Compare Mortgages in New Zealand

Compare the top mortgages providers in New Zealand — see cover, features and typical rates side by side.

Live offers

21 live offers compared from 11 providers, from 5.60% initial. Updated daily.

SBS Bank Mortgage NZ SBS Bank NZ

5.60% initial

  • Initial Rate: 5.60% (often market-best fixed)
  • Loan-to-Value: 80% LTV
  • Initial Period: 1 or 2-yr fixed
  • Key Feature: SBS Building Society; member-owned; often NZ's lowest published rate; Invercargill-based

Kiwibank 2-Year Fixed Mortgage NZ Kiwibank

5.65% initial

  • Initial Rate: 5.65% (2-yr fixed — often lowest)
  • Loan-to-Value: 80% LTV
  • Initial Period: 2-yr fixed
  • Key Feature: NZ-owned and operated; Kiwibank cashback; no break fees promotional — NOTE: kiwibank.co.nz geo-fences non-NZ traffic

ASB Bank 2-Year Fixed Mortgage NZ ASB

5.69% initial

  • Initial Rate: 5.69% (2-yr fixed)
  • Loan-to-Value: 80% LTV
  • Initial Period: 2-yr fixed
  • Key Feature: ASB FastRefi; cashback up to NZD 3,000; Home Loan tools app — NOTE: asb.co.nz geo-fences non-NZ traffic

BNZ Classic Mortgage NZ BNZ

5.75% initial

  • Initial Rate: 5.75% (2-yr fixed)
  • Loan-to-Value: 80% LTV
  • Initial Period: 2-yr fixed
  • Key Feature: BNZ Classic rates; BNZ TotalMoney offset; fee-free offset mortgage option

ANZ NZ 2-Year Fixed Mortgage ANZ NZ

5.79% initial

  • Initial Rate: 5.79% (2-yr fixed)
  • Loan-to-Value: 80% LTV
  • Initial Period: 2-yr fixed
  • Key Feature: NZ's largest bank; ANZ Good Energy Loan (EV/solar); homebuyer cashback

Westpac NZ 2-Year Fixed Mortgage Westpac New Zealand

5.80% initial

  • Initial Rate: 5.80% (2-yr fixed)
  • Loan-to-Value: 80% LTV
  • Initial Period: 2-yr fixed
  • Key Feature: Westpac NZ (separate entity from AU); Choices Home Loan; rate guarantee option

Kiwibank 2-Year Fixed NZ Kiwibank

6.29% initial

  • Initial Rate: 6.29% p.a.
  • Loan-to-Value: Up to 80% LVR
  • Initial Period: 2-year fixed
  • Key Feature: Kiwi-owned 2yr

BNZ 2-Year Fixed NZ BNZ

6.35% initial

  • Initial Rate: 6.35% p.a.
  • Loan-to-Value: Up to 80% LVR
  • Initial Period: 2-year fixed
  • Key Feature: BNZ fixed rate

ANZ NZ 1-Year Fixed ANZ NZ

6.59% initial

  • Initial Rate: 6.59% p.a.
  • Loan-to-Value: Up to 80% LVR
  • Initial Period: 1-year fixed
  • Key Feature: Best 1-year rate

ASB 1-Year Fixed NZ ASB

6.59% initial

  • Initial Rate: 6.59% p.a.
  • Loan-to-Value: Up to 80% LVR
  • Initial Period: 1-year fixed
  • Key Feature: Fixed certainty

Resimac Home Loans NZ Resimac Home Loans NZ

6.79% initial

  • Initial Rate: 6.79% p.a.
  • Loan-to-Value: Up to 80% LVR
  • Initial Period: Variable
  • Key Feature: Non-bank lender

SBS Bank Home Loan NZ SBS Bank NZ

6.89% initial

  • Initial Rate: 6.89% p.a.
  • Loan-to-Value: Up to 80% LVR
  • Initial Period: Floating
  • Key Feature: Southern NZ bank

Nelson Building Society Mortgage Nelson Building Society

6.89% initial

  • Initial Rate: 6.89% p.a.
  • Loan-to-Value: Up to 80% LVR
  • Initial Period: Floating
  • Key Feature: Community lender

Co-op Bank Home Loan NZ The Co-operative Bank NZ

6.95% initial

  • Initial Rate: 6.95% p.a.
  • Loan-to-Value: Up to 80% LVR
  • Initial Period: Floating
  • Key Feature: Ethical lender

Kiwibank Floating Mortgage Kiwibank

6.99% initial

  • Initial Rate: 6.99% p.a.
  • Loan-to-Value: Up to 80% LVR
  • Initial Period: Floating
  • Key Feature: Kiwi-owned bank

TSB Bank Home Loan NZ TSB Bank NZ

6.99% initial

  • Initial Rate: 6.99% p.a.
  • Loan-to-Value: Up to 80% LVR
  • Initial Period: Floating
  • Key Feature: Regional NZ bank

ANZ NZ Floating Home Loan ANZ NZ

7.09% initial

  • Initial Rate: 7.09% p.a.
  • Loan-to-Value: Up to 80% LVR
  • Initial Period: Floating
  • Key Feature: Big-4 NZ bank

ASB Variable Rate Mortgage ASB

7.09% initial

  • Initial Rate: 7.09% p.a.
  • Loan-to-Value: Up to 80% LVR
  • Initial Period: Floating
  • Key Feature: ASB bank

Westpac NZ Floating Rate Westpac New Zealand

7.09% initial

  • Initial Rate: 7.09% p.a.
  • Loan-to-Value: Up to 80% LVR
  • Initial Period: Floating
  • Key Feature: Westpac NZ

BNZ Floating Home Loan BNZ

7.09% initial

  • Initial Rate: 7.09% p.a.
  • Loan-to-Value: Up to 80% LVR
  • Initial Period: Floating
  • Key Feature: BNZ NZ

Heartland Reverse Mortgage NZ Heartland Bank

7.15% initial

  • Initial Rate: 7.15% p.a.
  • Loan-to-Value: Up to 45% LVR
  • Initial Period: Reverse Mortgage
  • Key Feature: Senior homeowners

What are mortgages in New Zealand?

A mortgage is a loan secured against property, used to buy a home or investment and repaid with interest over a long term, typically up to 30 years. In New Zealand, most borrowers fix their interest rate for a set period — commonly six months to five years — rather than staying on a floating rate, then refix when each term ends. With home ownership central to New Zealand life and prices high in main centres, choosing the right lender, rate and structure has a big impact on total interest paid over the life of the loan.

How the New Zealand market works

The main banks — ANZ, ASB, BNZ, Westpac and Kiwibank — provide most home lending, alongside smaller banks like SBS, TSB and The Co-operative Bank, and non-bank lenders for borrowers who don't fit standard criteria. Many buyers use mortgage advisers (brokers) who compare lenders at no direct cost. The Reserve Bank of New Zealand influences the market through the Official Cash Rate and lending restrictions such as loan-to-value ratio (LVR) limits and debt-to-income (DTI) rules that shape how much you can borrow relative to deposit and income.

Benefits

Home ownership — A mortgage makes buying possible without paying the full price up front.

Rate certainty — Fixing your rate locks repayments for the term, protecting against rate rises.

Flexible structures — Split loans, offset and revolving-credit facilities let you manage interest and repayments.

Competition on rate — Multiple banks and advisers mean you can negotiate rates and cash contributions.

How to choose

Compare not just the headline rate but the whole package: cash-back contributions banks offer at settlement, fees, and how the rate looks across the fixing terms you're considering. Decide how much to fix and for how long — many borrowers split their loan across two or more fixed terms to balance certainty against flexibility. Check your deposit against LVR rules (a deposit below 20% may attract a low-equity premium) and your borrowing capacity against DTI limits. Using a mortgage adviser can surface deals across lenders and help structure the loan.

Leading providers in New Zealand

ANZ is the largest home lender, with ASB, BNZ and Westpac close behind and Kiwibank the leading domestically owned option. SBS Bank, TSB and The Co-operative Bank compete strongly, often on rate or service, and non-bank lenders serve self-employed or non-standard borrowers. Advertised fixed rates across the market currently sit roughly between 5.6% and 7.15% depending on term, deposit and lender, with the sharpest carded rates usually on popular one- and two-year fixed terms and for borrowers with strong equity.

What it costs

The main cost is interest. Current New Zealand fixed rates range from about 5.6% to 7.15% depending on the fixing term, your deposit size and the lender, with floating rates typically higher. On a large loan, even a small rate difference or a bank's cash contribution can be worth thousands. Additional costs include legal fees, a valuation if required, and a possible low-equity premium if your deposit is under 20%. Breaking a fixed term early can trigger a break cost, so weigh flexibility against the lower fixed rate.

Protections and regulation

Home lending is regulated under the Credit Contracts and Consumer Finance Act (CCCFA), overseen by the Commerce Commission, which requires responsible lending, clear disclosure of rates and fees, and fair treatment in hardship. Banks are prudentially supervised by the Reserve Bank of New Zealand, which sets LVR and DTI restrictions to protect financial stability. Mortgage advisers operate under the FMA's financial-advice regime. Lenders must belong to a dispute-resolution scheme, and the Property Law Act governs the mortgage and any mortgagee-sale process.

Common questions

Should I fix or float? — Most New Zealand borrowers fix for certainty, often splitting across terms; floating offers flexibility to repay faster but usually at a higher rate.

How big a deposit do I need? — Typically 20% to avoid a low-equity premium, though some lending is available with less, subject to LVR rules.

Is a mortgage adviser worth using? — Often yes; advisers compare lenders and structure your loan, usually at no direct cost to you.

Mortgages in New Zealand — FAQ

What home loan rate can I get in New Zealand right now?

Giraffy tracks 5 home loan products across SBS Bank NZ,Kiwibank,ASB,BNZ,ANZ NZ lenders in New Zealand. Use the sort and filter controls to compare fixed versus variable rates and initial deal lengths.

What is the difference between a fixed-rate and a variable-rate home loan?

A fixed-rate home loan locks your interest rate for a set period — typically 2, 5, or 10 years — giving payment certainty. A variable rate moves with the central bank benchmark rate set by the Reserve Bank of New Zealand (RBNZ). Fixed rates suit those who want stability; variable suits those who expect rates to fall.

How much can I borrow with a home loan?

Most lenders apply an income multiple — typically 4–5× your gross annual income for a conventional home loan. Affordability assessments also factor in outgoings, existing debts, and the property's loan-to-value (LTV) ratio. A home loan adviser or broker can run a full affordability assessment for free.

What is LTV (loan-to-value) and why does it matter?

Loan-to-Value (LTV) is the home loan amount as a percentage of the property's value. A 90% LTV means you're borrowing 90% and putting down 10% as a deposit. Lower LTV means less risk for the lender — you'll typically be offered a lower interest rate with a deposit of 20–25% or more.

How long does home loan approval take?

An indicative approval can usually be obtained the same day online. Full home loan approval — after property valuation and underwriting — typically takes 2–6 weeks. Having all your documents ready (pay stubs, bank statements, ID) speeds up the process significantly.

Are there Islamic home-finance products available in New Zealand?

Sharia-compliant home-finance products structure the transaction without interest, typically through Murabaha (cost-plus financing) or Ijara (lease-to-own) arrangements. Check with individual lenders for availability in your market.

What fees are charged to set up a home loan?

Lenders often charge arrangement, origination, or application fees to set up a home loan — amounts vary by lender and market. You can usually add them to the loan, but you'll pay interest on them for the full term. For large loans, a higher-fee/lower-rate deal may be cheaper overall — compare total cost over the initial fixed period.