Buying guide
Mortgage holidays: Can I take one and what will it cost me?
In some cases you may be able to take a break from mortgage repayments. Here’s everything you need to know.
AI summary
A mortgage holiday is a temporary break from home loan repayments for those facing financial hardship. It can provide short-term relief but should be a last resort.
Interest is still charged during the holiday, which increases your total loan balance and leads to higher future repayments. Contact your lender to apply, but first explore alternatives like reducing payments, switching to interest-only, or extending your loan term. For free financial advice, contact Money Talks.
What is a mortgage holiday?
Applying for a mortgage holiday in NZ: Two steps
A mortgage holiday will increase the overall cost of your loan
Everybody needs a break every now and then.
How much more could a mortgage holiday cost me?
Example of mortgage holiday extra costs
Alternatives to a mortgage holiday
Reducing your mortgage repayments to a manageable level
Making interest only payments
Extend your loan term temporarily
Consolidate high interest loans
Refinance and get cash back
When something unexpected happens there is help available to make sure you can keep your home.
Making a plan for when your mortgage holiday ends
Get free financial advice
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