There is also a major online broker, E-Loan . E-Loan is not a member of the NZ Mortgage Brokers Association, but does have indemnity insurance and sources loans from around 20 lenders. They compete vigorously around the edges of the deal, with competitive fixed-rate options, prize draws, waived application fees and so on. For example, The Bank of New Zealand now offers air points with its mortgages. For many people, it s a good offer.
Most banks reward their mortgage holders with fee discounts on cheque accounts.
A high-profile player here is Cairns Lockie, which despite the terminology isn t a bank at all. It s merely another lender, sourcing its funds from an overseas bank. Cairns Lockie offers cheaper deals than the banks. But you won t be able to complain to any ombudsman scheme if you borrow from this lender and something goes wrong. To get in touch with individual lenders, see Contact Details .