer two types of mortgage. They are:

• Table (or amortising) mortgage – This type of mortgage pays off both interest and principal which reduces your mortgage over time. We offer terms between 5 years and 25 years.
• Interest only mortgage – This mortgage does not pay off any capital over time. You pay only the interest each month. Interest only mortgages are for 10-year terms. When your mortgage term expires you may roll over your term for another 10 years or elect to pay off your mortgage in full.

We have two main lending criteria which determine the maximum amount that can be borrowed.

33% of gross income
We will only allow mortgage repayments and repayments on other debts to be 33% of your gross income. If you have another mortgage payment, student loan, hire purchase or other loan payments then these will be factored in and will limit the amount we will lend.

Value of the property being used for security
We have limits on how much we will lend on a property based on the valuation supplied and type of property.

If you provide a registered valuation for the property we will lend a maximum of 80% of the value (excluding the chattels) of the property.

If you provide a council rates valuation we will lend a maximum of 70% of the capital value shown.

If you have purchased land with the intention to build a home the lending limit is 70% of the land’s value with a registered valuation and 50% of the capital value of the land if you use the council’s rates valuation. Lending for builds has different criteria and you should contact us if would like to enquire about a mortgage to build a house.

When you have chosen a property to purchase or you are refinancing an existing mortgage, you will need to provide us with the following:

• a completed application form;
• proof of your income;
• bank statements for the last two months;
• credit card and loan statements for the last two months;
• evidence of your deposit (if not shown in your bank statements);
• a sale and purchase agreement if you have made an offer;
• a valuation of the property; and
• proof of your identity and address.

If we need more information or additional documentation, we will let you know.

When you are looking for a property and want to know the maximum you could borrow, you will need to provide us with the following:

• a completed application form;
• proof of your income;
• bank statements for the last two months;
• credit card and loan statements for the last two months;
• evidence of your deposit (if not shown in your bank statements); and
• proof of your identity and address.

If we need more information or additional documentation, we will let you know.

You should allow five business days for your application to be processed and a decision to be made. This period starts when we have all of the required information to process your application. 

Under the Anti-Money Laundering and Countering the Finance of Terrorism Act 2009 we are required to obtain information about your identity and residential address. We cannot accept funds from you, or pay funds to you, until both your identity and your residential address have been verified.

You can choose to make fortnightly or monthly payments to us by a Direct Debit deduction from your bank account. Monthly debits are on the first business day of each month. Fortnightly debits are on a Wednesday.

If you are a pensioner of The New Zealand Anglican Church Pension Fund, you can choose to have your repayment deducted from your pension.

You can make a lump sum payment of less than $1,000 at any time with no penalty.

You can make a lump sum payment of $1,000 or more on the expiry date of the fixed term with no penalty.

Any lump sum payment of $1,000 or more made during a fixed term period is subject to an interest adjustment charge plus an administration fee.

If you want to break your fixed term interest rate term to choose a lower interest rate or fully repay your loan, we may apply an interest adjustment charge plus an administration fee.

Yes, we do offer the ability to apply for a further advance on your mortgage. All of our lending limits will still need to be met. 

You should allow five business days for your application to be processed. This period starts when we have all of the required information to process your application. 

Once your application is approved, term loan documents will need to be created and couriered to you. You must sign and return them to us before we can pay any funds.

You should allow 12 business days for the entire process. This allows for processing of your application, preparation of documents, and time to courier the documents to you and have them returned to us.