Compare NZ 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.

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.

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.