Boost your borrowing power with flatmate income

Mortgages

How to boost your borrowing power with flatmate income

2 MIN READ August 4, 2025

Thinking about buying a home? Whether it’s your first step onto the property ladder or you’re upgrading to a bigger space, using flatmate income in your mortgage application can be a helpful tool.

Effectively, if you purchase a property with 2 spare bedrooms, this could enable up to $200,000 of borrowing and purchasing power! It’s a popular strategy to use to help first home buyers on the property ladder.

Once you become a property owner, flatmates effectively become boarders, and it’s that boarder income we can lean on to push your purchasing power.

A boarder can increase your income to cover mortgage repayments, helping meet banks’ servicing requirements and boosting your borrowing power. This approach is especially useful if you’re buying on your own, but couples can also benefit when looking to strengthen their application.

How banks view boarder income

Most lenders accept a signed declaration of intent to find a boarder. This means you don’t need someone lined up in advance, perfect if you plan to advertise for a boarder after you’ve secured your purchase.

How much income do banks count?

The amount banks will attribute to boarder income varies, but it’s typically around $225-$300 per week per room, which can boost your borrowing power by up to $100,000 per boarder. The weekly income is based on bank criteria and is not affected by how much you actually intend to charge in rent.

Banks will also check that your plan makes sense based on the property and your household. For example, a couple without children buying a three bedroom home could reasonably expect to have two boarders, and include that income in their application. Ultimately, there needs to be no less than one bedroom available per boarder.

Why it pays to work with a mortgage adviser

Each bank has slightly different policies when it comes to boarder income. A Haven mortgage adviser understands the ins and outs of each lender and the specific documents they require to be completed and signed, which can help structure your application for the best outcome.

If you’re thinking about buying a home and would like help putting together your application to the bank that best fits your needs, get in touch at mortgages@haven.co.nz or 0800 700 699.

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Terms & Conditions

Eligibility.
The Haven Travel Promotion is only open to legal residents of New Zealand who are eighteen (18) years of age or older. Disqualified Participants’ are: (a) all Haven employees (b) all people under the age of 18 years.
Promotion Period.
The Promotion begins on Monday 1st April 2025 and will continue until further notice. We reserve the right to amend, suspend, or terminate the promotion at any time without prior notice, at our sole discretion.
How To Enter.
Complete a financial review with a Haven adviser for any service during the promotional period and you will receive one entry into the Promotion.
Drawing the Winners
We will be drawing winners every three months via random selection by Haven Financial Advisers. The first draw is on Monday 7th July 2025 and we will be drawing a winner every 3 months from this date. Only the person who originally entered the Promotion can be awarded the prize.The Winner will be determined by Haven Financial Advisers and will be final and no correspondence will be entered into.The Winner will be notified by email, phone (voice or text), mail or in person. Where attempts to contact the Winner fail (e.g. when the Winner cannot be contacted by phone after three attempts or mail sent is returned) Haven Financial Advisers will select another winner. If, after successful notification, the prize is not collected within two months of being announced, it will be regarded as forfeit. (Note: 3 attempts to contact the Winner will include individual calls to any numbers provided at the time of entry.Where the Winner is required to claim the prize in person, they must provide proper identification (e.g. driver’s licence, passport, birth certificate).
The Prizes
The Prize (a travel voucher valued at $5,000 NZD) is not redeemable for cash or transferable. In the event that the Prize specified in the Promotion becomes unavailable for any reason, Haven Financial Advisers may substitute a prize of like or equal value. The Winner takes the Prize entirely at his/her own risk and indemnifies Haven Financial Advisers in respect of any claim for any accident, injury, property damage or loss of life that may occur in connection with the prize. The Winner is responsible for all insurance, tax or other costs that may be associated with the Prize. Where the Prize has associated terms and conditions the Winner accepts the Prize subject to those terms and conditions and restrictions. The Prize must be taken as stated and no compensation will be payable if the Winner is unable to use the Prize as stated. The Promoter (Haven Financial Advisers) will not be liable for any prize(s) that do not reach the winners for reasons beyond the Promoter’s reasonable control. Where a prize is being supplied by a third party, the Promoter accepts no responsibility in connection with the provision of the prize, including without limitation, the failure of the winner to receive ownership of, or use of, the prize or any performance issues associated with the prize.The Promoter will not be liable for failure to provide (or delay in providing) the Prize resulting from any events, circumstances or causes beyond its reasonable control, including but not limited to acts of god (natural disasters), acts of war or terrorism, national emergencies, issues of public health and safety, pandemic, mechanical breakdown, industry disputes, riots or failure of communication or power supply or voluntary or involuntary compliance with any regulation, law or order of any government.Prizes may be subject to additional terms and conditions imposed by a third party (for example, vouchers may have additional terms and conditions and/or an expiry date or in the case of travel, additional terms and conditions may be imposed by airlines, service providers and venues).The Promoter will not be responsible for any loss or damage suffered by entrants or anyone else as a result of, arising out of, or in any way connected with the Promotion or its prizes.
Social Media & Marketing
Where the Promotion is conducted across social media: a. Entrants’ conduct must comply with the rules of that social media platform. b. The Promotion is in no way sponsored, endorsed or administered by, or associated with Facebook, Twitter, Instagram, LinkedIn or Snapchat. These social media platforms are in no way responsible for any aspect of the Promotion. By entering this Promotion, entrants agree to the use of their names, photographs and likeness for promotional/advertising purposes, and agree to make themselves reasonably available for this purpose. Any copyright associated with an entry will be owned by the Promoter. The Promoter collects and holds personal information provided by entrants for the purposes of administering this Promotion and for future Promoter promotional purposes. All personal information provided by entrants will be held by the Promoter and will not be provided to third parties unless otherwise specifically set out. Under the Privacy Act 2020, entrants have the right to access and correct their personal information.

Terms & Conditions

Eligibility.
The Haven My Food Bag Promotion is only open to legal residents of New Zealand who are eighteen (18) years of age or older.To be eligible for the prize you must have a delivery address within the My Food Bag delivery area. My Food Bag delivers to most addresses in the postcodes found here.
Disqualified Participants’ are: (a) all Haven Financial Advisers employees (b) all people under the age of 18 years (c) all people without a qualifying delivery address.
Competition Period.
The Competition begins on Monday 3rd July 2023 to Saturday 30th September 2023.
How To Enter.Complete a financial review with any of Haven’s advisers for any service during the entry period and you will receive one entry into the Competition.
Or,
Refer someone else to complete a financial review with any of Haven’s advisers for any service during the entry period and if they complete the review you will receive one entry each into the Competition.
Drawing the Winners
We will select 3 winners. The final winners will be drawn on Monday 2nd October via random selection by Haven Financial Advisers.Only the person who originally entered the Promotion can be awarded the prize.
The Winners will be determined by Haven Financial Advisers and will be final and no correspondence will be entered into.
The Winners will be notified by email, phone (voice or text), mail or in person. Where attempts to contact a Winner fail (e.g. when the Winner cannot be contacted by phone after three attempts or mail sent is returned) Haven Financial Advisers will select another winner. If, after successful notification, the prize is not collected within two months of being announced, it will be regarded as forfeit. (Note: 3 attempts to contact the Winner will include individual calls to any numbers provided at the time of entry.
Where the Winner is required to claim the prize in person, they must provide proper identification (eg driver’s licence, passport, birth certificate).
The Prizes
The Prizes (8 weekly My Choice (4 nights for 4) My Food Bag deliveries) are not redeemable for cash or transferable. In the event that the Prize specified in the Competition becomes unavailable for any reason, Haven Financial Advisers may substitute a prize of like or equal value.In order to claim the prize the winner will need to sign up to the My Food Bag website to manage their deliveries. In order to sign up a credit or debit card will need to be added to the account for any upgrades or additional grocery items beyond the Prize.
The Winner takes the Prize entirely at his/her own risk and indemnifies Haven Financial Advisers in respect of any claim for any accident, injury, property damage or loss of life that may occur in connection with the prize. The Winner is responsible for all insurance, tax or other costs that may be associated with the Prize. Where the Prize has associated terms and conditions the Winner accepts the Prize subject to those terms and conditions and restrictions.
The Prize must be taken as stated and no compensation will be payable if the Winner is unable to use the Prize as stated.
The Promoter (Haven Financial Advisers Limited) will not be liable for any prize(s) that do not reach the winners for reasons beyond the Promoter’s reasonable control. Where a prize is being supplied by a third party, the Promoter accepts no responsibility in connection with the provision of the prize, including without limitation, the failure of the winner to receive ownership of, or use of, the prize or any performance issues associated with the prize.
The Promoter will not be liable for failure to provide (or delay in providing) the Prize resulting from any events, circumstances or causes beyond its reasonable control, including but not limited to acts of god (natural disasters), acts of war or terrorism, national emergencies, issues of public health and safety, pandemic, mechanical breakdown, industry disputes, riots or failure of communication or power supply or voluntary or involuntary compliance with any regulation, law or order of any government.
Prizes may be subject to additional terms and conditions imposed by a third party.
The Promoter will not be responsible for any loss or damage suffered by entrants or anyone else as a result of, arising out of, or in any way connected with the Promotion or its prizes.
Social Media & Marketing
Where the Promotion is conducted across social media: a. Entrants’ conduct must comply with the rules of that social media platform. b. The Promotion is in no way sponsored, endorsed or administered by, or associated with Facebook, Twitter, Instagram or Snapchat. These social media platforms are in no way responsible for any aspect of the Promotion.By entering this Promotion, entrants agree to the use of their names, photographs and likeness for promotional/advertising purposes, and agree to make themselves reasonably available for this purpose. Any copyright associated with an entry will be owned by the Promoter.
The Promoter collects and holds personal information provided by entrants for the purposes of administering this Promotion and for future Promoter promotional purposes. All personal information provided by entrants will be held by the Promoter and will not be provided to third parties unless otherwise specifically set out. Under the Privacy Act 2020, entrants have the right to access and correct their personal information.

Terms & Conditions

1. Eligibility.

The Haven Travel Promotion is only open to legal residents of New Zealand who are eighteen (18) years of age or older.

Disqualified Participants’ are: (a) all Haven Financial Advisers employees (b) all people under the age of 18 years.

2. Competition Period.

The Competition begins on Monday 13th March 2023 to Wednesday 31st May 2023.

3. How To Enter.

Complete a financial review with any of Haven’s advisers for any service during the entry period and you will receive one entry into the Competition.

4. Drawing the Winner

The final winner will be drawn on Monday 5th June via random selection by Haven Financial Advisers.

Only the person who originally entered the Promotion can be awarded the prize.
The Winner will be determined by Haven Financial Advisers and will be final and no correspondence will be entered into.
The Winner will be notified by email, phone (voice or text), mail or in person. Where attempts to contact the Winner fail (eg when the Winner cannot be contacted by phone after three attempts or mail sent is returned) Haven Financial Advisers will select another winner. If, after successful notification, the prize is not collected within two months of being announced, it will be regarded as forfeit. (Note: 3 attempts to contact the Winner will include individual calls to any numbers provided at the time of entry.
Where the Winner is required to claim the prize in person, they must provide proper identification (eg driver’s licence, passport, birth certificate).

5. The Prize

The Prize (a travel voucher valued at $4,000 NZD) is not redeemable for cash or transferable. In the event that the Prize specified in the Competition becomes unavailable for any reason, Haven Financial Advisers may substitute a prize of like or equal value.
The Winner takes the Prize entirely at his/her own risk and indemnifies Haven Financial Advisers in respect of any claim for any accident, injury, property damage or loss of life that may occur in connection with the prize. The Winner is responsible for all insurance, tax or other costs that may be associated with the Prize. Where the Prize has associated terms and conditions the Winner accepts the Prize subject to those terms and conditions and restrictions.
The Prize must be taken as stated and no compensation will be payable if the Winner is unable to use the Prize as stated.
The Promoter (Haven Financial Advisers Limited) will not be liable for any prize(s) that do not reach the winners for reasons beyond the Promoter’s reasonable control. Where a prize is being supplied by a third party, the Promoter accepts no responsibility in connection with the provision of the prize, including without limitation, the failure of the winner to receive ownership of, or use of, the prize or any performance issues associated with the prize.
The Promoter will not be liable for failure to provide (or delay in providing) the Prize resulting from any events, circumstances or causes beyond its reasonable control, including but not limited to acts of god (natural disasters), acts of war or terrorism, national emergencies, issues of public health and safety, pandemic, mechanical breakdown, industry disputes, riots or failure of communication or power supply or voluntary or involuntary compliance with any regulation, law or order of any government.
Prizes may be subject to additional terms and conditions imposed by a third party (for example, vouchers may have additional terms and conditions and/or an expiry date or in the case of travel, additional terms and conditions may be imposed by airlines, service providers and venues).
The Promoter will not be responsible for any loss or damage suffered by entrants or anyone else as a result of, arising out of, or in any way connected with the Promotion or its prizes.

6. Social Media & Marketing

Where the Promotion is conducted across social media: a. Entrants’ conduct must comply with the rules of that social media platform. b. The Promotion is in no way sponsored, endorsed or administered by, or associated with Facebook, Twitter, Instagram or Snapchat. These social media platforms are in no way responsible for any aspect of the Promotion.
By entering this Promotion, entrants agree to the use of their names, photographs and likeness for promotional/advertising purposes, and agree to make themselves reasonably available for this purpose. Any copyright associated with an entry will be owned by the Promoter.
The Promoter collects and holds personal information provided by entrants for the purposes of administering this Promotion and for future Promoter promotional purposes. All personal information provided by entrants will be held by the Promoter and will not be provided to third parties unless otherwise specifically set out. Under the Privacy Act 2020, entrants have the right to access and correct their personal information.

How to boost your borrowing power with flatmate income

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