LVR Restrictions Table
| Bank | LVR band | Pre-approval | Live deal | Pre-approval duration | Key notes / caveats | ||
|---|---|---|---|---|---|---|---|
| New | Existing | New | Existing | ||||
| ANZ | ≤ 80 % | ✔ | ✔ | ✔ | ✔ | 60 days | Standard policy |
| > 80 % | ✘ | ✘ | ✔ | ✔ | 60 days | Non-RBNZ-exempt pre-approvals paused (18 Apr 2025); live deals permitted if due to settle within 60 days | |
| BNZ | ≤ 80 % | ✘ | ✔ | ✔ | ✔ | – | New-to-BNZ clients must have a signed deal; pre-approvals only for existing customers |
| 80.01 – 95 % | ✘ | ✘ | ✘ | ✔ | – | High-LVR lending limited to live deals for existing BNZ customers | |
| ASB | ≤ 80 % | ✔ | ✔ | ✔ | ✔ | – | Turnaround c. 2–3 business days |
| > 80 % | ✘ | ✘ | ✘ | ✘ | N/A | Traffic-light set to RED (20 May 2025); no >80 % lending | |
| Westpac | ≤ 80 % | ✔ | ✔ | ✔ | ✔ | 60 days | Normal queues (10 new assessors added) |
| > 80 % | ✘ | ✔ | ✔ | ✔ | 60 days | Pre-approvals only for existing clients with salary credited ≥ 3 months | |
Admin Assistance (Virtual Assistants)
Mortgage Lab offers a subscription service for administration assistance. The service comes with the following benefits:
trained on Trail
admin use a collaborative inbox (AdviserSupport@mortgagelab.co.nz). If they are away or sick, another staff member should be able to help
no need to recruit or manage staff
no need to create contracts
Some things admin staff can be used for:
chasing up clients for documents
contacting banks with additional details
completing refix documentation
completing structure documentation
daily task tracking (send you a list of overdue or current tasks)
expired opportunity clean ups
winning customer
putting notes into Trail
meeting compliance requirements
Cost
2 hours admin work per week – Free for all advisers
10 hours admin work per week – $1,000 + gst per month
20 hours admin work per week – $1,500 + gst per month
40 hours admin work per week – $2,500 + gst per month
To start a subscription, talk to Jarrod.
FAQs
What if I use up my weekly allocation?
We do our best to have spare resource available. The admin staff will do their best to let you know when you are reaching your limit and we will try to have a 10% overrun tolerance.
Can I use up unused hours at a later time?
No, unfortunately we can’t stack unused hours as our admin staff only work for limited hours.
How can I make sure I use up my allocated hours every week?
Give the admin staff background (non-urgent) tasks to complete when nothing is urgent. This might be a list of opportunities to clean up from the New Lead column or the Commission Received column. Putting transcribed audio recordings from phonce calls (using MoBot) is another example of non-urgent tasks and can be deferred to complete later.
Will I always get the same admin staff member?
We will try to keep you working with the same admin staff member as much as possible. This is more efficient for everyone. Occasionally we will need to adjust which staff member is working for a particular adviser. This is less likely if you have an adviser working for you 40 hours per week.
Additionally, if an admin staff is working with more than 1 adviser, it may be that both advisers have urgent work. The admin team will allocate jobs to other admin team members to get everything done as quickly as possible.
How do I communicate with the admin staff?
We recommend you communicate through Slack. These message can be audio recordings or text messages. Try to limit emails to Adviser Support as this is a very busy inbox.
How does the free subscription work?
All advisers have access to 2 hours free admin work per week. We recommend using this for keeping your opportunities clean in the first instance. Talk to Jarrod about allocating an admin staff to assist with your admin needs.
Internal Transfer of Clients
Download the Internal Transfer of Clients form here.
Purpose:
The Change of Adviser Request form allows clients to formally request that their Mortgage and/or KiwiSaver records be transferred from one Mortgage Lab adviser to another. This form ensures all adviser changes are fully documented and agreed upon by the client.
When to Use This Form:
When a client wishes to switch from one adviser to another within Mortgage Lab.
If a client is being reassigned to a different adviser by agreement with management.
In any situation where continuity and documentation of adviser-client relationships is required for compliance and client service.
What the Client Needs to Complete:
Client Names – The full legal names of the individual(s) requesting the adviser change.
Current Adviser Name – The name of the Mortgage Lab adviser the client is currently assigned to.
New Adviser Name – The Mortgage Lab adviser to whom the client’s records should be transferred.
Reason for Adviser Change – A brief explanation (e.g., preference, location, communication style, reassignment).
Signatures and Dates – All listed clients must sign and date the form for it to be valid.
What Happens Next:
Once the form is completed and submitted:
The Mortgage Lab team will action the change in the CRM system.
Relevant mortgage and/or KiwiSaver data will be transferred to the new adviser.
Both advisers may be notified for visibility and transition support.
What is a Break Cost / Early Repayment Charge?
What is an early repayment charge?
An early repayment charge may apply if a loan is fully repaid or you decide to switch to another interest rate before the end of its fixed rate period. It may also apply if a lump sum reduction is made, or if the overall repayment levels are increased before the end of the applicable fixed rate period.
Why does the Bank charge an early repayment charge?
The Bank charges borrowers an early repayment charge to recover the loss the Bank incurs when a loan is partially or fully repaid, the customer switches to another interest rate, or a loan is repaid at an accelerated rate before the end of the fixed rate period.
When a customer takes out a fixed rate loan the Bank will exchange fixed interest for floating interest in the wholesale market. This is done to match the interest it must pay on the money it borrows (from its depositors or other banks) to fund loans to customers. In return for offering the customer certainty of interest rates, the Bank requires certainty of income. Suppose the customer repays the loan before the end of its fixed-rate period, and relevant wholesale rates have fallen at the time of the proposed repayment. The Bank is still committed to pay fixed interest to the depositor (or other bank) for the remainder of the fixed rate period but is no longer receiving its fixed income from the customer. The early repayment charge calculates the loss to the Bank arising from this.
When is an early repayment charge incurred?
An early repayment charge will be incurred when the wholesale rate for the remainder of the fixed rate period at the time of early repayment) is lower than the original wholesale rate at the commencement of the fixed rate period (at the time the loan was fixed).
For example
A three-year fixed-rate loan of $100,000 is taken out. If the wholesale rate for three years at the commencement of the loan is 8%, the Bank exchanges three years of 8% fixed interest for floating interest in the wholesale market. After two years the customer fully repays the loan, even though there is still one year left to run on the fixed rate period.
The Bank is left with the obligation to pay 8% interest for one year in return for floating interest, but it can exchange this back again. However, suppose by this time the one-year wholesale rate is 6% p.a. An early repayment charge will apply because the current wholesale rate is lower than that of the original exchange.
How is the early repayment charge calculated?
An early repayment charge will apply if the wholesale rate at the time of early repayment is lower than the wholesale rate at the commencement of the fixed rate period. The early repayment charge is based on the following three key factors:
The amount of the loan being repaid
How much lower current wholesale rates are compared to the original wholesale rate at the commencement of the fixed rate period
The time left on the fixed rate period.
Under what conditions will no charge apply?
No early repayment charge will apply if the relevant wholesale rate for the remainder of the fixed rate period is higher than, or the same rate as the original wholesale rate. No early repayment charge will be
charged for customers with fixed rate loans (other than the Classic Home Loan), where they make a lump sum repayment and/or increase their repayments in any 12-month period during the applicable fixed rate period, as long as the extra repayments and lump sum repayments do not exceed 5% p.a. of the loan amount at the start of the fixed rate period. With our Classic Home Loan early repayment charges may apply to any lump sum repayment made during a fixed rate period.
Options available
If you have a fixed-rate home loan and are moving houses, you can avoid paying an early repayment charge using our Portable Home Loan feature by taking your home loan with you.
If you want to pay the early repayment charge and take a new loan at a lower rate for a longer period, or for more information, talk to your BNZ representative. The tables on the (see document attached) give an indication of the early repayment charge for every $1,000 principal repaid early.
Source: BNZ
Structure Meeting Checklist
This is an optional 1 page PDF that some advisers like to use to make sure they ask all the necessary questions at a structure meeting. It is not required for compliance (Trail handles all that information).
Sending IRD Letters as PDFs
Clients can download and email IRD letters (e.g. Notice of Assessment) directly from their MyIR mobile app. Here’s how to do it:
Step 1: Log in and Find Your Letters
Open the MyIR app and log in.
Tap on your name in blue to open your profile.
Below your name and IRD number, tap "I want to...".
Scroll down and select "View Letters" (in blue).
You'll now see a list of IRD letters such as:
Notice of Assessment
Child Support Notice of Entitlement
Select the most recent letters only (avoid old letters like from 2021).
Repeat the process for each letter you want to send (one at a time).
Step 2: Download the Letter
Tap on the letter you want to send.
Tap "Download".
A screen may appear allowing you to rename the file – this is optional.
Tap "Download" again.
A pop-up will appear that says "Open File" – tap it quickly, as it will disappear after a few seconds.
If it disappears too quickly:
Simply reselect the letter and repeat steps 2–4.
Or go into your email app later, use the paperclip (📎) attach icon, and find the file in your Downloads folder.
Step 3: Email the Letter to Your Adviser
Once the PDF opens, tap the three dots in the top-right corner.
Tap "Send file...".
Choose your email app.
A new email will open with the PDF attached.
Enter your adviser's email address and send.
Tips:
Make sure you're selecting PDF letters that are current and relevant.
Attach each file one at a time – IRD requires separate downloads.
If you're unsure where the file went, check your phone's Downloads folder.