Mortgage broker in Wellington: house prices, deposits and free advice

Do you need a mortgage broker in Wellington?

You don't have to use a mortgage broker, but they can compare lenders for you, tell you which ones will lend based on your deposit and income, and handle your application through to settlement. In New Zealand, mortgage brokers are financial advisers and must be licensed by the FMA or work for a licensed business. Most are paid commission by the lender you choose, so their advice is usually free.

Your broker doesn't need to be based in Wellington. Banks lend the same way across New Zealand, and most advisers meet clients by phone or video call.

Wellington house prices

In the 12 months to 8 November 2026, the median sale price in Wellington was $842,887, down 2.3% from the year before. These figures come from realestate.co.nz, which recorded 2,584 sales in that time.

• Median sale price: $842,887
• Change from the year before: down 2.3%
• Median asking price: $800,065
• Median days to sell: 39
• Median weekly rent asked: $648
• Sales recorded: 2,584

How much deposit you need in Wellington

Most banks want a 20% deposit for their best rates. For the median Wellington price, that's $168,577. You can often buy with a 10% deposit, or even 5% if you qualify for the First Home Loan. The first home buyer guide explains how lower deposits work and what they cost.

• 20%

  Amount

  $168,577

  Loan

  $674,310

  Weekly repayment

  $830

• 10%

  Amount

  $84,289

  Loan

  $758,598

  Weekly repayment

  $934

• 5%

  Amount

  $42,144

  Loan

  $800,743

  Weekly repayment

  $986

Repayments are based on a 30-year term at 4.95% a year, which was the Reserve Bank's average advertised 1-year special rate at the end of October 2026. Special rates often need a 20% deposit, and banks may charge a low equity margin or fee if your deposit is smaller, so you might pay more. Use the mortgage repayment calculator to see your own numbers.

House prices by suburb in Wellington

These are the Wellington suburbs with the most home sales in the 12 months to 8 November 2026.

• Karori: $909,188 (189 sales)
• Tawa: $778,500 (186 sales)
• Te Aro: $511,400 (176 sales)
• Johnsonville: $800,188 (159 sales)
• Khandallah: $1,000,000 (127 sales)
• Churton Park: $1,010,000 (111 sales)
• Newlands: $792,750 (110 sales)
• Miramar: $840,000 (108 sales)
• Island Bay: $940,000 (90 sales)
• Newtown: $835,500 (78 sales)

Of the suburbs with at least 30 sales, Wellington Central had the lowest median price, at $401,000, and Seatoun had the highest, at $1,625,000.

Buying or renting in Wellington

The median weekly rent asked in Wellington was $648. If you bought at the median price with a 10% deposit, your weekly repayment would be $934, or $286 more than the rent. As a homeowner, you'll also pay rates, insurance and upkeep, but each repayment reduces your loan.

Choosing a mortgage broker

The FMA suggests talking to more than one adviser and asking each of them:

• what licence they have, or whose licence they work under
• which lenders and products they can advise on
• how they are paid, and whether you will pay any fees
• how you can complain, and which dispute resolution scheme they belong to.

You can check a broker's licence on the Financial Service Providers Register. Ask for any fees in writing.

Common questions