Rates

All of New Zealand’s latest mortgage rates in one place.

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Rate of the day is what we consider the best value mortgage rate for a loan with a loan-to-value ratio below 80%, that is available to new and existing borrowers, and is not limited by the size of the loan.
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RATE OF THE DAY 1 year fixed
2.19%
Could you save money with this rate?
Product Revolving Floating 6 Months 1 Year 18 Months 2 Years 3 Years 4 Years 5 Years
ANZ 4.55% 4.44% 3.99% 2.79% 2.95% 3.19% 3.59% 3.99% 4.39%
ANZ Special - - 3.39% 2.19% 2.35% 2.59% 2.99% - -
ASB Special 4.55% 4.45% 2.99% 2.25% 2.49% 2.59% 2.89% 3.19% 3.39%
BNZ Owner Occupied Standard - 4.55% 3.59% 2.85% 3.05% 3.15% 3.59% 3.99% 4.29%
BNZ Owner Occupied Special - - 2.99% 2.25% 2.45% 2.55% 2.99% 3.39% 3.69%
BNZ Investor Standard - 4.55% 3.59% 2.85% 35.0% 3.15% 3.59% 3.99% 4.29%
BNZ Investor Special - - 2.99% 2.25% 2.45% 2.55% 2.99% 3.39% 3.69%
China Construction Bank - 5.0% 4.7% 4.7% - 4.8% 4.95% 4.95% 4.95%
China Construction Bank Special - - - 2.65% 2.65% 2.65% 2.8% 2.89% 2.99%
Credit Union Auckland - 5.95% - - - - - - -
Credit Union Baywide - 5.65% 3.99% 3.95% 3.95% 3.85% - - -
Credit Union South - 5.65% 3.99% 3.95% 3.95% 3.85% - - -
First Credit Union Special - 5.85% - 2.95% - 3.45% - - -
Heartland Bank - 1.95% - 1.85% - 2.35% 2.45% - -
Heretaunga Building Society - 4.99% - 3.8% - 3.9% - - -
Housing NZ Corp - 4.43% - 2.67% - 2.97% 3.13% - 3.37%
HSBC Premier 4.69% 4.49% 2.79% 2.19% 2.19% 2.45% 2.69% 2.99% 3.19%
ICBC Special - 3.69% 2.89% 2.25% 2.35% 2.35% 2.65% 2.89% 2.99%
Kiwibank 3.4% 3.4% 4.3% 3.04% - 3.4% 3.84% 4.24% 4.54%
Kiwibank Special 3.4% 3.4% 3.55% 2.19% - 2.55% 2.99% 3.39% 3.69%
Liberty - 5.69% - - - - - - -
Nelson Building Society 4.95% 4.95% - 3.2% - 3.24% - - -
Resimac - 3.39% - 2.98% - 2.79% 3.29% 3.44% 3.54%
SBS 4.54% 4.54% 3.89% 2.69% 2.89% 2.99% 3.29% 3.59% 3.89%
SBS Special - - 3.39% 2.19% 2.39% 2.49% 2.79% 3.09% 3.39%
Sovereign Special - 4.55% 2.99% 2.25% 2.49% 2.59% 2.89% 3.19% 3.39%
The Co-operative Bank 4.4% 4.4% 2.75% 2.75% 2.95% 3.09% 3.44% 3.74% 4.04%
The Co-operative Bank Owner Occupied 4.4% 4.4% 2.25% 2.25% 2.45% 2.59% 2.94% 3.24% 3.54%
TSB - 5.34% 3.69% 2.99% 3.15% 3.35% 3.59% 3.89% 4.19%
TSB Special 4.54% 4.54% 2.89% 2.19% 2.35% 2.55% 2.79% 3.09% 3.39%
Wairarapa Building Society - 4.99% - 3.55% - 3.49% - - -
Westpac 4.69% 4.59% 3.59% 2.85% 3.05% 3.19% 3.49% 3.79% 3.99%
Westpac Special - - 2.99% 2.25% 2.45% 2.59% 2.99% 3.19% 3.69%

Could you be saving money on your mortgage?

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

Tell us about your home loan

What bank are you with?

This is how much is left to pay on this portion of your mortgage.

Lender is required
Property Value
Check the value at homes.co.nz
Property Value is required
How much do you still owe?
Property debt is required
Property Type
Property Type is required
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Did you receive a cashback when you received your loan?

This is a cash contribution provided by your bank which would have been a percentage of your loan amount.

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When did you start your loan with {{ Lender.value.label }}?

Tip: Cashbacks are generally clawed back if switching banks within 3 years of setting up your mortgage with your current bank.

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It doesn’t make sense to refinance right now.

Based on the equity you have in your property, the numbers aren’t stacking up to refinance. You need at least 20% equity as an owner or 40% equity as a property investor.

Refinance Calculator

To help us figure out whether now is a good time to refinance, enter your home loan details.

If your mortgage is split into different fixed terms and rates, enter details for the first portion and then hit the add another loan button at the bottom of the page.

Loan {{index + 1}}
{{ row.LoanType.value }} {{ row.InterestRate.value }}
{{ row.OriginalFixedTerm.value }} months Term
{{ row.LoanBalance.value }}
Break Fees -

Details for loan portion {{index + 1}}

Loan Balance

This is how much is left to pay on this portion of your mortgage.

Loan Balance is required
Loan Type
Loan Type is required
Start Date

The date you fixed this loan at its current rate. Not sure when that was? For {{Lender.value.label}} you’ll need to look through your loan’s statements. When the rate changed last is the start date for this loan.

The date you fixed this loan at its current rate. Not sure when that was? We can work this out for you based on the fixed termand end date.

The date you fixed this loan at its current rate. Not sure when that was? For {{Lender.value.label}} you can find this in your internet banking, in the account details.

The date you fixed this loan at its current rate. Not sure when that was? For {{Lender.value.label}} you’ll need to look through your loan’s statements. When the rate changed last is the start date for this loan.

The date you fixed this loan at its current rate. Not sure when that was? For {{Lender.value.label}} you’ll need to look through your loan’s transactions. Go back as far as you can, and the beginning of the transactions is when this loan was fixed.

The date you fixed this loan at its current rate. Normally found in your loan’s statements or your account details for the loan.

or
Fixed Term
The end date selected is not within the fixed term.
Fixed term or start date required
End Date

This is when your current fixed term is due to end. For {{Lender.value.label}} you can find it in your internet banking, in your loan’s account details as ‘Fixed rate review date’.

This is when your current fixed term is due to end. For {{Lender.value.label}} you can find it in your internet banking in your loan summary, as ‘Fixed Interest Expiry Date’.

This is when your current fixed term is due to end. For {{Lender.value.label}} you can find this in your internet banking, in the loan statement.

This is when your current fixed term is due to end. For {{Lender.value.label}} you can find this in your internet banking, in the loan statement under payment details.

This is when your current fixed term is due to end. For {{Lender.value.label}} you can find it in your internet banking, in your loan’s account details under Interest rate.

This is when your current fixed term is due to end. Normally found in your loan’s statements or under your account details for the loan.

End Date is required
Interest Rate
Interest rate is required
Repayment Frequency
Repayment frequency is required
Repayment Amount
This value is required
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Refinancing could save you* Refinancing could cost you* ${{ numberWithCommasAbsolute(customerResults.totalSaving) }}

*Savings are indicative only, actual saving amount may differ. *Costs are indicative only, actual amount may differ.
You could get an immediate cashback of ${{ numberWithCommasAbsolute(customerResults.netSaving) }} and save ${{ numberWithCommasAbsolute(customerResults.interestSavingsTerm) }} over the remainder of your fixed terms, After expenses of ${{ numberWithCommasAbsolute(customerResults.netSaving) }} you will save ${{ numberWithCommasAbsolute(customerResults.interestSavingsTerm) }} over the remainder of your fixed terms, You could get an immediate cashback of ${{ numberWithCommasAbsolute(customerResults.netSaving) }}, but will have to pay ${{ numberWithCommasAbsolute(customerResults.interestSavingsTerm) }} more interest over the remainder of your fixed terms, You will have to pay ${{ numberWithCommasAbsolute(customerResults.netSaving) }} and pay ${{ numberWithCommasAbsolute(customerResults.interestSavingsTerm) }} more in interest, paying {{customerResults.newInterestRate}}% p.a.

How much could you save?

Cashback Available ${{ numberWithCommasAbsolute(customerResults.cashBack) }}
Break Fees ${{ customerResults.breakFee }}
Bank Fees ${{bankFees}}
Clawback Fee $0 TBC* ${{ numberWithCommasAbsolute(customerResults.clawback) }}

*Due to switching banks within 3 years, you’ll be charged the orginal cashback amount.

Interest Savings** Interest Costs** ${{ numberWithCommasAbsolute(customerResults.interestSavingsTerm) }}
Cash After Fees Total Fees ${{ numberWithCommasAbsolute(customerResults.netSaving) }}

If you want to refix with your current bank you will not incur legal fees or clawback fees and you will not be eligible for cashback. All other estimated costs remain the same.
** Interest is calculated by comparing the interest you could be paying vs the interest you are paying currently for the remainder of each fixed term. For floating loans, interest is calculated as the difference between the floating rate and fixed rate for a year.

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.

Read further here.

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.

Read further here.

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.