LIVE RATES
Mortgage Rates NZ
Compare current advertised home loan rates from eight New Zealand banks in one place. The board below shows floating and fixed mortgage rates side by side, updated regularly, so you can see how the main lenders compare without checking eight websites. These are advertised rates, and the rate you are offered may differ depending on your deposit, equity, and situation.
RATES EXPLAINED
How to read the rates board
The board shows the advertised home loan rates each main bank is currently offering, across a range of fixed terms and floating. Rates are shown as an annual percentage, and for each bank and term you're seeing the lowest advertised rate.
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A shorter term like six months or one year is fixed for that period, then comes up for renewal. Floating sits separately and can move at any time. Lower isn't automatically better, a rate you can't actually qualify for, or a term that doesn't suit you, isn't a saving.
Are these the rates I'll actually get?
Not necessarily. Advertised rates are a starting point, not a quote.
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The rate you're offered depends on your deposit or equity, your income, the type of property, and whether you negotiate. Borrowers with more equity and stronger applications tend to be offered better rates, and investment lending can price differently from owner-occupied lending.
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Advertised rates also move often, so the rate on the board may not be the rate on offer by the time you apply.
Floating vs fixed: what's the difference?
A floating rate can change at any time as the market moves. The trade-off is flexibility for predictability. You can usually make extra repayments or repay the loan without a break cost, but you can't count on the rate staying where it is.
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A fixed rate is locked in for a set term, commonly anywhere from six months to five years. Your repayments stay the same for that term no matter what the market does. That certainty is the appeal, though breaking a fixed rate early can involve a break cost.
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Plenty of New Zealand borrowers don't choose one or the other. They split the loan, fixing part of it and floating the rest.
Figures are indicative only and general in nature. They do not take your personal circumstances into account and do not constitute lending or financial advice. Interest rates and lender criteria change over time and vary by lender. Rate data is sourced from ratesapi.nz and may not reflect the rate available to you.
COMMON QUESTIONS
The board shows advertised home loan rates from eight New Zealand banks: ANZ, ASB, BNZ, Kiwibank, Westpac, TSB, Co-operative Bank and SBS.
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For each bank and each fixed term, it shows the lowest advertised rate. That lets you compare the main lenders side by side, rather than opening eight websites and trying to line them up yourself.
Standard rates are a bank's general carded rate. Anyone qualifies, with no particular conditions attached.
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Special rates are lower, but they come with strings. The most common is holding a minimum level of equity in the property. Some also require you to take the loan as part of a package, or hold your income in an account with the bank.
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If you don't meet the conditions, the Standard rate is what applies. The board shows the lowest advertised rate for each bank, so in many cases the figure you see is a Special rate.
Banks can change their advertised rates at any time. Most moves follow shifts in wholesale interest rates and the Official Cash Rate set by the Reserve Bank.
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When the Reserve Bank adjusts the Official Cash Rate, banks usually review their mortgage rates over the following days. They don't all move together, though, and they don't always move by the same amount. Fixed and floating rates can also shift independently of each other.
There's no single right answer. It comes down to your circumstances and your read on where rates are heading.
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Fixing gives you certainty and protects you if rates rise, but you may miss out if they fall, and breaking a fixed term early can cost you. Floating gives you room to make extra repayments or restructure, at the cost of a rate that can change under you at any time.
Many borrowers land in the middle and split the loan, fixing part for certainty and floating part for flexibility. This is general information rather than a recommendation, and the right structure depends on your situation.
Fixed terms in New Zealand usually run from six months to five years, and there's no single term that's right for everyone. The trade-off is broadly that shorter terms give you more chances to react to rate changes, while longer terms give you more certainty for longer.
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As a general pattern, longer fixed terms often carry a higher rate than shorter ones, though this isn't always the case and the relationship changes with market conditions. A longer term locks in your rate and repayments for longer, which is valuable if certainty matters to you, but it also means a longer period before you can refix or restructure without a break cost.
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Rather than a rule, it's worth thinking through a few questions: how long you plan to keep the property, how much a change in repayments would affect your budget, and whether you expect a lump sum or a change in circumstances during the term. This is general information, not a recommendation, and the right term depends on your situation.
When a fixed term ends, you don't have to do anything for the loan to continue, but you do have a decision to make. You can fix again for a new term, move to a floating rate, or split the loan across both.
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If you take no action, most banks automatically roll the loan onto their floating rate, which is usually higher than the fixed rates on offer. Because of that, it's worth reviewing your options before the term ends rather than letting it roll by default. Many people set a reminder ahead of their refix date so they can compare rates and decide deliberately.
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This is also the point at which people often compare lenders, since refixing is an opportunity to move your loan to a different bank if another is offering a better rate or a cashback.