Finding the lowest interest rate can save you thousands over the life of your loan. We track the latest advertised special and standard mortgage rates from New Zealand’s major banks daily. Compare the market below, and remember—as your adviser, we can often negotiate unadvertised discounts directly with the lenders

Important Rate Information

  • 20% Deposit Required: The rates displayed generally apply to borrowers with a minimum 20% deposit or equity. Low equity margins may apply to borrowers with less than a 20% deposit, so please consult your adviser.
  • Guide Only: Rates are subject to change without notice and should be used as a guide only. Please see the provider's website or consult your financial adviser for further details.
  • Discretionary Discounts: The rates shown may be further discounted at the lender's absolute discretion depending on your application. Check with your adviser to see what unadvertised discounts you may qualify for.
Bank / Lender 6 Months 1 Year 18 Months 2 Years 3 Years 4 Years 5 Years Floating
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* First Home Buyer Rates: These rates are highly restricted and only available to qualifying first home buyers meeting strict lending criteria. They are excluded from the standard market highlights.

Disclaimer: The interest rates displayed are advertised special rates pulled from third-party market data and are subject to change without notice. Special rates generally require a minimum 20% equity/deposit and for your salary to be credited to a transactional account with the lending bank. Standard lending criteria, terms, and conditions apply. This table is for informational purposes only and does not constitute a formal offer of finance or personalized financial advice.

Frequently Asked Questions About NZ Mortgage Rates

How do borrowers generally qualify for advertised "special" mortgage rates?

Advertised "special" rates are promotional rates offered by banks, and they usually come with strict lending criteria. While every bank's policy is different, they often require a minimum 20% deposit (or 20% equity in an existing property) and may require your main income to be credited to an account with that specific lender.

Because lending rules vary and frequently change, a mortgage adviser can help assess your specific financial situation to see which lenders' specials you may qualify for.

What is the general difference between standard and special mortgage rates?

In general terms, "special" rates are lower interest rates offered to borrowers who meet a lender's specific conditions (such as having sufficient equity). "Standard" rates are typically higher and usually apply when those specific conditions are not met.

For example, if a borrower has less than a 20% deposit, a lender will often apply their standard rate, and they may also add a Low Equity Margin (LEM) or low equity fee. These structures vary widely across the market.

What should I consider when choosing between a fixed or floating home loan?

There is no single "right" answer, as the best structure depends entirely on your personal financial goals, budget, and risk tolerance. Fixing a mortgage locks in your interest rate for a set timeframe, providing certainty over your regular repayment amounts.

Floating rates fluctuate with the market, but they generally offer the flexibility to make extra lump-sum payments without facing early repayment penalties.

Many borrowers work with their adviser to split their loan—fixing a portion for stability while leaving a smaller portion floating for flexibility.