Home loans NZ: rates and deposits
See what a home loan costs each week at eight NZ banks, then have a licensed broker check your options.
$742 a week
$1,157,416 paid back in total
Estimate for $600,000 over 30 years at ASB's 4.99% 1-year fixed rate, checked 21 Oct 2026. Fees and conditions are below.
What are home loan rates in NZ right now?
With a 20% deposit, a 1-year fixed rate at the eight big banks costs 4.99% to 5.19%. On $600,000 that's a difference of about $17 a week, or more than $26,000 over 30 years.
ANZ and Westpac give these rates only if your pay goes into an account with them. Tap any rate to try it in the calculator.
| Lender | Rate (p.a.) | Fee | Each week | Paid back in total |
|---|---|---|---|---|
| ANZ$1,157,416 in total | $0 | $742 | $1,157,416 | |
| ASB$1,157,416 in total | None listed | $742 | $1,157,416 | |
| TSB$1,157,416 in total | None listed | $742 | $1,157,416 | |
| Kiwibank$1,178,602 in total | None listed | $756 | $1,178,602 | |
| BNZ$1,183,927 in total | Up to $150 | $759 | $1,183,927 | |
| Westpac$1,183,927 in total | $0 | $759 | $1,183,927 | |
| The Co-operative Bank$1,183,927 in total | Not listed | $759 | $1,183,927 | |
| SBS Bank$1,183,927 in total | $0 | $759 | $1,183,927 |
1-year fixed rates for owner-occupiers with a 20% deposit, on $600,000 over 30 years, paid weekly; the fee is the bank's set-up fee. Rates and fees from the eight banks' websites, checked 21 Oct 2026.
Get my home loan options checkedWhat would a home loan cost me each week?
On a $600,000 loan over 30 years, you'd pay $757 a week at 5.17%, the middle of the big banks' 1-year rates. Over the whole loan you'd pay back $1,181,263.
Change the amount, term or rate to see your own numbers. Nothing you type is sent anywhere unless you send the enquiry form.
How much is a $600,000 mortgage per week?
About $742 a week at 4.99%, the lowest 1-year fixed rate. If the rate never changed, you'd pay back $1,157,416 over 30 years.
What you pay depends on the rate you get, how long you take to repay, and whether rates rise when you refix.
- Floating at ASB costs $114 a week more than fixing for a year.
- Taking 25 years instead of 30 costs $66 a week more, and saves $107,047 overall.
- If rates rose 1 point at your next refix, you'd pay $87 a week more.
| On $600,000 | Rate (p.a.) | Each week | Paid back in total |
|---|---|---|---|
| Lowest fixed rate (6 months)4.79% over 30 years | 4.79% | $725 | $1,131,194 |
| 1-year fixed4.99% over 30 years | 4.99% | $742 | $1,157,416 |
| 1-year fixed, 25 years4.99% over 25 years | 4.99% | $808 | $1,050,370 |
| Highest fixed rate (5 years)5.99% over 30 years | 5.99% | $829 | $1,292,755 |
| Floating at ASB6.29% over 30 years | 6.29% | $856 | $1,334,667 |
| If rates rise 1 point5.99% over 30 years | 5.99% | $829 | $1,292,755 |
| If rates rise 2 points6.99% over 30 years | 6.99% | $920 | $1,434,659 |
Estimate only, not a quote or an approval. Your rate depends on your credit and the lender. Rates checked 21 Oct 2026.
Get my home loan options checkedFixed or floating: which rate is lower?
Fixed, right now. Every 6-month and 1-year fixed rate at the eight big banks is lower than every floating rate.
Nobody knows where rates go next, so there's no sure answer on fixing short or long. Many people split the loan: part fixed for a short term, part fixed longer, and a small floating part for lump sums.
- The Reserve Bank raised the Official Cash Rate to 2.75% on 2 September 2026 and reviews it next on 28 October 2026.
- A 6-month or 1-year fix has the lowest rates, 4.79% to 5.19%, and you refix sooner.
- A 3- to 5-year fix costs more, 5.59% to 5.99%, and holds your repayment longer.
- Floating costs the most, 5.69% to 6.39%, and lets you pay extra any time without a fee.
How much deposit do I need for a home loan?
Banks want 20% to give you their best rates. On a $750,000 home, that's $150,000 down and a $600,000 loan. With less, most banks still lend, but they add a margin to the rate.
At ASB, a 10% deposit takes the rate from 4.99% to 5.74%. On $600,000 that's $807 a week instead of $742.
| Loan share of the home | Deposit on $750,000 | ASB | BNZ | Westpac |
|---|---|---|---|---|
| 80% or less$150,000 or more deposit | $150,000 or more | None | None | None |
| 80% to 85%$112,500 deposit | $112,500 | +0.30% | +0.35% | +0.25% |
| 85% to 90%$75,000 deposit | $75,000 | +0.75% | +0.75% | +0.75% |
| 90% to 95%$37,500 deposit | $37,500 | +1.30% | +1.20% | +1.50% |
| Over 95%Under $37,500 deposit | Under $37,500 | +1.50% | +1.50% | +1.75% |
Margins added to each bank's rate, from the banks' websites, checked 21 Oct 2026.
- First home buyers can use the Kāinga Ora First Home Loan with a 5% deposit, if they meet the income caps and other criteria. See first home loans.
- Kiwibank, TSB and SBS Bank charge their standard rates instead of a margin: Kiwibank 6.05% and TSB 5.79% for a 1-year fix.
- Family can help. Westpac and BNZ let a family member's home secure part of your loan, so you avoid the margin.
- Westpac removes the margin once you own 20% of the home.
What types of home loan are there?
There are four main types: fixed, floating, revolving credit or offset, and table or interest-only. You don't have to pick just one, because a loan can be split across two or three of them.
A common setup is to fix most of the loan and keep a small floating part. Most of your repayment stays set, and you can still pay off a lump sum when you have one.
- Fixed: your rate and repayment stay the same for 6 months to 5 years. Repaying early can cost a break fee.
- Floating: your rate moves when the bank changes it, usually after the Reserve Bank moves the Official Cash Rate. You can pay extra any time.
- Revolving credit or offset: works like a big overdraft, or uses your savings to cut the interest. Both are floating.
- Table or interest-only: a table loan pays off the loan in equal amounts; interest-only pays just the interest for a set time.
- Split: part fixed, part floating, so most of your repayment is set and you can still pay off lump sums.
How will a bank decide whether to lend to me?
A bank runs four checks: your deposit, your debt compared with your income, whether you could still pay at a higher rate, and your credit file and spending.
Before you apply, pay down credit cards and lower card limits you don't use, because the bank counts the limit as debt even when the balance is zero.
- 1
Your deposit. Banks can lend only a small share of their loans to people with less than 20%.
- 2
Your debt compared with your income. Most lending has to go to people whose total debt is under 6 times their income. On $120,000 a year, that's up to $720,000.
- 3
Whether you could pay at a higher rate. Banks test your budget at a higher rate. At 7%, $600,000 over 30 years is $921 a week.
- 4
Your credit file and spending. The bank reads your credit file and bank statements, and counts your card limits as debt.
What if a bank won't lend to me?
Non-bank lenders, credit unions and building societies lend on their own rules. They can help if a bank has said no, or if your income is harder to prove. They often cost more, so it's worth having a broker compare them for you.
Heartland Bank and AIA have stopped offering home loans to new customers.
- Indi lends on a floating rate only, 4.59% with a 20% deposit.
- Unity, a credit union, has a 4.99% 1-year fixed rate if your salary goes into Unity.
- Liberty Financial charges 6.40% for a 1-year fix, plus a $795 fee.
- Avanti Finance charges from 7.30% for a 1-year fix, plus a $775 fee.
- Pepper Money sets a rate for each borrower and looks at adverse credit.
Where can I compare and apply for a home loan?
You can go straight to a bank, use a licensed mortgage broker, or borrow from a non-bank lender, usually through a broker. Going direct suits you if you have 20% and like your own bank.
A broker is usually free to you, because the lender pays them a commission of about 0.35% to 0.85% of the loan. Your broker must tell you how they're paid and about any fee before you sign. Compare Loans does not lend money and does not give financial advice.
| Route | How it works | Cost to you | Suits you if |
|---|---|---|---|
| Straight to a bankYou have 20% and like your bank | Apply to one bank | $0 to $150 fee | You have 20% and like your bank |
| Licensed brokerYou want several lenders checked | Compares lenders for you | Usually free to you | You want several lenders checked |
| Non-bank lenderA bank has said no | Lends on its own rules | Higher rates and fees | A bank has said no |
What else do people ask about home loans?
Which bank has the lowest advertised home loan rate?
ANZ and ASB, at 4.79% for a 6-month fix, if you have a 20% deposit. For a 1-year fix, ANZ, ASB and TSB are lowest at 4.99%. The lowest rate isn't always the cheapest loan, because fees, cash offers and break fees change the total.
What is the payment on a $400,000 mortgage at 7%?
$614 a week, $1,228 a fortnight or $2,661 a month, over 30 years. If the rate stayed at 7%, you'd pay back about $957,406 in total. None of the big banks charges 7% right now, but banks test whether you could afford a rate like it.
What income do you need to borrow $500,000?
About $83,334 a year before tax, if you have no other debts. That keeps you under 6 times your income, the limit for most bank lending. Each bank also checks your budget at a higher rate, so it may want more. Sorted's borrowing calculator gives a quick estimate.
Can I get a home loan if I'm self-employed?
Yes, if you meet the lender's criteria. Banks usually ask for two years of financial statements or tax returns, and non-bank lenders such as Pepper Money accept shorter records. A broker knows which lenders accept which records.
Can a 50-year-old get a 25-year mortgage?
Yes, if the bank is satisfied you can repay it. It will ask how you'd repay after you stop work, for example from savings, KiwiSaver or selling the home. It may offer a shorter term.
Can I pay off my home loan early?
Yes. A floating or revolving loan lets you pay extra any time with no fee. On a fixed loan, most banks let you pay about 5% extra a year without a fee; TSB allows up to $10,000 a year. Pay more than that during a fixed term and you may pay a break fee.
What happens when my fixed rate ends?
Your loan moves to the bank's floating rate unless you pick a new fixed rate. You can usually lock in a new rate up to 30 to 60 days before the term ends, depending on the bank.
Can I break a fixed-rate home loan?
Yes, but the bank may charge a break fee if rates have fallen since you fixed. If rates have risen, the fee can be nothing. TSB says a 0.50% fall on $100,000 with 18 months left costs about $750.
Do I have to move my pay to get the lowest rate?
At ANZ and Westpac, yes: their special rates need your salary paid into an account with them. The other big banks give their special rates with a 20% deposit alone.
Will a bank pay me cash to take out a home loan?
Some will, if you're a first home buyer. ANZ, ASB, BNZ, Westpac and TSB pay $5,000 or more on a new first home loan. You pay some or all of it back if you move the loan within 3 or 4 years, so count it when you compare.
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