Current 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.
Here you'll find the latest rates compared every which way.
Today's best rates by term
| Term | Rate | Lender |
|---|---|---|
| 6 Months fixed | 6.85% | ASB |
| 12 Months fixed | 6.39% | The Co-operative Bank |
| 18 Months fixed | 5.99% | ANZ |
| 2 Years fixed | 5.89% | ASB |
| 3 Years fixed | 5.79% | ASB |
| 4 Years fixed | 5.69% | BNZ |
| Revolving | 8.40% | The Co-operative Bank |
| Floating | 8.15% | The Co-operative Bank |
Rates sourced from MortgageRates.co.nz. Interest rates subject to change. T&Cs apply.
The diligent details: All of New Zealand's latest mortgage rates
| ANZ | 6 Months 7.49% | 1 year 7.05% | 18 Months 6.59% | 2 years 6.59% | Revolving 8.75% | Floating 8.39% |
| ANZ Special | 6 Months 6.89% | 1 year 6.45% | 18 Months 5.99% | 2 years 5.99% | Revolving – | Floating – |
| ASB | 6 Months 6.85% | 1 year 6.45% | 18 Months 5.99% | 2 years 5.89% | Revolving 8.74% | Floating 8.39% |
| BNZ | 6 Months 6.85% | 1 year 6.45% | 18 Months 5.99% | 2 years 5.89% | Revolving – | Floating 8.44% |
| Kiwibank | 6 Months 7.79% | 1 year 7.35% | 18 Months – | 2 years 6.89% | Revolving 8.50% | Floating 8.25% |
| Kiwibank Special | 6 Months 6.89% | 1 year 6.45% | 18 Months – | 2 years 5.99% | Revolving 8.55% | Floating – |
| Westpac | 6 Months 7.49% | 1 year 7.19% | 18 Months 6.75% | 2 years 6.59% | Revolving 8.74% | Floating 8.39% |
| Westpac Special | 6 Months 6.89% | 1 year 6.59% | 18 Months 6.15% | 2 years 5.99% | Revolving – | Floating – |
| Heartland Bank | 6 Months – | 1 year 6.69% | 18 Months 6.49% | 2 years 6.35% | Revolving – | Floating 7.99% |
| SBS | 6 Months 7.49% | 1 year 7.19% | 18 Months 6.75% | 2 years 6.49% | Revolving 8.74% | Floating 8.49% |
| SBS Special | 6 Months 6.89% | 1 year 6.59% | 18 Months 6.15% | 2 years 5.89% | Revolving – | Floating – |
| The Co-operative Bank | 6 Months 7.39% | 1 year 6.89% | 18 Months 6.65% | 2 years 6.49% | Revolving 8.40% | Floating 8.15% |
| The Co-operative Bank Owner Occupied | 6 Months 6.89% | 1 year 6.39% | 18 Months 6.15% | 2 years 5.99% | Revolving 8.40% | Floating 8.15% |
| TSB | 6 Months 7.69% | 1 year 7.25% | 18 Months 7.05% | 2 years 6.79% | Revolving – | Floating 9.19% |
| TSB Special | 6 Months 6.89% | 1 year 6.45% | 18 Months 6.65% | 2 years 5.99% | Revolving 8.74% | Floating 8.39% |
| Credit Union Auckland | 6 Months – | 1 year – | 18 Months – | 2 years – | Revolving – | Floating 8.55% |
| First Credit Union Special | 6 Months – | 1 year 6.99% | 18 Months – | 2 years 6.60% | Revolving – | Floating 8.50% |
| Heretaunga Building Society | 6 Months – | 1 year 7.00% | 18 Months – | 2 years 6.50% | Revolving – | Floating 8.90% |
| Housing NZ Corp | 6 Months – | 1 year 7.79% | 18 Months – | 2 years 7.39% | Revolving – | Floating 8.64% |
| Liberty | 6 Months – | 1 year 8.69% | 18 Months – | 2 years 8.79% | Revolving – | Floating 8.59% |
| Nelson Building Society | 6 Months 7.25% | 1 year 7.14% | 18 Months – | 2 years 6.79% | Revolving 9.00% | Floating 9.00% |
| Resimac | 6 Months – | 1 year 7.09% | 18 Months – | 2 years 6.49% | Revolving – | Floating 8.84% |
| Sovereign Special | 6 Months 7.29% | 1 year 7.24% | 18 Months 6.89% | 2 years 6.75% | Revolving – | Floating 8.74% |
| Unity | 6 Months 6.90% | 1 year 6.70% | 18 Months 6.69% | 2 years 6.49% | Revolving – | Floating 8.64% |
| WBS | 6 Months – | 1 year 6.80% | 18 Months 6.60% | 2 years 6.50% | Revolving – | Floating 8.60% |
| Bank of China | 6 Months 7.80% | 1 year 7.45% | 18 Months 6.95% | 2 years 6.95% | Revolving – | Floating 9.39% |
| Bank of China Special | 6 Months 6.80% | 1 year 6.45% | 18 Months 5.95% | 2 years 5.95% | Revolving – | Floating 7.49% |
| China Construction Bank | 6 Months 7.59% | 1 year 7.59% | 18 Months 7.29% | 2 years 7.19% | Revolving – | Floating 8.14% |
| China Construction Bank | 6 Months 6.99% | 1 year 6.85% | 18 Months 6.49% | 2 years 6.34% | Revolving – | Floating – |
| ICBC Special | 6 Months 6.89% | 1 year 6.45% | 18 Months 5.99% | 2 years 5.99% | Revolving – | Floating 7.85% |
Rates sourced from MortgageRates.co.nz. Interest rates subject to change. T&Cs apply.
Hear David's take on the best mortgage interest rate options
Interest rates stated are accurate to the best of our knowledge at the time of filming, and any opinions expressed are David'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.
Want to save hundreds of thousands on your mortgage?
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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.
More banks means more choices and a better deal.
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.
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.
Read our latest news and views on mortgage rates
Keep your finger on the pulse so you can make informed decisions.
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Frequently asked questions relating to interest rates
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Victoria
New Zealand
Outstanding guidance and service from Adam. I don't know why someone wouldn't use Squirrel. Accessible responsive knowledgeable understanding of our situation and goals and making it all so easy, we were so grateful to work with Adam and Squirrel and recommend the them both without hesitation!
Luke Murray
New Zealand
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Christa
New Zealand
A huge thank you to my advisor, Kat. She worked so hard to get a mortgage offer for me. She admitted that as I did not tick all of the boxes, she would have to present my case differently. I'm so grateful that she didn't give up on me, as other mortgage brokers had. She is so hard working, clever, lovely and friendly. I would recommend Kat to anyone looking to purchase a house.
Mark Karen
New Zealand
We've used Squirrel investment and mortgage services. On the investment front, we found it easy to use and the interest rates were excellent, selling our investments was easy when we needed to as well. Mortgage services were great too - Emma listened to what we needed, and our circumstances and got us a fantastic deal. The process was smooth from start to finish, with excellent communication and advice along the way.