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 | 5.79% | Kiwibank |
| 12 Months fixed | 5.19% | Kiwibank |
| 18 Months fixed | 5.19% | ANZ |
| 2 Years fixed | 4.99% | ANZ |
| 3 Years fixed | 5.29% | ANZ |
| 4 Years fixed | 5.39% | Westpac |
| Revolving | 6.75% | Kiwibank |
| Floating | 6.45% | The Co-operative Bank |
Rates sourced from MortgageRates.co.nz. Interest rates subject to change. T&Cs apply.
Hear JB's take on the latest OCR decision and interest rates update
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 6.49% | 1 Year 5.89% | 18 Months 5.79% | 2 Years 5.59% | Revolving 7.50% | Floating 6.90% |
| ANZ Special | 6 Months 5.89% | 1 Year 5.29% | 18 Months 5.19% | 2 Years 4.99% | Revolving – | Floating – |
| ASB | 6 Months 5.89% | 1 Year 5.49% | 18 Months 5.19% | 2 Years 5.29% | Revolving 8.74% | Floating 6.89% |
| BNZ | 6 Months 5.89% | 1 Year 5.55% | 18 Months 5.39% | 2 Years 5.29% | Revolving – | Floating 6.94% |
| Kiwibank | 6 Months 6.69% | 1 Year 6.09% | 18 Months – | 2 Years 6.09% | Revolving 7.80% | Floating 6.75% |
| Kiwibank Special | 6 Months 5.79% | 1 Year 5.19% | 18 Months – | 2 Years 5.19% | Revolving 6.75% | Floating – |
| Westpac | 6 Months 6.59% | 1 Year 6.09% | 18 Months 5.89% | 2 Years 5.99% | Revolving 7.09% | Floating 6.99% |
| Westpac Special | 6 Months 5.99% | 1 Year 5.49% | 18 Months 5.29% | 2 Years 5.29% | Revolving – | Floating – |
Rates sourced from MortgageRates.co.nz. Interest rates subject to change. T&Cs apply.
Unlock cash back when you switch banks
Switching banks can save you thousands. Let us do the hard work while you dream up how you’ll spend your dollars.
Find out how much cash back you could get just by switching banks. Book a chat today.
| Loan amount | Estimated cashback* |
| $300k - $400k | $2,400 - $3,600 |
| $400k - $500k | $3,200 - $4,500 |
| $500k - $600k | $4,000 - $5,400 |
| $600k - $700k | $4,800 - $6,300 |
| $700k - $800k | $5,600 - $7,200 |
| $800k - $900k | $6,400 - $8,100 |
*Cashback amount shown is indicative only, actual cash back will vary depending on individual circumstances and lender T&C's.
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.
OCR & interest rates update – February 2025
So, the Reserve Bank has kicked the year off exactly as expected, delivering a 0.50% OCR cut on 19 February. Here's what that means for Kiwi borrowers, interest rates, and the economy.
Rodney’s Ravings: NZ interest rates can still fall even if the Fed halts cuts
Movements in NZ interest rates have been relatively closely linked to those in US interest rates over the last five years. With the Fed scaling down plans for rate cuts, could it limit scope for NZ mortgage interest rates to fall further this year?
NZ property market update - February 2025
Between Trump's new trade tariffs and speculation around what will happen at our next OCR announcement on 19 February, there's plenty to discuss and dissect this month. Here's the latest on what's been happening with the New Zealand housing market, interest rates and the economy (both domestic and global) in recent weeks.
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New Zealand
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New Zealand
Mayank has been great to deal with. Our mortgage is floating for the first few days and then we will fix next week since there's been an OCR cut. Mayank was really good at explaining things especially the option of setting up part of the mortgage with a revolving credit.
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New Zealand
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New Zealand
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