Before you see an adviser, think about what matters most to you in a home loan. Do you simply want the lowest cost loan? Do you want specific features, such as being able to make extra repayments?
Thinking about this beforehand will make the conversation with your adviser easier.
Ask questions. Lots of them. Ask them to explain how each loan option works, what it costs and why it's recommended to you. If you are not happy with any option, ask them to find an alternative.
You don't have to take the first loan you're offered. You may prefer a particular lender, such as your current bank. Ask to see loans from other lenders as well, so you can compare.
A home loan is a long-term debt, so even a small difference in interest adds up over time. If you can get a lower interest rate from another lender, you could save thousands of dollars.
Be wary of short-term incentives such as cashback payments from banks – make sure the long-term fundamentals of the mortgage stack up. Incentives like these should be “icing on the cake”, not the main reason to sign.
Some mortgage advisers might also talk to you about KiwiSaver. While they can share basic information about how KiwiSaver works, they can only provide advice on KiwiSaver if they have the necessary knowledge, skills and competence. Advisers must tell you upfront what they specialise in.