Every bank advertises a different rate, and they move constantly. These are the current advertised special rates across the main New Zealand lenders, updated daily, so you can see who is actually sharpest today rather than guessing. The rate is only part of the picture though, and further down I explain what else is worth checking before you sign.
Lowest advertised special rate per term across NZ's main banks
Rates last updated: 24 October. Advertised special rates, minimum 20% equity, terms & conditions apply.
Rates last updated: 24 October. Advertised special rates, minimum 20% equity, terms & conditions apply.
A rate on its own is an abstract number. This turns it into the figure that actually matters, which is what leaves your account each week. Put in the price you are looking at and what you have saved, and it will use the sharpest rate above unless you type in one you have been quoted.
Best 1-year fixed today: 4.99% with ANZ. Change it to whatever you have been quoted.
Most lenders let you pay extra on a floating or revolving portion. Drag to see what a little more each payment does.
The numbers are the easy part. Getting the right structure, the right lender and the right rate is where a few thousand dollars actually sits. That bit is free to talk about.
Talk to PatriciaA guide, not financial advice. This calculator uses one fixed rate for the whole term, which no New Zealand mortgage actually does. Rates change every time you refix. It ignores lender fees, low-equity margins, insurance and rates. Your lender's own figure will differ. Nothing here takes your situation into account, so please don't treat it as personalised advice.
Rate tables are useful, but they compare one number and a home loan is more than one number. Three things are worth checking before you choose on rate alone.
The special rates above generally assume you have at least 20% equity. With a smaller deposit most lenders add a low equity margin on top, so the rate you are quoted can differ from the one advertised. That margin usually comes off once you reach 20%.
Banks often offer a cash contribution towards your legal costs when you take a loan with them. It normally comes with a clawback period, so if you move your loan within a few years you may have to pay some of it back. Worth knowing before it decides anything for you.
Most loans are split across several fixed terms rather than sitting on one. How you split it affects how exposed you are when rates move, and what it costs to make extra repayments. This is usually worth more thought than chasing the last 0.05%.
None of this is a recommendation about what you should do. Which structure suits you depends on your income, your plans and how much certainty you want, which is exactly the sort of thing a conversation sorts out.
I am Patricia, a mortgage adviser based in Pāpāmoa, working with clients across Tauranga, the Bay of Plenty and the rest of New Zealand. I specialise in low deposit lending, which means I spend a lot of time on the difference between an advertised rate and the rate someone is actually offered. Here is what I can do with the numbers above:
Every lender treats low deposits differently, and those rules change. I put your application where it has the best chance rather than wherever is quickest.
Paperwork, lender questions, conditions coming back. I handle the back and forth so you can get on with your life.
The lender pays me once your loan settles. That is the same whether you are buying with 5% or with 20%.
I work with clients in Tauranga, Mount Maunganui, Pāpāmoa and across the Bay of Plenty, and with plenty of people who live nowhere near me. Most of this happens by phone, email, and video call, so where you are doesn’t change the advice or how easy it is to reach me. If you are local and would rather sit down together, that is easy to arrange.
The things people ask me most about interest rates.
Daily. The table pulls the current advertised special rates from each lender, and the date it was last refreshed is shown underneath it.
Not necessarily. Advertised special rates generally assume you have at least 20% equity and meet the lender’s standard criteria. With a smaller deposit a low equity margin may be added. On the other side, lenders will sometimes go below their advertised rate, particularly when there is competition for your business.
Often, yes. Lenders do not publish their negotiating room, and how much there is depends on the size of your loan, your equity and whether you are moving from another bank. Asking costs nothing and it is part of what I do.
That depends on your situation rather than on a rule. Fixing buys certainty and limits your ability to make lump sum repayments. Floating does the opposite. Most people end up with a split across both, and the right balance is something to work through together rather than decide from a table.
It is an extra amount added to your interest rate when you borrow more than 80% of a property’s value, because a smaller deposit carries more risk for the lender. It usually comes off once you reach 20% equity. A Kāinga Ora First Home Loan does not carry one.
ANZ, ASB, BNZ, Westpac, Kiwibank, SBS Bank and TSB, along with shared ownership through YouOwn. Not every lender suits every borrower, which is usually the more useful question than which one is cheapest today.
Nothing. My service is free to you, because the lender pays me once your loan settles. If that ever would not be the case, I would tell you before we started.
