Also be very mindful that the requirements for loan top-ups and other lending criteria are now being picked through with a fine-toothed comb by the banks.

What used to be a very simple task has now blown into a massive ordeal.

I recently went to redraw $5k from my floating loan for property improvements since I had paid off plenty of the principle, and I had to jump through the exact same hoops as applying for a full-blown loan. That was with BNZ. Other banks will follow if they're not already doing the same now.

I've redrawn similar amounts of funds a couple of times previously with no hassles at all, and was shocked to see how much harder the process is now.

From now on, I'm going to hold more funds in my everyday account instead of throwing it into the home loan and pulling it out when required.

This article on Stuff covers this very topic; I hadn't realised the extent of the changes, and hope we won't be needing to borrow more after we get the mortgage paid off in a few months.