Rates

Compare New Zealand’s latest mortgage rates, all in one place

Product Revolving Floating 6 Months 1 Year 18 Months 2 Years 3 Years 4 Years 5 Years
ANZ 5.8% 5.19% 4.15% 4.05% 4.49% 3.95% 4.49% 4.75% 4.85%
ANZ Special - - 3.65% 3.55% 3.99% 3.45% 3.99% - -
ASB 5.3% 5.2% 4.79% 4.05% 4.25% 3.95% 4.39% 4.69% 4.69%
ASB Special - - 4.29% 3.55% 3.75% 3.45% 3.89% 4.19% 4.29%
BNZ Owner Occupied Standard - 5.3% 4.79% 4.45% 4.55% 4.35% 4.55% 4.95% 5.15%
BNZ Owner Occupied Special - - - 3.55% - 3.45% 3.99% 3.99% 3.99%
BNZ Investor Standard - 5.55% 5.04% 4.7% 4.8% 4.6% 4.8% 5.2% 5.4%
BNZ Investor Special - 5.55% 6.3% 3.8% - 3.7% 4.24% 4.24% 4.24%
China Construction Bank - 5.5% 4.7% 4.7% - 4.8% 4.95% 4.95% 4.95%
China Construction Bank Special - - - 3.15% - 3.15% 3.19% 3.3% 3.45%
Credit Union Auckland - 5.95% - - - - - - -
Credit Union Baywide - 6.15% 4.99% 4.75% 4.75% 4.75% - - -
Credit Union North - 6.45% - - - - - - -
Credit Union South - 6.15% 4.99% 4.75% 4.75% 4.75% 5.56% - -
First Credit Union - 5.85% - 3.99% - 4.49% - - -
Heartland Bank 6.7% 6.7% 6.9% 7.0% - 7.25% 7.85% - 8.55%
Heretaunga Building Society - 5.75% - 4.8% - 4.95% - - -
Housing NZ Corp - 5.18% - 4.04% - 3.95% 4.39% - 4.69%
HSBC Premier 5.44% 5.24% 4.65% 3.65% 3.69% 3.69% 3.85% 4.19% 4.29%
HSBC Special - 5.24% 4.19% 3.35% 3.35% 3.35% 3.35% 3.35% 3.35%
ICBC - 5.15% 4.29% 3.18% 3.18% 3.18% 3.2% 3.99% 3.99%
Kiwibank 5.2% 5.15% 5.04% 4.3% - 4.2% 4.64% 4.74% 4.74%
Kiwibank Special 5.2% 5.15% 4.29% 3.55% - 3.45% 3.89% 3.99% 3.99%
Liberty - 5.69% - - - - - - -
Napier Building Society - - - - - - - - -
Nelson Building Society 5.7% 5.7% - 4.25% - 4.15% - - -
Resimac - 4.5% - 4.45% - 3.89% 3.94% 4.49% 4.59%
Resimac Special - - - - - - - - -
SBS 5.29% 5.29% 5.25% 4.85% 5.15% 5.05% 5.49% 5.89% 6.09%
SBS Special - - 4.29% 3.55% 3.69% 3.39% 3.89% 4.49% 4.49%
Sovereign 5.4% 5.3% 4.79% 4.05% 4.25% 3.95% 4.39% 4.69% 4.79%
Sovereign Special - - 4.29% 3.55% 3.75% 3.45% 3.89% 4.19% 4.29%
The Co-operative Bank 5.15% 5.15% 3.99% 3.99% 4.09% 4.09% 4.39% 4.49% 4.59%
The Co-operative Bank Owner Occupied - 5.15% 3.49% 3.49% 3.59% 3.59% 3.89% 3.99% 4.09%
TSB 5.29% 6.09% 5.15% 4.35% 4.35% 4.25% 4.69% 5.25% 5.35%
TSB Special 5.29% 5.29% 4.35% 3.55% 3.55% 3.45% 3.89% 4.45% 4.55%
Wairarapa Building Society - 5.5% - 3.95% - 4.05% - - -
Westpac 5.44% 5.34% 4.79% 4.15% 4.25% 4.09% 4.49% 4.85% 4.95%
Westpac Special - - - 3.55% - 3.45% 3.99% 4.35% 4.45%

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Popular Mortgage Rate Terms

For borrowers wanting shorter-term flexibility. Popular when mortgage rates are rising as it tends to be the cheapest or when rates are falling so borrowers aren't locked in long term.

This is the most popular fixed rate mortgage term with almost half of mortgages in New Zealand being on a two-year term. It is also the term that banks are most competitive on.

Borrowers who want more long term certainty opt for a three-year fixed rate. Most borrowers tend to not think beyond three years.

Types of Mortgages

This type of home loan has a regular repayment amount and the loan is fully paid-off over a term of usually 25 or 30 years. In the early stages of the loan the bulk of what's paid off is interest, so the loan balance drops slowly.

Provided the borrower has more than twenty percent equity, most lenders will allow interest-only repayments for a period of up to five years. After that the loan reverts to principle and interest repayments over its remaining term.

A fixed rate mortgage can be principal and interest or interest-only. The rate and regular repayment amount are fixed for a set term of up to five years. At the end of the fixed term, the loan will revert to a floating rate but can be re-fixed. If a borrower repays a fixed rate mortgage early, they might get charged an early repayment cost.

Floating rate mortgages have a floating rate that only tends to move whenever the Reserve Bank moves the Official Cash Rate (OCR). Floating rates tend to be more expensive, but have greater flexibility. They can be repaid without cost and can be set up as revolving credits or offset mortgages.

A revolving credit is essentially an overdraft on a transaction account, but at floating mortgage rates. It gives the borrower flexibility to pay it off as fast as they like, and it can be drawn down again by transacting on the account. It can be a way to store unused credit limit, or have a "safety buffer."

An offset mortgage allows the borrower to offset any savings against their mortgage before interest is calculated. The benefit is similar to a revolving credit but also allows funds to sit over multiple accounts which can be useful if the borrower has multiple financial goals.