Current NZ Mortgage Interest Rates
Compare home loan rates across New Zealand's major banks. Use our rate table to see what's available, then book a free chat and we'll negotiate the best deal for your situation.
Today's Home Loan Rates
The adviser rates we can offer right now, sourced directly from our lender panel and updated each time a new rate card lands. Most lenders assume 20%+ equity at this rate. We negotiate sharper where the bank allows.
| Bank | 6 months | 1 year | 18 months | 2 years | 3 years | 4 years | 5 years |
|---|---|---|---|---|---|---|---|
 ANZ |
4.49% | 4.59% | 4.79% | 4.99% | 5.39% | 5.65% | 5.79% |
 BNZ |
4.49% | 4.59% | 4.79% | 4.89% | 5.29% | 5.59% | 5.79% |
 ASB |
4.49% | 4.59% | 4.85% | 5.09% | 5.39% | 5.55% | 5.69% |
 Westpac |
4.49% | 4.69% | 4.99% | 5.19% | 5.29% | 5.39% | 5.59% |
 SBS |
4.49% | 4.59% | 4.79% | 4.99% | 5.19% | 5.55% | 5.69% |
 Kiwibank |
4.49% | 4.59% | n/a | 5.09% | 5.45% | 5.79% | 5.89% |
Indicative adviser rates. Subject to lender approval, LVR and credit criteria. Always confirm directly with the lender.
How to Qualify for Special Rates
"Special" (or "Classic" at BNZ) rates are the headline rates you see advertised. They're not available to everyone. Here's what each bank requires:
| Bank | Min Equity | Other Conditions | Rates Page |
|---|---|---|---|
| TSB | 20% deposit | None additional stated | tsb.co.nz |
| ANZ | 20% equity | Salary credited to an ANZ account | anz.co.nz |
| ASB | 20% equity | None additional stated, or Kāinga Ora First Home Loan eligibility | asb.co.nz |
| BNZ | 20% equity | None additional stated for "Classic" rate | bnz.co.nz |
| Westpac | 20% equity | Salary credited to a Westpac account | westpac.co.nz |
| Kiwibank | 20% equity | Or Kāinga Ora First Home Loan / Kāinga Whenua Loan eligibility | kiwibank.co.nz |
We know which lenders are most competitive for your equity level. Close to 20% equity? We can check whether a recent valuation puts you over the line, unlocking special rates that save you thousands.
What's Happening with NZ Interest Rates?
A plain-English look at where the Official Cash Rate is, why it matters, and what it means for your mortgage.
Held steady at the April 2026 review
The Reserve Bank has cut the OCR 11 times since July 2024, bringing it down from a peak of 5.50%. At the April review, Governor Christian Hawkesby held at the current level, citing global uncertainty and geopolitical tensions as reasons to pause before making further moves.
The OCR directly influences floating and variable home loan rates. When the RBNZ cuts, banks typically lower their variable rates within days, though not always by the full amount.
Fixed rates reflect where markets expect the OCR to go in future. Which is why fixed rates can rise even when the OCR is being cut, if markets expect rates to climb again later. This is exactly what happened with some longer-term fixed rates in late 2025 and early 2026.
The RBNZ projected the OCR to remain broadly flat through 2026, with inflation near the 2% target midpoint. The neutral OCR is estimated at approximately 2.75 to 3.00%, meaning current settings are slightly stimulatory. Governor Hawkesby indicated the next move could be either up or down, depending on how global trade and inflation evolve.
Should You Fix or Float Right Now?
Everyone asks this, and the honest answer is that it depends on your situation. Here's how each option actually works.
You lock in a rate for a set term (6 months to 5 years). Your repayments stay the same for that period, which makes budgeting predictable.
- You want certainty over your repayments
- You expect rates to rise or hold
- You won't sell or refinance in the term
- Break fees if you exit early
- You miss out if rates drop further
Your rate moves with the market. If the OCR drops, your rate typically follows. You can also make extra repayments or pay off the loan early without penalty.
- You want to make lump sum payments
- You expect rates to drop further
- You're planning to sell or refinance soon
- Repayments rise if rates climb
- Usually a higher starting rate
What to Look at Beyond the Headline Rate
The rate matters, but it's not the whole picture. Compare the full package.
Not just the headline rate. A slightly higher rate on a shorter term can cost less overall. What you pay across the whole loan is what matters.
Establishment fees, annual fees, break fees, legal costs. These add up and can wipe out a small rate advantage.
Can you make lump sum payments? Split fixed and floating? Some fixed loans allow limited extra repayments without triggering a break fee (TSB, for example, allows up to $10,000/year).
Table loan, interest-only, or revolving credit. The right structure depends on your income pattern and goals, not just the rate.
Banks offer cash incentives (typically $5,000+) when you switch. But cashbacks come with clawback periods. If you leave before the period ends, you repay a pro-rata amount. Factor this in before chasing the cashback.
What Banks Actually Assess You At
When you apply for a mortgage, the bank doesn't just check whether you can afford repayments at today's advertised rate. They stress-test your ability to service the loan at a higher "test rate".
Even though advertised rates might be around 4.50 to 5.50%, the bank is checking whether you could handle repayments at closer to 7%. This directly affects how much you can borrow.
If you've been told you can't borrow as much as you expected, the test rate is usually why.
NZ Mortgage Rate FAQs
The questions we hear most often about interest rates, the OCR, and how to actually get a better deal.
Banks can change their rates at any time. In practice, they typically move in response to OCR decisions (6 times per year) or shifts in wholesale swap rates. Some banks move within days of an OCR change, others take longer.
The Official Cash Rate is the rate at which the Reserve Bank lends overnight money to registered banks. It directly influences floating and variable mortgage rates. Fixed rates are priced off wholesale swap markets instead, which is why fixed rates can move in the opposite direction to the OCR.
Special rates are discounted rates for borrowers with 20% or more equity. Some banks also require your salary to be credited to an account with them. Standard rates apply to everyone else and are typically 0.70 to 1.00% higher.
It depends on your view of where rates are heading and how much certainty you need. Shorter terms (6 months to 1 year) usually have lower rates but expose you to refixing risk sooner. Longer terms (2 to 5 years) give you certainty but at a higher rate. Many borrowers split their loan across multiple terms to balance both. We can model different scenarios for you, free.
Brokers have access to the same rates as bank branches, and sometimes better, because lenders use broker-exclusive deals to attract new business. More importantly, we compare across 25+ lenders at once, so you're not limited to what one bank offers. Our service is free, because we're paid by the lender.
When banks assess your mortgage application, they test whether you could afford repayments at a rate higher than today's advertised rate (called a "test rate" or "serviceability rate"). This is typically around 6.85 to 7.00%, though it varies by bank and isn't always published. It affects how much you can borrow.
If you haven't compared rates in the last 12 months, there's a good chance you could save money. Start with our free mortgage review. We'll compare your current deal against every lender in the market and tell you honestly whether switching makes sense.
The RBNZ reviews the OCR six times per year. The next scheduled review is the 28 May 2026 Monetary Policy Statement. After that: 9 July 2026, 19 August 2026 (MPS), 7 October 2026, and 25 November 2026 (MPS).
Want the Best Rate? We Negotiate on Your Behalf.
Comparing rates online is a good start. The real savings come from having someone negotiate across 25+ lenders, structure your loan properly, and keep monitoring your mortgage over time. That's what we do, and it won't cost you a cent.
- See exactly what rate you qualify for across 25+ lenders
- Get honest advice on whether to fix, float, or split
- Understand the full package, rate, fees, cashback, clawback
- Have us negotiate on your behalf, no cost to you
