Question 1

What is the lowest mortgage rate in New Zealand right now?

Accepted Answer

As at 26 October 2026, the lowest 1 year fixed rate is 4.49% from China Construction Bank (a special rate); the lowest 2 years fixed rate is 4.79% from China Construction Bank (a special rate); the lowest floating rate is 4.59% from Indi. Special rates usually need at least 20% equity. The table above has every lender at every term.

Question 2

How up to date are these mortgage rates?

Accepted Answer

Every lender’s rates are read from its own website every day, most recently on 26 October 2026. Hover over a rate to see when it was last checked and when the lender moved to it.

Question 3

What is the difference between a standard and a special mortgage rate?

Accepted Answer

A standard, or card, rate is what any borrower is offered. A special rate is lower but comes with conditions, most often at least 20% equity in the property (a loan-to-value ratio of 80% or less), and sometimes moving your everyday banking to the lender. “Lowest” shows whichever is lower at each term and marks specials.

Question 4

Should I fix or float my mortgage?

Accepted Answer

A floating rate can change at any time, but you can repay extra or switch lenders without a break fee. A fixed rate stays the same for its term, so repayments are certain, but breaking it early can cost a fee. Many borrowers split their loan across more than one term. This page is general information, not financial advice: a mortgage adviser can tell you what suits your situation.

Question 5

Can I get a lower rate than the advertised rate?

Accepted Answer

Often. Lenders negotiate, especially with borrowers who have plenty of equity or who come through a mortgage adviser, and many offer a cash contribution when you move your loan to them. Treat the advertised rate as the starting point.

Question 6

Which lenders are compared?

Accepted Answer

36 lenders: 14 banks (ANZ Bank New Zealand, ASB Bank, Bank of Baroda, Bank of China, Bank of New Zealand, China Construction Bank, Heartland Bank, ICBC, Kiwibank, Kookmin Bank Auckland Branch, SBS Bank, TSB Bank, The Co-operative Bank, Westpac New Zealand) and 22 non-bank lenders (AIA New Zealand, Avanti Finance, Basecorp Finance, CFML Loans, First Credit Union, First Mortgage Trust, General Finance, Heretaunga Building Society, Indi, Kāinga Ora - Homes and Communities, Liberty Financial, Midlands Mortgage Trust, Nelson Building Society, Paraloan, Pepper New Zealand, Police Credit Union, Resimac Home Loans, Simplicity Investment Management, Unity Credit Union, Wairarapa Building Society, Welcome Home Loans, Xceda Finance).

FloatingFloat	6 months6m	1 year1y	18 months18m	2 years2y	3 years3y	4 years4y	5 years5y
6.29	4.79^s	4.99^s	5.29^s	5.35^s	5.59^s	6.39	6.49
6.29	4.79	4.99	5.29	5.35	5.59	5.65	5.75
7.24	4.79	4.99	5.39	5.49	5.59
5.35^s	4.58^s	4.68^s	4.83^s	5.08^s	5.18^s	5.48^s	5.68^s
6.34	4.89	5.19	5.29	5.35	5.59	5.65	5.75
5.35^s	4.35^s	4.49^s	4.64^s	4.79^s	5.05^s	5.10^s	5.20^s
5.39^s	4.55^s	4.65^s	4.85^s	4.99^s	5.25^s	5.45^s	5.65^s
6.25	4.85^s	5.15^s		5.39^s	5.59^s	5.79^s	5.89^s
7.25	5.85	5.35		5.35
	4.85^s	5.19^s	5.29^s	5.29^s	5.59^s	5.65^s	5.75^s
5.69	4.89^s	5.19^s	5.35^s	5.49^s	5.69^s	5.89^s	5.99^s
6.29^s	4.89^s	4.99^s	5.45^s	5.39^s	5.69^s	5.89^s	5.99^s
6.39	4.89^s	5.19^s	5.45^s	5.29^s	5.59^s	5.65^s	5.75^s
6.29	4.79	4.99	5.35	5.45	5.45	5.49	5.59
6.35
7.20
6.64^s		5.29^s		5.79^s
7.15
4.59
5.44	4.49	4.99		5.35
6.04^s	4.79^s	4.99^s	5.35^s	5.49^s

Current mortgage rates in New Zealand

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