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Mortgage Rates
Compare the latest NZ mortgage interest rates with our up-to-date mortgage rates table.
We track the interest rates on offer from all the major banks in New Zealand, including ANZ, BNZ, ASB, Westpac and Kiwibank, as well as interest rates from smaller banks like Heartland, SBS and TSB.
Loan terms from floating up to five years in length are shown. Above-average interest rates are in red, below-average are in blue.
Special mortgage rates typically require a minimum of 20% equity. FHB stands for first home buyer. All interest rates are updated as soon as possible after changes are announced by the lenders.
See latest interest rate forecasts below the table.
Updated Dec 6 2023
| Lender | Type | Floating | 6 months | 1 year | 18 months | 2 years | 3 years | 4 years | 5 years | |
|---|---|---|---|---|---|---|---|---|---|---|
| ANZ |
|
Special | 7.35% | 7.39% | 7.15% | 7.09% | 6.89% | |||
| ASB |
](https://www.asb.co.nz/home-loans-mortgages/interest-rates-fees.html))
|
Special | 8.64% | 7.45% | 7.45% | 7.15% | 7.05% | 6.85% | 6.75% | 6.69% |
| BNZ |
](https://www.bnz.co.nz/personal-banking/home-loans/compare-bnz-home-loan-rates?link=rates))
|
Special | 7.39% | 7.35% | 7.15% | 7.05% | 6.85% | 6.75% | 6.75% | |
| Co-operative |
|
Special | 8.40% | 7.25% | 7.25% | 7.15% | 7.05% | 6.85% | 6.85% | 6.85% |
| Heartland |
|
Special | 7.99% | 6.99% | 6.89% | 6.85% | 6.65% | |||
| Kiwibank |
|
Special | 8.50% | 7.39% | 7.35% | 7.05% | 6.89% | 6.79% | 6.79% | |
| SBS |
|
Special | 7.55% | 7.55% | 7.25% | 7.15% | 6.79% | 6.79% | 6.79% | |
| TSB |
|
Special | 8.64% | 7.39% | 7.39% | 7.19% | 7.09% | 6.85% | 6.79% | 6.79% |
| Westpac |
|
Special | 8.64% | 7.39% | 7.39% | 7.19% | 6.99% | 6.75% | 6.69% | 6.49% |
| Co-operative |
|
Special (FHB) | 6.79% | |||||||
| ANZ |
|
Standard | 8.64% | 7.95% | 7.99% | 7.75% | 7.69% | 7.49% | 7.34% | 7.34% |
| BNZ |
|
Standard | 8.69% | 7.99% | 7.95% | 7.75% | 7.65% | 7.45% | 7.35% | 7.35% |
| Co-operative |
|
Standard | 8.40% | 7.75% | 7.75% | 7.65% | 7.55% | 7.35% | 7.35% | 7.35% |
| Kiwibank |
|
Standard | 8.50% | 8.39% | 8.35% | 8.05% | 7.79% | 7.69% | 7.69% | |
| SBS |
|
Standard | 8.74% | 8.05% | 8.05% | 7.75% | 7.65% | 7.29% | 7.29% | 7.29% |
| TSB |
|
Standard | 9.44% | 8.19% | 8.19% | 7.99% | 7.89% | 7.65% | 7.59% | 7.59% |
| Westpac |
|
Standard | 8.64% | 7.99% | 7.99% | 7.79% | 7.59% | 7.35% | 7.29% | 7.09% |
| Simplicity |
|
FHB (members) | 6.40% |
NZ mortgage rates forecast 2024
What is the forecast for mortgage interest rates in 2024 and beyond?
Interest rates are closely linked to the official cash rate (OCR), which is set by the Reserve Bank of New Zealand.
At the most recent monetary policy announcement the RBNZ held the OCR at 5.5%.
When interest rates are expected to decrease, banks will offer lower rates for longer fixed loan terms. When they are expected to increase, banks will make the short-term rates more attractive.
Most bank economists currently think the decline in the OCR will occur faster than RBNZ’s projection. Some are also forecasting more increases in the short-term.
Generally, if the economy is slowing or shrinking, forecasts tend to predict interest rates will decrease.
If the economy is running hot and inflation takes hold, or appears to be, forecasts tend to predict the interest rates will increase.
Sometimes the economy is stable, and the OCR remains largely unchanged.
But, as this final chart shows, OCR forecasts are no sure thing. The economy is hard to predict and prone to sudden shocks such as pandemics, wars and financial crises – to name a few recent examples.
That makes choosing a mortgage loan term an inexact science. Your choice may depend on your personal circumstances just as much as the outlook for interest rates.
But it is still useful to pay close attention to mortgage interest rate forecasts in 2023 when making decisions about fixed mortgage terms.
* Although every effort is taken to ensure interest rates on this page are up-to-date, actual rates on offer may differ. Confirm rates with the lender. If you spot an error or omission let us know by contacting [email protected].