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Popular Mortgage Rate Terms
Types of Mortgages
Types of Lenders
Banks are regulated by the Reserve Bank. They're bound by lending restrictions applied by the New Zealand and Australian regulators such as LVR (loan-to-value) limits and other macro-prudential tools. The four major banks have 87 percent market share of mortgages.
The number of these lenders is relatively small in New Zealand and usually constitutes those that have access to securitisation - the ability to package up mortgage securities and sell them to investors. These lenders typically have a higher risk tolerance and traditionally cater to in the self-employed market and lower documentation lending.
These lenders tend to ignore servicing and typically lend short-term, usually up to 12 months but sometimes up to two years. They are short-term lenders to builders and small scale developers, and for bridging finance or other financing where there is a clearly defined exit.