Home Loan Interest Rates

Stay informed with the latest mortgage interest rates

Compare home loan interest rates

 

Getting a great home loan interest rate is a great start on the path to financial wellbeing. It’s also a plus for Kiwi borrowers looking to secure their dream home or refinance an existing mortgage. With the ever-changing housing market, it’s essential to stay informed about the latest rates and how they could affect your repayments.

 

Whether you’re a first-time buyer or a seasoned homeowner, understanding the options available to you can help save thousands in interest payments. Let’s explore the competitive home loan interest rates and how we can assist you in making the best financial decision.

 

Talk to one of our experienced Mortgage Advisers today!

Updates on home loan interest rates

 

The table below compares the latest home loan interest rates among various mortgage lenders. However, just keep in mind that when choosing a home loan, there is more to consider than just the interest rate.

 

 

Bank Home Loan Interest Rates

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Variable 6 months 1 year 2 years 3 years 4 years 5 years
ANZ Bank 7.89% 6.50% 5.99% 5.69% 5.69%
ASB Bank 7.89% 6.39% 5.99% 5.69% 5.69% 5.79% 5.79%
BNZ Bank 7.94% 6.49% 5.99% 5.69% 5.69% 5.59% 5.59%
Co-Operative Bank 7.65% 6.39% 5.99% 5.75% 5.69% 5.69% 5.69%
Kiwibank 7.75% 6.65% 5.99% 5.69% 5.69% 5.69% 5.69%
SBS Bank 7.99% 6.75% 6.35% 5.69% 5.69% 5.69% 5.69%
TSB Bank 7.89% 6.45% 5.99% 5.69% 5.69% 5.69% 5.69%
Westpac 7.89% 6.45% 5.99% 5.65% 5.65% 5.59% 5.59%

 

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Non-Bank Home Loan Interest Rates

Product Variable (from)
Avanti Finance Near Prime 8.40%
Basecorp Finance Standard 8.85%
Bluestone Prime <60% LVR 9.09%
CFML Loans Standard 6.45%
First Mortgage Trust Residential 9.25%
Liberty Financial Residential 8.59%
Pepper Money (Ascenteon) Essential 8.29%
Unity (Credit Union) Residential 8.64%

This table is sourced from Interest.co.nz and updated regularly and is intended only as a brief comparison guide to residential loans on owner-occupied properties in New Zealand. Interest rates and conditions need to be matched to each customer’s particular situation directly with lender requirements. At Max Mortgages, part of our service is to ensure we obtain the most competitive rate we can for each customer based on their individual circumstances and profile.

 

Last updated: 25th October 2024.

What else to look out for when choosing a home loan

 

Although the interest rate is important, it is just one component of a home loan. There are other important factors you should consider, which can contribute to the cost and your budgeting plans in both the short and long term. Here are some of the key things you’ll need to consider:

 

FIXED VS VARIABLE HOME LOANS

Choosing between a fixed rate and a variable rate depends on several factors, including your expectation of interest rate movements, your income and ability to absorb changes to your mortgage repayments, and your appetite for uncertainty. You can also consider splitting your home loan between fixed and floating rates to suit your specific needs. If you are still unsure about which option to choose, our experienced Mortgage Advisers can help assess your financial situation and structure your home loan in a way that suits your individual needs!

 

LOAN TERMS

Usually, the longer your term is, the lower your monthly repayments will be. However, you will likely pay more in interest over the life of your loan. A longer-term mortgage might be better for someone who has a more limited budget or wants to save cash for other expenses. A shorter-term mortgage might make more sense if you can afford higher repayments and want to pay off your loan faster. There’s also an option to refinance to shorten or extend your loan term if your financial situation changes down the road.

 

CHARGES & FEES

The interest rate alone doesn’t take into account other costs, like establishment fees, ongoing fees, and fixed rate break costs. These fees and charges can vary considerably from lender to lender and will affect the overall cost of borrowing. When comparing your home loan options, make sure you understand the features and costs of each home loan.

Great reasons to choose Max Mortgages

 

LOWER MORTGAGE INTEREST RATES

If you are looking for a better rate than the one you have, we may be able to help. Dealing with a wide range of mortgage lenders across NZ, we know the interest rates and lending criteria for different lenders and can negotiate on your behalf.

 

BETTER HOME LOAN STRUCTURE

The right mortgage structure could save you thousands in interest costs and help you get mortgage-free faster! We will assist you in choosing a loan structure that best suits your situation and needs, ensuring your long-term financial wellness.

 

HELP FROM START TO FINISH

Providing our customers with maximum service at minimum fuss is what we do. We’re here to help you understand the many different options, assist with all the paperwork, and guide you through the entire process, saving you time and stress.

 

LIFETIME RELATIONSHIP

We aim to build a lifetime relationship with you and your family and will provide ongoing advice and support whenever you need it. We will also help make sure your interest rates remain competitive, and your loan structure is always right for you.

Contact a Max Mortgages Adviser today

Ready to take the next step toward securing the best home loan interest rates? Our expert Mortgage Advisers are here to guide you through the process and find a solution that fits your needs. Get in touch today.

Home Loan Interest Rates FAQs

A fixed interest rate remains the same for a set period, providing certainty with repayments. A variable interest rate can fluctuate based on market conditions, meaning your repayments can go up or down during the loan term.

Variable interest rates can change based on the market or the lender's discretion, whereas fixed rates stay the same for the agreed term. It’s advisable to keep an eye on market trends, especially if considering refinancing or locking in a fixed rate.

For variable rate loans, your repayments can change as interest rates fluctuate. Higher interest rates mean you’ll pay more in interest over the life of the loan, increasing your overall repayment amount. Lower rates will reduce your interest costs and potentially save you money on repayments.

For fixed rate loans, your repayments remain the same for the duration of the fixed term, regardless of any changes in market interest rates. However, when your fixed term ends, your repayments may increase or decrease depending on the interest rate at the time.

Yes, it’s possible to negotiate home loan interest rates, especially if you have a good credit history and a low loan-to-value ratio (LVR). Consulting with one of our Mortgage Advisers can help you secure competitive rates from various lenders.

Our Interest Rates Newsletter

 

You can also sign up for our Interest Rates Newsletter to get updates on home loan interest rates and mortgage news!

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