MoneyHub NZ
  • Search
  • Investing
    • Investing Platforms
      • Reviews
        • Sharesies Review
        • Hatch Review
        • Stake Review
        • Tiger Brokers (NZ) Review
        • Superhero Review
        • BlackBull Markets Share Trading Platform Review
        • ASB Securities Review
        • Jarden Direct Review
        • InvestNow Review
        • Kernel Review
        • Flint Wealth Review
        • Interactive Brokers
        • Smartshares Review
        • Catalist Review
      • Comparisons
        • Sharesies vs Hatch vs Stake
        • Hatch vs Stake
        • Hatch vs Tiger Brokers
        • Sharesies vs Tiger Brokers
        • Stake vs Tiger Brokers
        • Comparing Sharesies vs Investnow vs Hatch vs Jarden Direct and more
        • Best Investment Apps
        • How Do I Start Investing?
        • Virtual Stocks and Shares Trading Games
      • Guides
        • How to Invest in Shares
        • Investing in Vanguard Funds from New Zealand
        • Investing in the US Stock Market from New Zealand
          • How To Buy Tesla Shares
          • How To Buy Apple Shares
          • How To Buy Amazon Shares
          • How To Buy Alphabet Shares
          • How To Buy Netflix Shares
          • How To Buy Microsoft Shares
          • How To Buy Meta Shares
        • What Happens If Your Investing Platform Shuts Down?
        • Fractional Shares
        • Transferring Share Portfolios
        • How to Read and Understand a Share Chart
        • NZX in a Nutshell
        • Investing in Asian Markets from New Zealand
        • Understand Gross vs Net
    • Introduction to Investing
      • Guides
        • Index Funds
        • 10 Ways to Invest in New Zealand
        • How to Invest Regularly
        • Passive Investing vs Active Investing
        • Investments You Can Own Forever
        • Investing Mistakes
        • ETFs (Exchange Traded Funds)
        • Best Retirement Income Products in New Zealand
        • Index Funds vs ETFs
        • Shares vs ETFs
        • Dollar-Cost Averaging Guide
        • Passive Income Strategies
        • How Wealthy New Zealanders Invest Their Money
        • The Best Way to Invest Inheritance or a Windfall
        • Barefoot Investor-Friendly Financial Products in New Zealand
        • Investment Terms Glossary
        • IPOs
        • Investing in Dividend Shares
        • Common Shareholder Numbers in New Zealand
        • Shorting a Stock
        • Investing vs Trading vs Gambling
      • Young People and Investing
        • Investing for Kids
        • Investing For Grandchildren
        • 10 Top Investments for Young New Zealanders
        • Sharesies Kids Accounts Review
        • SquareOne Review
        • Dosh Review
      • Investing Calculators
        • Compound Interest Calculator
        • Investment Calculator
        • Savings Calculator
        • Net Worth Calculator
        • Million Dollar Calculator
    • Managed Funds, Tax & DIY Investing
      • Guides
        • Investing Guide
        • Our Favourite Funds
        • Advisers
          • Financial Advisers Overview
          • DIY Investing vs Investment Brokerage Firms vs Financial Advisors
          • Financial Advisers Auckland
          • Financial Advisers Wellington
          • Financial Advisers Christchurch
        • Bank Credit Ratings
        • Tax on Investments and Savings
        • Capital Gains Tax
        • Bright-Line Test
        • Ethical Investing
        • Best ESG Funds
        • Asset Allocations to Build Wealth
        • Managing Offshore Investments for Returning New Zealanders and Migrants
        • Managed Funds
          • Booster Private Land and Property Fund Review
        • How to Buy and Sell Bonds
        • Buying NZ Corporate Bonds
        • Trading in a Nutshell
        • Peer to Peer Lending
        • Crowd Funding Guide
        • REITs Guide
        • Jasper Review
        • Investing & Personal Finance Podcasts
        • Emergency Funds
        • UK Pension Transfer to New Zealand
        • Returning to the UK from NZ
        • Spending Your Savings in Retirement
        • How to Take Income from Investments
        • What Am I Entitled to If My UK Pension Scheme or Provider Makes a Mistake?
        • Investment Scams
        • Investing in Recession-Proof Sectors and Asset Classes During a Downturn
        • Hedging Investments
        • Top Personal Finance Books for New Zealanders
        • Top Ten Personal Finance Resources
      • Reviews
        • Simplicity Investment Funds Review
        • Lending Crowd Review
        • Squirrel Review
        • Sharesight Review
        • Lifetime Retirement Income
        • New Zealand Financial Markets Authority (FMA)
      • Calculators
        • Managed Funds Fee Calculator
        • Basis Points Calculator
        • Inflation Calculator
        • Retirement Calculator New Zealand
    • Alternative Investments and Trading
      • Reviews
        • BlackBull Markets Review
        • CMC Markets Review
        • Plus500 Review
        • IG Review
        • TMGM Review
        • CMC Markets vs Plus500 vs IG Markets vs BlackBull Markets
      • Guides
        • How to Invest in Gold
        • How to Invest in Silver
        • Forex Trading Guide
        • Options Trading
        • Contracts for Difference (CFDs) Guide
        • Futures Trading
        • Commodities Trading
        • Forex Trading Tools
        • Forex Trading Platforms Comparison
        • Forex Trading Courses and Education
        • Forex Regulation
        • Copy Trading
    • Cryptocurrency
      • Reviews
        • Easy Crypto Review
        • Swyftx Review
        • Binance Review
        • Easy Crypto vs Swyftx
        • Independent Reserve Review
        • eToro Review
        • Coinbase Review
        • Kiwi-Coin Bitcoin Exchange Review
        • Vault International Bitcoin Fund Review
      • Guides
        • How to Buy Bitcoin in New Zealand
        • Beginner's Guide to Bitcoin and Blockchain
        • Guide to NFTs
        • Bitcoin Wallet Guide
        • Bitcoin Mining
        • How to Sell Bitcoin
        • Bitcoin and Crypto Scams
        • Initial Coin Offerings
        • A Beginner’s Guide to Investing in Cryptocurrencies
        • Decentralised Finance
        • Bitcoin in New Zealand
        • New Zealand Bitcoin Exchanges
        • How to Buy Ethereum in New Zealand
        • Other Coins
          • How to Buy Ripple in New Zealand
          • How to Buy Cardano in New Zealand
          • How to Buy Dogecoin in New Zealand
          • How to Buy Litecoin in New Zealand
          • How to Buy Polkadot in New Zealand
  • Loans & Finance
    • Car Finance
      • Car Finance Calculator
      • Electric Vehicle Loans
      • How to Refinance Your Car Loan
      • Car Loan Refinance Calculator
      • Car Dealership Finance vs Alternatives
      • Bad Credit Car Loans
      • Car Finance Company Reviews
        • AA Money Review
        • Better Finance Review
        • Kiwi Car Loans Review
        • MTF Finance Review
        • Simplify Loans Review
        • Car Loan Brokers vs Direct Car Finance
      • Car Finance Must-Knows Guides
        • Buying a Car Loan vs Personal Loan?
        • Car Loans and Collateral
        • Car Loan Guarantors
        • How to Save for a Car
        • Paying Cash for a Car vs Car Finance
        • Balloon Payments
      • Car Finance Add-On Insurance Guides
        • GAP (Guaranteed Asset Protection Insurance) Insurance
        • MBI (Mechanical Breakdown Insurance)
        • PPI (Payment Protection Insurance)
    • Personal Loans
      • Debt Consolidation Loans
      • Secured Loans
      • Home Renovation Loans
      • Online Loans
      • Bad Credit Loans
      • Beneficiary Loans
      • Payday Loans
      • Cash Advance
      • Same Day Loans
      • Low Income Loans
      • Personal Loan Calculator
      • Debt Consolidation Calculator
      • Refinance Personal Loan Calculator
      • Home Renovation Loan Calculator
      • Interest Calculator
      • Harmoney Loans Review
      • Nectar Review
      • Avanti Finance Review
      • Save My Bacon Review
    • Credit Scores & Interest Rates
      • Credit Scores and Credit Checks
      • How to Build Credit in New Zealand
      • How to Pay Down Debt Faster
      • Baycorp and Debt Collection
      • Interest Rates Guide
      • Interest Rate Comparison
      • Buy Now Pay Later Apps
        • Afterpay Review
        • Laybuy Review
        • Humm Review
        • Zip Review
  • Insurance
    • Car Insurance
      • Guides
        • How to Get Cheaper Car Insurance
        • Car Insurance Calculator
        • No Claims Bonuses Explained
        • Car Insurance Excess Explained
        • Cheapest Cars to Insure
        • Modifications that Make a Car Uninsurable
        • Car Insurers Directory
        • Car Insurance Glossary
      • Reviews
        • Tower Car Insurance Review
        • Cove Car Insurance Review
        • Trade Me Car Insurance Review
      • AMI vs AA Insurance vs Cove vs State vs Tower vs Trade Me Insurance
      • Young Driver Car Insurance
      • Third Party Car Insurance
      • Caravan Insurance
    • Home, Contents and Other Insurance
      • House Insurance
      • House Insurance Calculator
      • Difficult to Insure Areas
      • Insuring Old Houses
      • Contents Insurance
      • Home and Contents Insurance
      • Renters' Insurance
      • Landlord Insurance
      • Dental Insurance and Dentist Plans
      • Phone Insurance
      • Insurance Excess
      • Motorbike Insurance
      • Initio Review
      • Insurance Brokers
        • Trusted Insurance Brokers in Wellington
        • Trusted Insurance Brokers in Christchurch
    • Pet Insurance
      • Is Pet Insurance Worth Buying?
      • Cat and Dog Desexing
      • Getting a Kitten
      • Buying a Puppy
      • Pet Euthanasia
      • Vet Costs in New Zealand
      • Costs of Owning a Cat
      • Costs of Owning a Dog
    • Life & Health Insurance
      • Life Insurance
        • Life Insurance Policy Comparison - Cigna vs AIA vs Asteron Life vs Fidelity vs Westpac vs Partners Life
        • Life Insurance Calculator
        • Pre-Existing Medical Conditions
        • Buying Life Insurance Direct vs Using an Insurance Broker
        • Life Insurance Policies - Features and Questions to Ask
        • When To Cancel Or Change a Life Insurance Policy
        • Life Insurance For Smokers and Vapers
      • Health Insurance
        • Going to Australia for Medical Treatment
      • Income Protection Insurance
        • ACC vs Income Protection Insurance
        • Income Protection Insurance for Self Employed
      • Mortgage Insurance
      • Trauma Insurance
      • Redundancy Insurance
      • Funeral Insurance
        • What to Do When a Spouse or Partner Dies
        • Funeral Costs
  • Credit Cards
    • Best Credit Cards
    • Rewards and Cashback Credit Cards
    • The Best American Express Credit Cards
    • Air New Zealand Airpoints Credit Cards
      • ANZ vs AMEX vs Kiwibank vs Westpac Platinum Airpoints Credit Cards
      • ANZ Airpoints Visa Platinum vs AMEX Airpoints Platinum
      • Kiwibank Airpoints Platinum Visa vs AMEX Airpoints Platinum
      • Westpac Airpoints Platinum Mastercard vs AMEX Airpoints Platinum
    • Balance Transfer Credit Cards
    • Platinum and Gold Credit Cards
    • Reviews
      • American Express Credit Cards Review
        • American Express Airpoints Platinum Review
        • American Express Gold Rewards Card Review
        • AMEX Comparison - Airpoints Platinum vs Gold Rewards
        • American Express Free Card vs Airpoints Platinum
        • American Express Platinum Card Review
        • American Express Membership Rewards Program Review
        • AMEX Cardholder Feedback
        • The Best Ways to Spend AMEX Membership Rewards Points
        • Qantas Credit Cards
        • Singapore Airlines KrisFlyer Credit Cards
        • Cathay Pacific Asia Miles Credit Cards
        • Emirates Skywards Credit Cards
        • RewardPay Review
      • Flight Centre Mastercard Review
    • Guides
      • Pay Off Credit Card Debt
      • Credit Card Basics
      • Mastercard vs Visa
      • Credit Card Minimum Payments Explained
      • Where is Amex Accepted?
      • Credit Card Interest Calculator
      • How to Request a Credit Card Chargeback
    • Other Credit Cards
      • Travel Money Cards
        • Australia Travel Money
        • Bali Travel Money
        • Fiji Travel Money
        • Rarotonga Travel Money
        • UK Travel Money
      • Wise Debit Card Review
      • Revolut Review
      • Revolut vs Wise - Which Is Better?
      • Travelex Money Card vs Wise Debit Card Comparison
      • OneSmart Card vs Wise Debit Card Comparison
      • Cash Passport vs Wise Debit Card Comparison
      • Best Foreign Currency Debit & Credit Cards
      • Free Credit Cards
      • Low Interest Credit Cards
      • Credit Cards for Bad Credit
      • Q Card & Q Mastercard Review
      • GEM Visa Review
      • Onecard Visa Review
      • Purple Visa Review
  • Banking & Savings
    • Banking
      • Best Bank Accounts
      • Best Debit Cards
      • Best Joint Bank Accounts
      • Kids Bank Accounts
      • Cut Overdraft Costs
      • Private Banking
      • International Money Transfers
      • Open an Australian Bank Account from New Zealand
      • Open a UK Bank Account from New Zealand
    • Savings
      • Best Term Deposits
      • Booster Savvy Review
      • Best PIE Term Deposits
      • Best Call Accounts
      • Best Savings Accounts
      • Term Deposit Alternatives
    • Guides and Resources
      • Banks vs Credit Unions
      • Open Banking Guide
      • NZ Bank Prefix Codes
    • Reviews
      • Wise International Money Transfer Review
      • Heartland Bank Review
      • First Credit Union Review
      • NZCU Baywide Review
      • The Co-operative Bank NZ Review
      • Western Union Review
  • Mortgages
    • Mortgage Essentials
      • Best Home Loans
      • Mortgage Calculator
      • How Much Can I Borrow?
      • Debt to Income Ratios
      • Equity (and Leverage) Calculator
      • Mortgage Repayment Calculator
      • Mortgage Options
      • Mortgage Cashback
    • Other Mortgage Options
      • Interest-Only Mortgages Guide
      • Interest-Only Mortgage Calculator
      • Revolving Credit Mortgages
      • Offset Mortgages
      • Offset Mortgage Calculator
      • Fixed vs Floating Mortgage Rate Calculator
      • Understanding Interest Rate Swaps
      • What is the OCR?
    • Alternative Mortgage Options
      • Low-Deposit Home Loans
      • Rent to Own Homes
      • First Home Loan Guide
      • Reverse Mortgages
    • Mortgage Management
      • Saving for a House Deposit
      • Pay Off Your Mortgage Faster
      • Mortgage Overpayment Calculator
      • Remortgaging Guide
      • Mortgage Relief and Holidays
      • Amortisation Calculator
      • Mortgage Break Fees
      • Defaulting on a Mortgage
      • High Deposit Mortgages
      • Negative Equity
      • How to Manage Higher Mortgage Payments
      • Mortgage Refinance Calculator
    • Mortgage Brokers
      • Mortgage Brokers Explained
      • Trusted Auckland Mortgage Brokers
      • Trusted Hamilton Mortgage Brokers
      • Trusted Mortgage Brokers in Tauranga
      • Trusted Mortgage Brokers in Napier and Hastings
      • Trusted Mortgage Brokers in Wellington
      • Trusted Mortgage Brokers in Christchurch
    • Buying a Home
      • First Home Buyers Checklist
      • Home Buying Glossary
      • Best House Price & Valuation Websites in New Zealand
      • New Zealand Property Types
      • Rateable Value vs Market Value
      • Leasehold Property Guide
      • Conveyancing vs Lawyers
      • Buying an Apartment in New Zealand
      • Buying vs Renting a House
    • Selling a Home
      • How to Sell Your House Privately
      • Real Estate Agent Fees
      • Bridging Finance
    • Property Investment
      • Investment Property Mortgages
      • Renting Directly to Tenants vs Using an Agent
    • Building a House
      • Average Building Cost Per Square Metre
      • Cost to Build a New House
      • Buying Land to Build a House
      • Construction Loans
      • Tiny Homes in New Zealand
  • KiwiSaver
    • KiwiSaver Basics
      • Our Favourite KiwiSaver Funds
      • Is KiwiSaver Safe?
      • Choosing a KiwiSaver Fund
      • Choosing Your KiwiSaver Scheme
      • Balanced vs Moderate vs Growth KiwiSaver Funds - What is right for me?
      • KiwiSaver Must-Know Facts
      • Opting out of KiwiSaver
      • What Do I Do With My KiwiSaver When I Retire?
      • KiwiSaver Withdrawal
      • Switching KiwiSaver Funds
      • KiwiSaver Robo and Digital Advice Tools
      • Ethical Kiwisaver Funds
      • KiwiSaver Private Equity Investments
    • KiwiSaver Contributions & Tax
      • Your KiwiSaver Contributions
      • KiwiSaver Contributions - Gross or Net?
      • Employer KiwiSaver Contributions
      • Government KiwiSaver Contributions
      • KiwiSaver Savings Suspensions
      • Voluntary Contributions
      • What's My PIR?
      • KiwiSaver and Tax
    • KiwiSaver for Life Events and Specific Situations
      • Average KiwiSaver Balance by Age
      • KiwiSaver First-Home Withdrawal
      • KiwiSaver First Home Grant Guide
      • KiwiSaver Hardship Applications
      • KiwiSaver in a Divorce or Separation
      • KiwiSaver for Kids
    • KiwiSaver Schemes
      • Amanah KiwiSaver Scheme
      • AMP KiwiSaver Scheme
      • ANZ KiwiSaver Scheme
      • ASB KiwiSaver Scheme
      • AON KiwiSaver Scheme
      • BNZ KiwiSaver Scheme
      • Booster KiwiSaver Scheme
      • Fisher Funds KiwiSaver Scheme
      • Generate KiwiSaver Scheme
      • InvestNow KiwiSaver Scheme
      • JUNO KiwiSaver Scheme
      • Kernel KiwiSaver Review
      • Kiwi Wealth KiwiSaver Scheme
      • kōura Wealth KiwiSaver Review
      • Lifestages KiwiSaver Scheme
      • MAS KiwiSaver Scheme
        • MAS Review
      • Mercer KiwiSaver Scheme
      • Milford KiwiSaver Plan
      • New Zealand Defence Force KiwiSaver Scheme
      • Nikko AM KiwiSaver Scheme
      • Pathfinder KiwiSaver Review
      • QuayStreet KiwiSaver Scheme
      • Simplicity KiwiSaver Review
      • Summer KiwiSaver Scheme
      • SuperLife Review
      • Westpac KiwiSaver Scheme
    • KiwiSaver Calculators
      • KiwiSaver Calculator
      • KiwiSaver Returns Calculator
  • Business
    • Compare Business Loans
      • Business Line of Credit
      • Business Borrowing Options
      • Small Business Loans
      • Operating Leases
      • Finance Leases
      • Operating Leases vs Financing Leases
      • Prospa Business Loans Review
      • Bizcap Business Loans Review
    • Business Insurance
      • Public Liability Insurance
      • Business Interruption Insurance
      • Professional Indemnity Insurance
    • Business Credit Cards
    • Business Essentials
      • Money Saving Tips For Businesses
      • Get Debtors to Pay Overdue Invoices
      • Working Capital
      • Liquidations and Receiverships
      • Can't Make Payroll Guide
      • Buying out a Business Partner
      • Business Brokers
    • Business Calculators
      • Business Loan Calculator
      • ROI Calculator
      • IRR Calculator
      • Internal Rate of Return
      • Percent Off Calculator
      • Profit Margin Calculator
      • Current Ratio Calculator
      • Quick Ratio Calculator
    • Online Services
      • Domain Names
      • Trusted Web Designers
        • Auckland Web Designers
        • Hamilton Web Designers
        • Wellington Web Designers
        • Christchurch Web Designers
        • Tauranga Web Designers
        • Lower Hutt Web Designers
        • Dunedin Web Designers
      • Digital Identity Programs and Online Verification Tools
      • Social Media Influencer Marketing
      • PayPal NZ Account Fees
      • Paypal vs Stripe Review
      • Hnry Review
      • n3 Trade Card Review
      • Plain English Awards
    • For Startups
      • How to Start a Business in New Zealand
      • Raising Capital
      • Product Market Fit
      • Crowdfunding vs Bank Financing
      • Blackbird vs Movac
      • How to Become an Angel Investor
      • How to Raise Money from Angel Investors
      • Alternatives to VC Funding
      • Hiring for a Startup
      • VCFO (Virtual CFO)
      • New Zealand Startup and Founder Incubators
      • Expanding Offshore
      • New Zealand Invoice Template
      • Business Podcasts
  • MSD
    • Navigating Work and Income Benefits
    • Jobseeker Support Benefit Rates 2023 and 2024
    • Jobseeker Support Guide
    • Accommodation Supplement Guide
    • Disability Allowance
    • MyMSD
    • Community Services Card
    • Hardship Assistance - Urgent Costs and Living Expense Assistance
    • Loans for Unemployed
    • Working for Families Guide
    • Childcare Subsidies in New Zealand
    • NZ Superannuation in a Nutshell
    • Superannuation Rates 2023
    • Government Departments Helping New Zealanders Directly
    • COVID-19 Help
    • Food Grants Guide
    • Food Banks Directory
      • Food Banks Auckland
      • Food Banks Northland
      • Food Banks Hamilton Waikato
      • Food Banks Wellington
      • Food Banks Christchurch
  • Motoring
    • Buying and Selling a Car
      • Car Valuations
      • Buying a Used Car
      • Selling a Car
      • CarJam Review
      • CarJam vs MotorWeb Car Report Comparison
      • Top Cars that Hold Their Value
      • Vehicle Leasing
      • Car Registration in New Zealand
    • Everyday Driving
      • Costs of Owning a Car
      • 20 Ways to Make Driving Cheaper
      • Gaspy App Review
      • Parking Tickets
      • AA Membership Review
      • Best Car Batteries
      • Best Electric Cars
    • Warrant of Fitness
      • Guide to Warrant of Fitness
      • Warrant of Fitness Auckland
      • Warrant of Fitness Hamilton
      • Warrant of Fitness Tauranga
      • Warrant of Fitness Lower Hutt
      • Warrant of Fitness Wellington
      • Warrant of Fitness Christchurch
      • Warrant of Fitness Dunedin
  • Law
    • Wills Guide
    • Separation Agreements
    • Prenuptial Agreements
    • Divorce Guide
    • Trusts Guide
    • Enduring Power of Attorney Guide
    • Living Wills Guide
    • Probate
    • Agreeable Review
    • Footprint Online Wills Review
    • Perpetual Guardian
  • Job Hunting
    • Job Applications
      • CV Templates & Tips
      • Cover Letters
      • Common Interview Questions
    • Guides & Resources
      • How to Improve Your LinkedIn Profile
      • Part-Time Jobs Guide
      • Redundancy Payouts and Entitlements
      • How to Get Promoted
      • Self-Employment Guide
      • Workplace Bullying
    • Recruitment Agencies
      • Recruitment Agencies Auckland
      • Recruitment Agencies Wellington
      • Recruitment Agencies Christchurch
  • Travel
    • How to Get Access to Airport Lounges
    • Flybuys Review
    • Fastest Way To Earn Air NZ Status Points
    • How to Redeem Air New Zealand Airpoints Dollars
    • Air New Zealand Koru Membership Review
    • Air New Zealand Travel Tips
    • Air NZ Upgrade Guide
    • Airpoints Flexipay Guide
    • No Nonsense Upgrade Guide
    • Cheap Domestic Flights
    • Car Rental Hire
    • Auckland Airport Car Parking
    • First Table Guide
    • Accor Plus Review
    • Queenstown Like a Local
    • Auckland Travel for Less
    • Hotel Booking Sites Compared
    • 100+ Free Things to do in Auckland
    • Layby Flights Guide
    • Airbnb Refunds (Coronavirus)
    • Air New Zealand Refunds & Credits
    • Google Flights Guide
    • Skyscanner Guide
    • Working Holiday Visas
    • Currency Converter
    • Qatar Airways Travel Tips
    • Foreign Currency Exchange
      • Australian Dollars Exchange Rate
      • American Dollars Exchange Rate
      • British Pound Exchange Rate
      • Canadian Dollars Exchange Rate
      • Euro Exchange Rate
      • Fijian Dollars Exchange Rate
      • Hong Kong Dollar Exchange Rate
      • Korean Won Exchange Rate
      • Indian Rupee Exchange Rate
      • Japanese Yen Exchange Rate
      • Malaysian Ringgit Exchange Rate
      • South African Rand Exchange Rate
      • Singapore Dollars Exchange Rate
      • Thai Baht Exchange Rate
      • Chinese Yuan Exchange Rate
  • Broadband
    • Compare Broadband Plans
    • No Contract Broadband
    • Rural Broadband Plans
    • Internet Speed Test
    • Broadband Provider Reviews
      • 2degrees Broadband Review
      • Bigpipe Broadband Review
      • Compass Broadband Review
      • Contact Broadband Review
      • Electric Kiwi Broadband Review
      • Farmside Broadband Review
      • Flip Broadband Review
      • Mercury Broadband Review
      • MyRepublic Broadband Review
      • NOW Broadband Review
      • One NZ Broadband Review
      • Orcon Broadband Review
      • Spark Broadband Review
      • Skinny Review
      • Slingshot Broadband Review
      • Starlink Review
      • Voyager Broadband Review
      • Wireless Nation Broadband Review
  • Power
    • Compare Power Companies
    • Power and Broadband Bundles
    • How to Lower Your Power Bills
    • Fixed Contracts vs Open Power Plans – What You Need to Know
    • Electric Vehicle Power Plans
    • How to Use Less Power
    • Power Companies
      • Contact Energy Review
      • Ecotricity Review
      • Electric Kiwi Review
      • Flick Electric Review
      • Frank Energy Review
      • Genesis Energy Review
      • Globug Review
      • Mercury Review
      • Meridian Energy Review
      • Nova Energy Review
      • Powershop Review
      • Z Energy Power Review
  • Financial Independence
    • FIRE Guides
      • Retirement in a Nutshell
      • How to Retire Early
      • FIRE Explained
      • The Four Percent Rule
      • Achieving Financial Independence, Faster
      • Five Types of FIRE Plans
      • Getting FIRE’d in New Zealand
      • FIRE and NZ Real Estate
    • FIRE Tools
      • Budgeting Apps
      • Debt Repayment Apps
      • Free Financial Literacy Classes
      • Free Financial Products
      • 50/30/20 Budget Calculator
      • Budget Planner
    • Tax
      • Beginner's Guide to Tax
      • Salary Sacrifice in New Zealand
      • Tax Bracket Creep
      • Tax Refunds
    • Money Tips
      • 20 Things to Stop Buying to Have More Money
      • 20 Indicators You're Doing Well Financially
      • 20 Must-Know Money Lessons (Learned From Experience)
      • 20 Money Habits that Keep You Poor
      • Saving on Household Bills
      • Debt Help
      • CAP (Christians Against Poverty) Review
      • Debtfix Review
      • Getting into Debt to Meet Short Term Living Costs
      • How to Survive a Recession
      • Average NZ Salary by Age
      • How to Maximise Income in Retirement
      • How to Handle Rising Interest Rates
      • Free Money from the Government
      • Bankruptcy Guide
      • Unclaimed Money in New Zealand
      • Financial Planning for Children With Disabilities
      • Should I Stop Contributing to KiwiSaver?
      • Teaching Kids About Money
      • Single Parenting and Money
      • How to Protect Your Finances from Inflation
      • Impacts of Inflation in New Zealand - 2022 and Beyond
      • Tips for Families on a Single Income
      • Side Hustles
      • Charities in New Zealand
      • Lending Money to Friends & Family
      • Guarantors - Loans and Mortgages
  • Trade & Professional Services
    • Auckland Trade & Professional Services
      • Acupuncture Auckland
      • Arborists Auckland
      • Asbestos Removal Auckland
      • Auto Electricians Auckland
      • Bathroom Renovations Auckland
      • Builders Auckland
      • Building Inspectors Auckland
      • Cabinet Makers Auckland
      • Car Detailing Auckland ​
      • Catering Auckland
      • Cattery Auckland
      • Chimney Sweep Auckland
      • Chiropractors Auckland
      • Cleaners Auckland
      • Computer Repair Experts Auckland
      • Concreters Auckland
      • Dentists Auckland
      • Dog Boarding Kennels Auckland
      • Dog Daycare Auckland
      • Dog Grooming Auckland
      • Dry Cleaners Auckland
      • Electricians Auckland
      • Eyelash Extensions Auckland
      • Firewood Auckland
      • Flooring Companies Auckland
      • Fridge Repair Auckland
      • Garage Door Repair Auckland
      • Glaziers Auckland
      • Graphic Design Auckland
      • Gutter Cleaning Auckland
      • Gym Memberships Auckland
      • Hair Salons Auckland
      • Heat Pump & AC Specialists Auckland
      • Home Security Systems Auckland
      • Korean BBQ Auckland
      • Land Surveyors Auckland
      • Landscapers Auckland
      • Lawn Mowing Services Auckland
      • Locksmiths Auckland
      • Mechanics Auckland
      • Makeup Artists Auckland
      • Naturopaths Auckland
      • Optometrists Auckland
      • Painters Auckland
      • Panel Beaters Auckland
      • Personal Trainers Auckland
      • Pest Control Auckland
      • Plumbers Auckland
      • Podiatrists Auckland
      • Puppy School Auckland
      • Roofing Auckland
      • Scaffolding Auckland
      • Screen Printing Auckland
      • Solar Panels Auckland
      • Quality Tyres Auckland
      • Wedding Car Hire Auckland
      • Wedding Celebrant Auckland
      • Wedding Photographers Auckland
      • Wedding Videographers Auckland
      • Window Tinting Auckland
    • Wellington Trade Services
      • Arborists Wellington
      • Bathroom Renovations Wellington
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Small Business Loans - The Definitive New Zealand Guide

Our guide covers the different types of small business loans available throughout New Zealand, the eligibility requirements and application process, tips on how to successfully secure a loan, the pros, cons and risks of taking of taking on debt, must-know facts and frequently asked questions.
Small Business Loans NZ
Updated 10 May 2023
Summary:
  • ​With high interest rates and the high cost of living putting severe pressure on the New Zealand economy, many small businesses are hanging in limbo, uncertain how stable domestic demand will be in the coming years.
  • In the short term, thousands of New Zealand small businesses are considering loans and financing options to keep the lights on and ride out the tough few years to come. We've seen a tremendous increase in search volume in 'business loan' related terms since mid 2022.
  • To help explain what the options are, we've published this guide to make sense of what is, for many business owners, unfamiliar territory.
  • Know This: Small business loans have unique risks but they are a proven option specifically designed for small business owners to help them fund operational needs, expand into new products or alleviate short-term cash flow issues. What is right for your business takes careful research and your options and understanding the terms and conditions of the loan, you can find the financing solution that best meets the needs of your small business.
​
Our guide covers:
  • ​What is a Small Business Loan?
  • Why Would I Want to Apply for a Small Business Loan?
  • Which Businesses are Eligible for Small Business Loans?
  • How Can I Apply for a Small Business Loan? What's the Process?
  • What Types of Small Business Loans are Available in New Zealand and Who are the Main Providers?
  • What are the Pros and Cons of Taking on a Small Business Loan?
  • Top Tips for Successfully Securing a Small Business Loan
  • Small Business Loan Must-Know Facts
  • Frequently Asked Questions

Useful resources:
  • Do you want to apply for a loan? Our business loan comparison has the latest offers.
  • Are you looking for alternatives to business loans? Our guides to finance leases and operating leases explain your options. Our guide to business borrowing options further explains all the options, including government grants, crowdfunding and personal loans.
  • If you're looking to improve cash flow, our guides to getting overdue debtors to pay your invoices and tips for reducing business costs are popular resources.

What are Small Business Loans NZ?

What is a Small Business Loan?

​Small business loans are financial products specifically designed for small business owners to help them fund their operations, expansion, or any other business-related expenses. Several options are available for small business owners seeking a loan, including traditional bank loans, alternative lending platforms, specialist business lenders, government-backed programs, and more.

What types of small business loans exist to help businesses in New Zealand?

​There are multiple types of small business loans available in New Zealand:
Small Business Loans NZ

Secured loans

Secured loans are backed by collateral, such as equipment, real estate, or other assets. If the business cannot make its loan payments, the lender may seize the collateral to recover its money.
​
Examples of secured small business loans in New Zealand include:
  • Equipment financing loans: These loans are used to finance equipment purchases, and the equipment is used as collateral for the loan.
  • Commercial mortgages: These loans are used to finance the purchase or refinance of commercial real estate, and the property itself is used as collateral for the loan.

More details:
Our guide to comparing business loans lists many lenders who offer secured loans.
Small Business Loans NZ

Unsecured loans

Unsecured loans don't require collateral, and the lender relies on the business's creditworthiness to secure the loan.

​Examples of unsecured small business loans in New Zealand include:

More details: Our guide to comparing business loans lists many lenders who offer unsecured loans.
Small Business Loans NZ

Personal (term) loans

These loans provide a lump sum of money repaid over a set period, typically with fixed monthly payments.

More details: Our guide to personal loans lists lenders who work with business owners needing short-term financing.
Small Business Loans NZ

Revolving line of credit

These loans provide a pool of money that the business can draw from as needed, and the business is only required to pay down interest on the amount it borrows.
Small Business Loans NZ

Invoice financing

These loans allow businesses to borrow against their outstanding invoices, with the invoices themselves serving as collateral for the loan.

Is Your Small Business Looking for a Loan?
  • Avoid high-interest rates and high fees with our top three trusted business lenders.
  • Our business loan research highlighted three leading business lenders that undercut the established competition with fairer interest rates and fees to qualifying business borrowers and a genuine willingness to lend.
  • We suggest contacting Prospa, Bizcap and Lending Crowd (in that order) to see what interest rate they will offer.
  • Applying takes only a few minutes for each site. There is no obligation to accept any loan offer. However, be aware that the advertised interest rate is not guaranteed, and your credit score may, in some cases, be affected if you routinely apply for loans.
  • The more you compare and enquire (without paying any application fee), the better your chances of finding the best deal. Not all business loans are affordable - make sure you know your options by comparing the market widely.
  • Remember, the interest rate you agree to now makes a huge difference when you repay the loan week after week.
  • Advertising Disclosure: We may receive a commission if you take out a loan, but this does not influence our shortlist or comparison data. Interest rates vary based on each borrower, and assessment times vary.
Our Top Business Loans Providers:
Prospa Business Loans NZ
BizCap Business Loans NZ
Lending Crowd Business Loans NZ
Prospa
BizCap
Lending Crowd

Why Would I Apply for Small Business Loans NZ?

Why Would I Want to Apply for a Small Business Loan?

​There are multiple reasons a small business throughout New Zealand might want to apply for a small business loan. Some common reasons include:
Small Business Loans NZ

To finance the expansion of the business

A small business loan can provide the money needed to purchase additional equipment, expand into new markets, or hire more staff. Without a small business loan to fund this expansion, businesses may not be able to grow as fast as they would ideally like to, meaning other competitors can grow faster and steal market share.
Small Business Loans NZ

To cover operating costs

A small business loan can help a business meet its day-to-day operating expenses, such as rent, utilities, and payroll. However, note that small business loans are usually short-term fixes to long-term problems, and a small business loan isn't the final solution to a problem. Instead, they can be the beginning of the end - fixing the underlying issues (lack of sales, uncontrolled costs etc) is essential to continue as a going concern.
Small Business Loans NZ

To improve cash flow

A small business loan can provide a business with the cash it needs to cover short-term expenses while it waits for customer payments or other sources of income. Sometimes, businesses may be profitable but experience unfavourable timing regarding when invoices are sent and when money is paid.

Small business loans can bridge this gap and ensure that businesses can pay their staff and suppliers or purchase new equipment on time. Our guide to getting debtors to pay overdue invoices has scripts and tips to speed up cash collection.
Small Business Loans NZ

To finance a special project

A small business loan can be used to fund a one-time project, including developing a new product or starting a marketing campaign. However, careful budgeting and a well-tested ROI analysis is essential to ensure the money borrowed is spent in the right places.
Small Business Loans NZ

To take advantage of a business opportunity

A small business loan can provide the money needed to take advantage of a business opportunity that may not have been possible without additional financing.

Which Businesses are Eligible for Small Business Loans? NZ

Which Businesses are Eligible for Small Business Loans?

The terminology for what defines a "small business" varies by lender. However, in New Zealand, small businesses are typically defined as those with fewer than 20 full-time employees. However, the eligibility criteria for small business loans can vary depending on the lender and the type of loan product.

While the approval of small business loans will be subject to each credit provider’s unique criteria, generally, small businesses that apply for a small business loan will be vetted against the following criteria:
  • The business is a registered company or sole trader operating in New Zealand.
  • The business has been in operation for at least one year, although some lenders may consider businesses that have been operating for a shorter period.
  • The business has a good credit history and can demonstrate the ability to pay back the loan.
  • The business has a viable business plan and can demonstrate the potential for growth and profitability.
  • The business has sufficient collateral to secure the loan if required. This may be in the form of a personal guarantee from a director/business owner.

Important:
Lenders may have additional eligibility criteria that must be met to qualify for a small business loan. Therefore, it's a good idea to speak with a lender to determine the specific eligibility requirements for the loan product you are interested in.

Useful resources:
  • Do you want to apply for a loan? Our business loan comparison has the latest offers.
  • Are you looking for alternatives to business loans? Our guides to finance leases and operating leases explain your options. Our guide to business borrowing options further explains all the options, including government grants, crowdfunding and personal loans.
  • If you're looking to improve cash flow, our guides to getting overdue debtors to pay your invoices and tips for reducing business costs are popular resources.

How Can I Apply for a Small Business Loan NZ?

How Can I Apply for a Small Business Loan? What's the Process?

​To apply for a small business loan in New Zealand, you’ll need to follow the following steps:
Small Business Loans NZ

Determine your borrowing needs

Before you start the application process, it's important to determine how much you need to borrow and for what purpose. This analysis will help you choose the right loan product and lender. If you borrow too little, you may need to go back and pay a higher interest rate, whereas if you borrow too much and draw it down, you'll be paying interest which needs to be paid for my revenue.

Our View:
Getting the numbers right upfront is a process which shouldn't be rushed - the consequences for inaccuracy are expensive.
Small Business Loans NZ

Research your options

There are a variety of small business loans available in New Zealand, so it's important to research your options and choose a loan that meets your needs. Our guide to the best business loans is a helpful starting point. Consider factors such as interest rates, repayment terms, and fees when comparing loan products.
Small Business Loans NZ

Gather the necessary documents

Most lenders will require you to provide certain documents as part of the loan application process. These may include financial statements, tax returns, business plans, and collateral. The faster you supply these documents the quicker a decision will be made about the loan.
Small Business Loans NZ

Prepare a business plan

A business plan is a document that outlines your business goals, strategies, and financial projections. It can help you present a clear and compelling case to lenders about why you deserve a loan and how you plan to use the funds.

Useful business plan guides and templates are available from the government, Shopify and Xero.
Small Business Loans NZ

Apply for the loan

Once you have gathered all the necessary documents and prepared a business plan, you can start the loan application process. This process typically involves filling out an application form and submitting it to the lender along with the required documents.
Small Business Loans NZ

Wait for a response and reply to inquiries

After you submit your loan application, the lender will review it and decide whether to approve or deny your request. This process can take several weeks, so patience is important. If your application is approved, the lender will provide you with a loan agreement outlining the terms and conditions of the loan.

Is Your Small Business Looking for a Loan?
  • Avoid high-interest rates and high fees with our top three trusted business lenders.
  • Our business loan research highlighted three leading business lenders that undercut the established competition with fairer interest rates and fees to qualifying business borrowers and a genuine willingness to lend.
  • We suggest contacting Prospa, Bizcap and Lending Crowd (in that order) to see what interest rate they will offer.
  • Applying takes only a few minutes for each site. There is no obligation to accept any loan offer. However, be aware that the advertised interest rate is not guaranteed, and your credit score may, in some cases, be affected if you routinely apply for loans.
  • The more you compare and enquire (without paying any application fee), the better your chances of finding the best deal. Not all business loans are affordable - make sure you know your options by comparing the market widely.
  • Remember, the interest rate you agree to now makes a huge difference when you repay the loan week after week.
  • Advertising Disclosure: We may receive a commission if you take out a loan, but this does not influence our shortlist or comparison data. Interest rates vary based on each borrower, and assessment times vary.
Our Top Business Loans Providers:
Prospa Business Loans NZ
BizCap Business Loans NZ
Lending Crowd Business Loans NZ
Prospa
BizCap
Lending Crowd

What Types of Small Business Loans are Available in New Zealand?

What Types of Small Business Loans are Available in New Zealand and Who are the Main Providers?

Know This First: Lenders will either offer secured loans or unsecured loans. Both have significant risks.
  • Secured loans typically charge lower interest rates but carry a higher risk of losing your collateral if you default on the loan.
  • Unsecured loans have higher interest rates but do not require collateral.
  • However, to take out a loan, you may be asked to sign a personal guarantee which means you'll be liable if the business fails to repay the loan.

There are many different types of small business loans available in New Zealand, including:
  • ​Bank loans: Bank loans are the most common type of small business loans offered by traditional banks and financial institutions. Bank loans can be secured (meaning you need to provide collateral, such as assets or property) or unsecured (meaning you don't need to provide collateral).
  • Alternative lending platforms: These are online platforms that connect small business owners with lenders, including banks, alternative lenders, and investors. Alternative lending platforms offer a range of loan products, including short-term loans, invoice financing, and crowdfunding. Examples of alternative lending platforms include Bizcap, Lending Crowd, Harmoney and Prospa.
  • Government-backed loans: The New Zealand government offers several loan programs for small businesses, including the Small Business Cashflow Loan Scheme and the Regional Business Partner Network. These loans are typically offered at lower interest rates and have more flexible repayment terms than traditional bank loans.
​Some of the most popular examples of small business loan providers include:
The New Zealand Government Small Business Loan Scheme

The New Zealand Government

The New Zealand Government provides small business loans through the COVID-19 small business cash flow loan scheme. The New Zealand Government has set up an online eligibility tool that you can use to identify whether you’re eligible for the COVID-19 small business cash flow loan scheme. The Small business cash flow loan scheme (SBCS) supports organisations and small to medium businesses affected by COVID-19 and has been extended until 31 December 2023.

If your business has 50 or fewer full-time equivalent staff, you may be eligible to receive a one-off loan. The maximum amount loaned is $10,000 plus $1,800 per full-time-equivalent employee. The annual interest rate will be 3% beginning from the date of the loan being provided. Interest will not be charged if the loan is fully paid back within two years.

Website: The New Zealand Government 
Small Business Loans NZ

Traditional banks (Tier 1 banks)

​Tier 1 banks (such as Westpac, ASB, ANZ and BNZ) have dedicated small business banking teams that support New Zealand companies with banking, loan and other financial products. 

If you have an existing business relationship with a bank, this is most likely to be the best starting point.
Heartland Bank Small Business Loan NZ

Heartland Bank (Tier 2 banks)

Heartland Bank is a New Zealand-based lender that offers small business loans to eligible borrowers. Heartland's small business loans are secured or unsecured, depending on the specific loan product chosen.

Heartland's small business loans have a minimum loan amount of $5,000 and a maximum loan amount that varies depending on the loan product. The interest rate and terms of the loan will depend on the borrower's creditworthiness and the specific loan product chosen.

Heartland's small business loans are available to businesses operating for at least six months and have a minimum annual revenue of $50,000. Businesses must also have a good credit score and a reasonable debt-to-income ratio.

Our View:
Heartland's small business loans may be a good option for New Zealand businesses looking for a secured or unsecured financing solution. However, it's important to carefully consider the terms and conditions of any small business loan before accepting it, as the loan will significantly impact the business's financial situation.

Website: Heartland Bank
Prospa Small Business Loans NZ

Prospa (Specialist Business Lender)

Prospa is an Australian-based online lender that offers small business loans to eligible borrowers in New Zealand. Prospa's small business loans are unsecured, so they do not require collateral.

Prospa's small business loans have a minimum loan amount of $5,000 and a maximum loan of $250,000. The interest rate and terms of the loan will depend on the borrower's creditworthiness and the specific loan product chosen.

Prospa's small business loans are available to businesses operating for at least six months and have a minimum annual revenue of $50,000. Businesses must also have a good credit score and a reasonable debt-to-income ratio.

Our View: Prospa's small business loans may be a good option for New Zealand businesses looking for a flexible, unsecured financing solution. However, it is important to carefully consider the terms and conditions of any small business loan before accepting it, as the loan will significantly impact the business's financial situation.

Website: Prospa
MTF Finance NZ Small Business Loans

MTF finance (Finance companies)

MTF Finance is a New Zealand-based lender that offers small business loans to eligible borrowers. MTF Finance's small business loans are secured, which means they are backed by collateral, such as equipment, real estate, or other assets. If the business is unable to make its loan payments, the lender may be able to seize the collateral to recover its money.

MTF Finance's small business loans have a minimum loan amount of $5,000 and a maximum loan of $500,000. The interest rate and terms of the loan will depend on the borrower's creditworthiness and the specific loan product chosen.

MTF Finance's small business loan products include:
  • Equipment financing loans: These loans are used to finance an equipment purchase, and the equipment is used as collateral for the loan.
  • Commercial mortgages: These loans are used to finance the purchase or refinance of commercial real estate, and the property itself is used as collateral for the loan.

MTF Finance's small business loans are available to businesses operating for at least six months and have a minimum annual revenue of $50,000. Businesses must also have a good credit score and a reasonable debt-to-income ratio.

Overall, MTF Finance's small business loans may be a good option for New Zealand businesses looking for a secured financing solution and are willing to pledge collateral in exchange for a loan. However, it is important to carefully consider the terms and conditions of any small business loan before accepting it, as the loan will significantly impact the business's financial situation.

Website: MTF Finance
Harmoney Small Business Loans NZ

Harmoney

Harmoney is a New Zealand-based online lender that offers small business loans to eligible borrowers. Harmoney's small business loans are unsecured, so they do not require collateral.

Harmoney's small business loans have a minimum loan amount of $5,000 and a maximum loan of $500,000. The interest rate and terms of the loan will depend on the borrower's creditworthiness and the specific loan product chosen.

Harmoney's small business loan products include:
  • Term loans: These loans provide a lump sum of money repaid over a set period, typically with fixed monthly payments.
  • Line of credit loans: These loans provide a pool of money that the business can draw from as needed, and the business is only required to pay interest on the amount it borrows.
  • Invoice financing: These loans allow businesses to borrow against their outstanding invoices, with the invoices themselves serving as collateral for the loan.

Harmoney's small business loans are available to businesses operating for at least six months and have a minimum annual revenue of $50,000. Businesses must also have a good credit score and a reasonable debt-to-income ratio.
​
Overall, Harmoney's small business loans may be a good option for New Zealand businesses looking for a flexible, unsecured financing solution. However, it is important to carefully consider the terms and conditions of any small business loan before accepting it, as the loan will significantly impact the business's financial situation.

Website: Harmoney

Is Your Small Business Looking for a Loan?
  • Avoid high-interest rates and high fees with our top three trusted business lenders.
  • Our business loan research highlighted three leading business lenders that undercut the established competition with fairer interest rates and fees to qualifying business borrowers and a genuine willingness to lend.
  • We suggest contacting Prospa, Bizcap and Lending Crowd (in that order) to see what interest rate they will offer.
  • Applying takes only a few minutes for each site. There is no obligation to accept any loan offer. However, be aware that the advertised interest rate is not guaranteed, and your credit score may, in some cases, be affected if you routinely apply for loans.
  • The more you compare and enquire (without paying any application fee), the better your chances of finding the best deal. Not all business loans are affordable - make sure you know your options by comparing the market widely.
  • Remember, the interest rate you agree to now makes a huge difference when you repay the loan week after week.
  • Advertising Disclosure: We may receive a commission if you take out a loan, but this does not influence our shortlist or comparison data. Interest rates vary based on each borrower, and assessment times vary.
Our Top Business Loans Providers:
Prospa Business Loans NZ
BizCap Business Loans NZ
Lending Crowd Business Loans NZ
Prospa
BizCap
Lending Crowd

What are the Pros and Cons of Taking on a Small Business Loan NZ

What are the Pros and Cons of Taking on a Small Business Loan?

Pros:
Small Business Loans NZ

Access to capital (that you otherwise wouldn’t be able to get).

A small business loan can provide the necessary financial resources to grow a business. Getting a small business loan can be especially helpful if the business does not have enough capital or cannot secure funding through other means, such as investors or grants.
Small Business Loans NZ

Flexibility around funding.

Small business loans come in various forms, including term loans, line of credit loans, and equipment financing loans. Businesses can choose the type of loan that best meets their needs and financial situation.
Small Business Loans NZ

Potential for increased growth (inorganic).

By using a small business loan to invest in things like marketing, new equipment, or additional staff, a business may be able to expand and grow more quickly than it otherwise would have been able to. This type of growth is defined as inorganic growth because it would otherwise not have occurred without small business funding or investment into new products. 
Small Business Loans NZ

Improved business credit score.

Repaying a small business loan on time can help a business improve its credit score, making it easier to secure additional loans in the future. 
Small Business Loans NZ

Potential tax benefits.

Depending on the specific terms of the loan and the business's tax situation, the interest paid on a small business loan may be tax-deductible. This tax deductibility can mean that Kiwi businesses can offset some of the cost of the loan through tax savings. 
Cons:
Small Business Loans NZ

A higher debt burden.

A small business loan is a form of debt, and taking on debt can be a financial burden for a business. The business will be required to make regular loan payments, which can strain its cash flow.
Small Business Loans NZ

Increased monthly costs/outlay from interest expense.

Small business loans typically carry 'above mortgage rate' interest charges. The interest rate and terms of the loan will depend on the lender and the business's creditworthiness, but in general, higher interest rates can make the loan more expensive.
Small Business Loans NZ

Increased risk of defaulting on your loan.

If a business cannot make its loan payments on time, it may default, which can have serious consequences. For example, the lender may take legal action to recover the money, and the business's credit score may be damaged, making it more difficult to secure additional loans in the future.
Small Business Loans NZ

The potential risk of losing your collateral/assets.

Some small business loans may require the business to pledge collateral, such as equipment or real estate, as security for the loan. If the business defaults on the loan, the lender might be able to seize the collateral to recover its money.
Small Business Loans NZ

Limited flexibility on how to spend the money.

Once a business takes out a small business loan, it is generally required to stick to the terms of the loan agreement, which may be inflexible if the business's financial situation changes.
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Taking on a small business loan can be useful to access the financial resources needed to start or grow a business. Still, it's important to consider the potential drawbacks carefully and ensure that the business can manage the added financial responsibility.

Top Tips for Successfully Securing a Small Business Loan NZ

Top Tips for Successfully Securing a Small Business Loan

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Improve your credit profile and history.

Having a good credit profile is essential for securing a small business loan. Try to improve your credit profile before applying for a small business loan if there have been some issues. You can do this by paying off outstanding debts (if feasible), reducing your credit utilisation ratio (the amount of credit you use relative to your credit limit), and regularly making on-time payments.

If you're applying for a personal loan to use for business purposes, our guide to credit scores and history explains all the options available.
Small Business Loans NZ

Have a solid business plan.

As mentioned earlier, a well-written business plan is essential for securing a small business loan. Include details on your business idea, target market, financial projections, and marketing strategy.
Small Business Loans NZ

Shop around for the best rate on offer.

Don't be afraid to compare and contrast loan offers from different lenders. This comparison will help you find the best loan product that meets your needs and budget. Our business loan comparison guide is a helpful starting point.
Small Business Loans NZ

Be prepared to provide multiple different documents.

With increased regulation making it harder for banks to provide riskier loans, many lenders are becoming more stringent on the loan application process (for credit cards, mortgages and small business loans alike). Therefore, ensure you have all the necessary documentation before starting the loan application process. This preparation will help speed up the process and increase your chances of approval.
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Consider government-backed loans.

​If you have trouble securing a loan from a traditional lender, consider applying for a government-backed loan. These loans are typically offered at lower interest rates and have more flexible repayment terms.

For example, you may be able to apply for the Small Business Cashflow Scheme loan Applications for the Small Business Cashflow Scheme (SBCS) are open until 31 December 2023.

Small Business Loans Must Know Facts NZ

Small Business Loans - Must-Know Facts

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Ensure you’ve carefully read the terms and conditions of your small business loan.

It's also important to carefully consider the terms of the loan, including the loan amount, interest rate, and repayment schedule, and choose a lender that meets your needs and budget.
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Consider other loans available to New Zealand businesses.

In addition to traditional small business loans, other financing options are available for small business owners in New Zealand, including grants, crowdfunding, and angel investment. These options may be worth considering if you cannot secure a loan or are looking for alternative ways to fund your business.
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When considering any financing, it is important to research your options carefully and thoroughly evaluate the terms and conditions before committing to a loan or other financing option. In addition, be sure to understand the repayment terms, fees, and any potential risks associated with the financing option.
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Check with a registered financial professional before taking out any additional debt.

It's always a good idea to seek the advice of a financial professional or business coach before deciding on financing for your small business. They can help you assess your financing needs and advise you on the best options for your business.
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Make sure you've got a solid plan to pay back the small business loan BEFORE you get the money.

It's also important to carefully manage your debt and ensure you can repay the loan according to the agreed-upon terms. This plan includes making timely payments and not taking on more debt than you can pay back.
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Stay in constant communication with your lender, especially if you’re having trouble paying the debt back.

If you are having trouble repaying your small business loan, it is important to communicate with your lender and try to find a solution. Many lenders will work with you to find a repayment plan for both parties. However, if you cannot agree with your lender, it could result in default and potentially serious consequences, such as legal action or damage to your credit score.