Compare home loan rates, get the best deal | Mortgagerates.co.nz

Refixing or refinancing your mortgage?

Compare NZ interest rates

Get me the best mortgage rate in NZ

A free mortgage review could get you the best interest rate and some cash too. Get in touch with an impartial mortgage adviser who can sort you the best deal for your situation.

Compare the rates

Five major banks write 94% of mortgages in New Zealand, which makes them our 'big five'.

Lender
1 Year
2 Years
3 Years
6.85%
6.49%
6.35%
7.14%
6.75%
6.39%
6.85%
6.49%
6.39%
6.99%
6.79%
6.65%
7.14%
6.75%
6.39%

Calculate how much cash you could save

Try out our refinance calculator to see if you could save on interest or get cash immediately by refinancing to a new bank.

1
Property details
2
Mortgage details
3
Calculate savings

Tell us about your property

Add the details of your property and summary of your mortgage below

Property Value
Check the value at homes.co.nz
Total owing on the property
Is your mortgage split into multiple loans?
Select your bank
Is your mortgage over 3 years old?
Did you receive a cash back when you received your mortgage?

Keen for the best rate and some cash too?

We've teamed up with award winning mortgage experts, Squirrel.

With over 1,425 five star reviews on Shopper Approved, Squirrel has helped thousands of Kiwis just like you secure the best possible rate when refixing or refinancing.

shopper approved logofive star revews
K

Katie

New Zealand

five star revews

Our experience with Squirrel has been fantastic. Our Advisor was friendly and professional and made what can be a stressful and complex process very seamless for us. We are thrilled with our outcome.

M

Martin

New Zealand

five star revews

Helped me get an improved rate and sorted out my needs. Great communication, kept me up to date throughout the process.

Get a free mortgage review

All fields are required

Featured News

Man in suit checking his watch while waiting in an elevator
18 July 2024

Inflation tracking as hoped, market still anticipating OCR fall in November

Weak economic data continues to pour in, and with the latest inflation figures coming in lower than expected, it looks increasingl...

Read More
Young man skateboarding in a skate park
12 July 2024

Despite no change to OCR, signs suggest we're edging closer to rate falls

The OCR has remained unchanged this week, but it's not all bad news as the RBNZ shares its prediction that inflation should be bac...

Read More
Young woman tuning E-string on acoustic guitar while sitting down on couch
05 July 2024

Market changes its tune on future of interest rates amid weak economic data

The numbers all point to recession, and now the market is increasingly expecting rate falls by the end of the year. So, what will ...

Read More

How much can you borrow?

Top 5 FAQs

When purchasing an owner-occupied property you can generally borrow around five times your gross annual income. Lenders will require evidence that you're in a position to service the mortgage based on paying it off over 30 years, and at a mortgage rate of around 7.50% (higher than actual rates). If you have a rental property, 75% of the rental income can be included for testing your ability to afford the loan.

Banks offer better mortgage rates (and cash backs) to customers that have at least a 20% deposit. You must have at least a 10% deposit to access your KiwiSaver, so this is where most lenders draw the line. Banks are permitted to have 15% of their owner-occupied borrowers with less than 20% deposit. The cut-off for rental properties is a 30% deposit.

New properties are exempt from Reserve Bank restrictions, making it possible to buy a new property with as little as a 5% deposit, but the issue with KiwiSaver still applies.

90% of the market is on fixed mortgage rates because they are lower than floating rates. The most popular fixed rate term is the 2-year term as it tends to be the term that banks compete the most aggressively on. Longer term fixed rates provide more certainty. When mortgage rates are low it can be a good time to consider fixing into a longer term fixed rate. Be wary of early repayment fees, and if you repay a fixed rate mortgage early you might have to pay a cost.

Splitting your home loan across multiple fixed rate terms means your entire loan won't mature at once. It allows you to always have part of your loan maturing that you can make lump sum payments into as well as the certainty of having part of your loan still fixed. If mortgage rates are going up, splitting your loans will smooth out the impact and make it easier to adjust to higher rates.

When you repay a fixed rate loan early, the lender also needs to break its fixed rate funding. This is a real cost to the lender, which the lender passes on to you as a fee. These costs only typically occur if mortgage rates drop between when you fix and when you repay. Roughly it’s the rate difference applied to the loan balance over what would have been its remaining fixed rate term.