Compare mortgage interest rates in NZ
Interest rates are always a hot topic in mortgage news. With a better understanding of your options and what’s going on in the market, you won’t break into a sweat every time interest rates go up or down.
Scroll down to find the latest rates compared every which way as well as some handy tools.
Want an even better than advertised rate and some cash back too? Chat to a mortgage adviser.
NZ’s best advertised rates by term
| Term | Rate | Lender |
|---|---|---|
| 6 Months fixed | 6.39% | ASB |
| 12 Months fixed | 5.79% | Kiwibank |
| 18 Months fixed | 5.79% | ANZ |
| 2 Years fixed | 5.65% | Westpac |
| 3 Years fixed | 5.65% | Westpac |
| 4 Years fixed | 5.59% | Westpac |
| Revolving | 8.15% | The Co-operative Bank |
| Floating | 7.65% | The Co-operative Bank |
Rates sourced from MortgageRates.co.nz. Interest rates subject to change. T&Cs apply.
Check out JB's strategy for this falling interest rate environment
Interest rates stated are accurate to the best of our knowledge at the time of filming, and any opinions expressed are JB's own views and are not financial advice. Interest rates are ever-changing, and we're still yet to find a reliable crystal ball. As always, we recommend seeking advice from your Mortgage Adviser before taking any action.
All of New Zealand's latest advertised mortgage rates
Showing
With
Special Rate
Special rates are for loans with a deposit of 20% or more
| ANZ | 6 Months 7.10% | 1 Year 6.59% | 18 Months 6.39% | 2 Years 6.29% | Revolving 8.75% | Floating 7.89% |
| ANZ Special | 6 Months 6.50% | 1 Year 5.99% | 18 Months 5.79% | 2 Years 5.69% | Revolving – | Floating – |
| ASB | 6 Months 6.39% | 1 Year 5.99% | 18 Months 5.79% | 2 Years 5.69% | Revolving 8.74% | Floating 7.89% |
| BNZ | 6 Months 6.49% | 1 Year 5.99% | 18 Months 5.89% | 2 Years 5.69% | Revolving – | Floating 7.94% |
| Kiwibank | 6 Months 7.39% | 1 Year 6.69% | 18 Months – | 2 Years 6.59% | Revolving 8.50% | Floating 7.75% |
| Kiwibank Special | 6 Months 6.49% | 1 Year 5.79% | 18 Months – | 2 Years 5.69% | Revolving 8.55% | Floating – |
| Westpac | 6 Months 7.05% | 1 Year 6.59% | 18 Months 6.49% | 2 Years 6.25% | Revolving 8.74% | Floating 7.89% |
| Westpac Special | 6 Months 6.45% | 1 Year 5.99% | 18 Months 5.89% | 2 Years 5.65% | Revolving – | Floating – |
Rates sourced from MortgageRates.co.nz. Interest rates subject to change. T&Cs apply.
Want to save hundreds of thousands on your mortgage?
Find out how small changes you make now can save you a packet in the long run, helping you get rid of your mortgage faster. Our easy-to-digest guide has everything you need to know in one place.
Why choose Squirrel to get you the best rate?
Access to the best interest rates
We arrange around $3 billion of loans per year which gives us negotiating power and access to better interest rates, and cash backs from the bank where possible.
More choices
We deal with more lenders than other brokers, giving you more options.
Our advisers aren't incentivised by lenders
They get paid the same no matter which lender you end up with, so their only motivation is to make you better off.
Better technology
Our online application takes less than 10 minutes, and will help us focus on what's most important to you.
Book a chat with us and let's talk about your options
Want to chat to an expert about your situation and get your questions answered? Book a spot in our diary and one of our team will give you a call at your chosen time.
More banks means more choices and a better deal.
Get moving with your application
How much can I borrow for a house?
Tell us a little about your financial situation and we'll work out how much you could borrow towards purchasing a home.
It pays off to get your mortgage reviewed regularly
Apart from the fact that it costs nothing to have an expert take a look at your situation and provide personalised advice, here are a few reasons why it's a good idea.
Apart from the fact that it costs nothing to have an expert take a look at your situation and provide personalised advice, here are a few reasons why it's a good idea.
Save thousands over the life of your loan
We're not talking peanuts here, you could save thousands in interest and in some cases get a cash contribution from the bank. Seems like a no-brainer.
If your lifestyle has changed, so should your mortgage
Maybe you've started a family, maybe you're heading towards retirement. Whatever life stage you're at, make sure your mortgage is structured the right way, right now.
Stay on the best interest rate
Getting just a small amount shaved off your interest rate can make a difference to your monthly payments, leaving more money in your back pocket - not to mention getting your home loan paid off quicker.
You don't necessarily have to switch banks to get a better rate
Your Squirrel mortgage adviser can often renegotiate your mortgage with your current bank, saving you the hassle of switching if you're happy where you are.
Get your mortgage right and it's the easiest money you'll make.
Our team of mortgage brokers are whizzes at perfecting a mortgage structure, and negotiating hot rates (plus hefty cash backs where possible).
Rather than putting all your eggs in one basket at one interest rate, depending on your situation we'll usually advise splitting your mortgage across different terms and rates. We stay on top of the economy and rate movement so we’ll help you make an informed decision.
Why bother getting so technical?
The devil is really in the detail. When we’re talking hundreds of thousands of dollars, a fraction of a percent change in interest or repayment rates can save you a packet. This could mean retiring to your super yacht a few years earlier than planned. If that's your thing.
Frequently asked questions relating to interest rates
Read our latest news and views on mortgage rates
Keep your finger on the pulse so you can make informed decisions.
We were wrong. But right.
In early February, we made a bold call—that inflation would be back to 2% by September 2024, and so the time was right to start cutting interest rates. With the latest inflation stats out this week, Squirrel CEO David Cunningham reflects on our prediction.
Opinion: Banks aren’t passing on the benefit of lower rates where it matters
Short-term fixed rates have remained stubbornly high in the wake of recent OCR cuts. But with bank margins now up near record levels, Squirrel founder JB is urging lenders to starting passing the benefits of rate cuts onto customers where it matters.
Wellington property market & OCR update - October 2024
In what will be welcome news for borrowers, the RBNZ dropped the OCR by 0.50% on 9th October—which should mean greener shoots are on the way. Nick Virtue, one of our resident mortgage experts in Wellington, explains what it means for interest rates.
Don’t just take our word for it
Billy
New Zealand
We loved working with Adam. He was down to earth and really proactive in assisting us with our first home. We couldn't thank Adam enough for making the process easy and being with us every step of the way. I would highly recommend using squirrel and work with Adam and the team. A++ from me.
Raj
New Zealand
Jessica was/is absolutely a pleasure to work with. She works 100% for her clients, a no-nonsense person with precise recommendation. Thank You Jessica
Jo
New Zealand
Highly recommend Squirrel to sort out a mortgage with the banks takes the hassle out of going to separate banks with so much information they do the hard yards for you - Baz was a superstar and helped me all the way to my new home.
Kat
New Zealand
My Adviser Cade was so awesome!! He was very knowledgeable and made the whole process very easy for me. I am also really happy with the mortgage deal he got for me and how quickly everything was arranged and completed. Will definitely be using Squirrel again.