Our offices are closed from Friday 3 April - Monday 6 April for Easter. Our team will be back from Tuesday 7 April.

Investing with First Mortgage Trust

We’re an investment fund manager and since 1996 we’ve been helping New Zealanders protect their nest egg and grow their wealth.
We focus on what we know is important to you; consistent returns and steady income-focused funds that are accessible when they’re needed.
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Consistent returns through uncertain times

Over the years we have delivered our investors regular and consistent returns.

You can invest your funds in the First Mortgage Trust Group Investment Fund (GIF) or First Mortgage PIE Trust.  Your decision on which fund to choose will depend on your own particular tax circumstances, therefore professional financial or tax advice should be taken before making an investment.

We also have a Wholesale Fund for wholesale investors.

Group Investment Fund

Invests into loans backed by first mortgages over land & buildings, as well as cash at registered banks.

Minimum investment: $500

Investment term: On call

Learn more

PIE Trust Fund

Invests into the GIF, as well as cash at registered banks. PIE trust offers a tax advantage for some investors.

Minimum investment: $500

Investment term: On call

Learn more
5 .32 %p.a.

Group Investment Fund & PIE Trust*

Annualised pre-tax return (after fees & expenses)

For the quarter ending 31 March 2026. Past performance is not a reliable indicator of future returns. Returns are not guaranteed.

*If you have a 30% or higher income tax rate, the First Mortgage PIE Trust could give you a higher after tax return than the First Mortgage Trust Group Investment Fund.

Our latest pre-tax quarterly distribution rate

The pre-tax distribution paid for the quarter ending 31 March 2026 was 5.32% on an annualised basis.

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Click to view our historic investment return rates

Historic annualised distributions – Paid quarterly

The pre-tax distribution paid for the quarter ending 31 March 2026 was 5.32% on an annualised basis.

This table shows the historical annualised pre-tax quarterly distribution rates and the annualised pre-tax cumulative returns we have achieved for our investors over the past years.

Past returns are not a reliable indicator of future performance. Returns are not guaranteed.

Financial Year

FY 2026

FY 2025

FY 2024

FY 2023

FY 2022

FY 2021

FY 2020

FY 2019

FY 2018

FY 2017

FY 2016

FY 2015

FY 2014

FY 2013

Jun

6.76%

7.43%

6.71%

5.34%

4.74%

5.00%

5.05%

5.45%

5.25%

5.15%

5.55%

5.32%

4.71%

4.35%

Sep

6.12%

7.44%

7.02%

5.59%

4.91%

4.46%

4.85%

5.30%

5.15%

5.01%

5.12%

5.50%

4.76%

4.35%

Dec

5.71%

7.14%

7.31%

6.07%

5.19%

3.88%

4.80%

5.30%

5.15%

5.20%

5.01%

5.70%

4.85%

4.30%

Mar

5.32%

7.04%

7.29%

6.61%

5.18%

4.00%

4.90%

5.20%

5.30%

5.25%

5.15%

5.72%

5.12%

4.50%

Annualised returns - Year End 31 March

7.46%

7.29%

6.03%

5.10%

4.41%

5.00%

5.42%

5.31%

5.25%

5.32%

5.68%

4.95%

4.45%

Why Invest with FMT?

Consistent Returns

Our conversative approach to lending means we’ve been able to provide investors with consistent returns for nearly 30 years.

Accesibility

Access your funds when you need them (although we encourage you to invest for a minimum of two years). Start with a minimum investment of $500 and after that, make contributions whenever it suits you.

Regular Income

Every quarter, we distribute returns back into your bank account, or you can choose to have them re-invested.

Experienced Team

Actively managed by our professional team who understand NZ's property market.

How much could your Nest Egg grow?

Our investment calculator uses our historical returns to calculate returns for the 12 months, based on a given investment amount and tax rate

Investment Calculator

Benefits of Mortgage-backed Investments

We know that risk is a major consideration when deciding where to invest. FMT investments are backed by first mortgages over land and buildings with relatively conservation LVR (loan to value ratios). Property-based securities traditionally provide some of the least volatile investments. In addition, we always hold cash investments (liquidity) with NZ banks to help ensure cash is available to pay investors when needed.

Spread of Risk

By pooling your funds with other investors, your investment is consolidated and spread across cash and the whole mortgage portfolio which gives more diversified exposure to the property market that investing directly in a single property loan.

Our investments are diversified across various property types and locations throughout NZ. This geographical spread helps to level out any local economic factors and it ensures we have a good cross-section of property types in our portfolio.

Investor Protection

Investments in the First Mortgage Trust Group Investment Fund are monitored by NZ’s oldest independent trustee company, Trustees Executors Ltd, acting under a Trust Deed.

First Mortgage PIE Trust’s supervisor is Public Trust.

Both Funds have their financial statements audited by KPMG.

Reserve Fund

Although our conservative lending policies are consistently and rigorously maintained, we have a reserve fund to help meet possible losses on individual loans.

This fund provides additional peace of mind for investors and generally does not have a material effect on income distributions.

However, if there are a number of loan defaults then the reserve fund may not be enough of a buffer, and this could affect distributions.

Managing your cash in retirement

Enjoy your Retirement with a Steady Income

We understand the need to invest with confidence, with the added flexibility of drawing down your funds as you need them.

That’s why we’ve created our Managing Your Cash in Retirement solution.

This facility allows you to get all of the benefits that come from investing with us, together with the ability to access your money as and when you need it.  Your arrangements can be reviewed at any time and at no cost, meaning the facility can respond to your changing circumstances in real time.

Learn More
People are at the heart of FMT

Investor Meetings

Our Investor Meetings offer a valuable chance to hear how FMT has been performing and what’s planned for the future. 2026 dates now announced, save the date!

Learn More

Read our latest newsletter

Each quarter we produce a newsletter with an update from our CEO, Paul Bendall, where he shares our latest quarterly return rate and provides a company update. We also feature insights from renowned economist Tony Alexander and invite other experts to comment on current topics of interest. Regular features include a distribution map profiling our investments by location and type, and information on our loan book.

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Read our latest newsletter

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              Youth Sponsorship Application

                Which type of fund is right for me?

                Complete this questionnaire to see what type of fund might be the most tax effective for your circumstances. Please note, this is just a guide and we recommend you seek professional tax advice.

                Are you investing as an individual or trust?
                An individual A trust
                Other investor types should seek professional tax advice.
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                Individual

                Is your tax return completed by a tax adviser or accountant?

                Yes No

                Can you reasonably estimate your own annual income?

                Yes No

                What is your total income from all sources (including PIE income)?

                < 48k 48-70k 70-119k > 119k

                YOUR RESULTS

                Contact Us

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                Trust

                Do you distribute all annual income to beneficiaries?

                Yes Some income is distributed No distribution

                Do all Trusts beneficiaries earn more than $48K from all sources (including PIE income)?

                Yes No
                YOUR RESULTS

                Contact Us

                Disclaimer – This tool is intended to provide general guidance only. This tool does not take into account your particular financial situation, objectives or goals.

                There are alternative strategies which may provide better outcomes, we recommend you seek independent advice before making any investment decision. If you have completed this guide and wish to discuss this, we recommend you seek professional tax advice.