Banks' new comparison calculator no threat to advisers: Patten

The calculator, whose development and ongoing maintenance is funded by members of the NZBA, allows prospective borrowers to compare the offers, including any incentives such as cashbacks and other benefits, of up to three loan offers.

One reason why prospective borrowers seek the advice and assistance of mortgage advisers is because it's so difficult to understand the myriad of different mortgage offers available in the market and to work out which offer best suits an individual borrower's circumstances.

Based on the data three of the major banks and Kiwibank disclose, advisers now originate well over 50% of mortgages and that number is expected to grow – advisers in Australia now originate about 70% of mortgages.

“It's just another tool,” Patten says. “I don't see it reducing any advice from advisers. Most clients want personalised advice.”