Tech tools are booming, but advisers still hold the ace
Digital platforms have stepped up their game a lot recently. In 2023, Sorted launched a major upgrade with real-time rate feeds, letting people compare rates across lenders as they change. Canstar has expanded to cover over 200 mortgage products from 10 lenders. AI tools from companies like Afterburner can now process entire mortgage applications automatically.
Then of course, we had NZBA launch their own calculator earlier this month.
These tools make rate shopping easier than ever. But experienced advisers say that's only part of the picture.
"At most, online tools can help you compare two offers. Financing is a lot more than that," said Satyan Mehra, founder of iConsult. "If you're dealing with a client who wants to grow wealth via property, a lot of different things come into consideration - whether that's interest-only, refinancing your loans back to 30 years to get lower repayments, etc. The comparison is a very minor part."
Mehra sees this play out regularly with clients who arrive with strategies they've found online.
"I've had clients come with proposed structures in mind that they've probably learned online somewhere. Then you sit and think, why are we doing this and what's the rationale behind it?"
A recent example shows how this works in practice. Mehra suggested an offset loan to help a client build cash reserves while still paying their loan off faster. The client pushed back, wanting to stick with a different approach they'd likely discovered online.
"They were very persistent on doing things a certain way. That's probably something they took from online, and the mindset became fixed. As an adviser, you have to think about what you're going to do with that."
The numbers behind the trend
NZ Adviser’s data shows the top 94 mortgage advisers settled $8.3 billion in residential loans from March 2024 to February 2025, each handling at least $50 million in verified settlements. Growth came from more clients rather than bigger loans, with median loan size at $1.64 million reflecting strong first-home buyer activity.
But awareness gaps remain. FAMNZ’s Consumer Access to Mortgages report found that only 28% of people are familiar with adviser services, while 36% wrongly think advisers charge upfront fees. Meanwhile, 60% of mortgage holders spend over 30% of their income on repayments, showing widespread financial pressure that professional guidance could help address.
What this means going forward
The Financial Markets Authority launched several initiatives to keep pace with market changes. They ran a Review of Access to Financial Advice consultation and started a regulatory sandbox pilot for fintech companies. The new Financial Advice Regulatory Panel brings industry representatives together three times a year to shape policy.
Professional standards keep rising too. Updated codes now require advisers to "continually develop" their skills through formal mentoring and peer learning – moving well beyond simple rate matching.
The growth in adviser usage looks sustainable. Economist Tony Alexander's latest survey of mortgage brokers shows more enquiries from both first-home buyers and property investors. Banks are taking longer to process applications – the worst delays in 27 years – which makes having a professional advocate even more valuable.
The most successful approach combines digital tools for research with human expertise for decisions. Online platforms excel at rate comparison and initial calculations. Advisers provide the strategic thinking, structure optimisation, and ongoing support that apps simply can't deliver.
