Calculate the Impact of Changes to Your Loan

Many factors can affect your loan. Anything from your interest rate to your loan term to making additional payments can substantially affect your loan repayments.

Use our home loan term and interest calculator below to see the impact these small changes can make.

Use this as a guide only. The results from the calculator are illustrative and are based on the accuracy of the limited information that you provide. It is not to be taken as an offer of finance from any lender, nor is it to be considered financial advice.

FAQs

At Corcoran Smith, we believe in helping New Zealanders obtain financial security and achieve their dreams. Below are answers to some of the most frequently asked questions about home loan term and interest repayments.

How do you calculate mortgage duration?
Open Frequently Asked Question

To calculate your potential mortgage duration, you will need to input your home loan amount and your repayment frequency, whether monthly, fortnightly or weekly, to accurately estimate the length of your loan.

One thing you can do to minimise your duration is based on the frequency of your payments, which dictates the amount of interest you pay over the life of your loan. Use the calculator above to get an estimated figure of your mortgage duration, and get in touch with Corcoran Smith to find out how repayment frequency can impact your loan length.

How long is a mortgage term in New Zealand?
Open Frequently Asked Question

Nowadays, the standard home loan term in New Zealand averages 30 years. Borrowing for a long period means you can make lower monthly repayments, but you will also be paying, as your balance reduces slower and you pay interest for longer.

If you opt for a shorter loan term, you can potentially save yourself thousands of dollars. Take advice today and get in touch with expert mortgage and financial advisers.

What is the longest term for a mortgage in New Zealand?
Open Frequently Asked Question

30 years is the longest term for a mortgage in New Zealand. You can often choose a term for up to 30 years with lenders, depending on your age. Currently, no New Zealand banks offer mortgage and loan options beyond 30 years.

What is an Interest Only Loans?
Open Frequently Asked Question

With an interest-only loan, your payments are only covering your loan's interest cost. This is usually a temporary measure. Eventually, you will need to pay off the entire loan—either as the full amount or with higher monthly payments that will include principal and interest

Still Have a Question?

We’re happy to answer any questions you have.

Customer testimonials

See for yourself why our customers love what we do.

"I would like to thank and recommend Torrone for his miraculous work in supporting me throughout the time it took to finally accomplish my goal. Rating 5 would still be only scratching the service and rapport building he has engaged in on my behalf. Many thanks and blessings to you Torrone for this."

M Horo-Kiriwera

"I have worked with both Torrone (Mortgage) and Sam (Insurance) on multiple occasions and have been very impressed with their services. They are efficient, good communicators and are very personable to work with. I couldn't recommend them highly enough. I look forward to watching their business prosper into the future. Regards, Hadley van Schaik."

H van Schaik

"I would highly recommend Torrone, goes the extra mile to advise you of options available that no other broker has done for us before. Kept in touch to make sure all third parties had made contact etc. Great Service!!! Thanks Torrone"

J Black

"A great team to deal with. They have everything covered. Helpful, honest, fantastic communication and they get things done. Highly recommend talking to Torrone or Sam, experts in their fields."

K Findley

"I highly recommend Sam. He’s super honest, answered all our questions really quickly and got us exactly what we needed! Thanks, Sam."

R Wolfin-Brash

"Torrone made getting a mortgage easy and Sam did great on our insurance. I would recommend Corcoran Smith to everyone, we are very grateful to both Torrone and Sam."

J & D Hamlin

"Good knowledgeable man, easy to talk with and not one of those forceful insurance agents, really helped us, so thanks Sam."

G Cleland

"Would highly recommend Torrone! From the very first meeting his communication skills were above and beyond and his vast knowledge of finance shows!"

P Goodwin

"Torrone was amazing to deal with - great communication and knowledge. The whole experience was easy and stress-free. I highly recommend Corcoran Smith."

A Horne

"I would definitely recommend Torrone and Sam for Financial and Insurance brokering, both of them went above and beyond with their help and service."

H Norton

Get in Touch and Let’s Discuss Your Financial Needs

Whether it’s for your KiwiSaver fund, personal or business insurance, or your home loan, contact us today for a chat about how we can help you.