Here in New Zealand, the Official Cash Rate stands at 5.5%. However, over the ditch, the benchmark interest rate is over a whole 1% lower, standing at 4.35%. This difference is reflected in the higher mortgage rates on offer from lenders in New Zealand:
Mortgage rates in Australia
Here is an overview of the current average, minimum and maximum rates for owner-occupier home loans on our Australian database:
| Owner-Occupier Mortgage Rates | |||||||
|---|---|---|---|---|---|---|---|
| Floating | 1-Year Fixed | 2-Year Fixed | 3-Year Fixed | 4-Year Fixed | 5-Year Fixed | ||
| Average | 7.16% | 6.44% | 6.32% | 6.26% | 6.41% | 6.43% | |
| Min | 5.89% | 5.79% | 5.63% | 5.48% | 5.69% | 5.63% | |
| Max | 9.39% | 7.64% | 7.79% | 7.29% | 7.14% | 7.44% | |
Rate statistics, as at April 02, 2024. For full Australian rates, check out Canstar’s Australian comparison site.
Mortgage rates in New Zealand
Here is an overview of the current average, minimum and maximum rates for owner-occupier home loans on our database:
| Owner-Occupier Mortgage Rates | |||||||
|---|---|---|---|---|---|---|---|
| Floating | 1-Year Fixed | 2-Year Fixed | 3-Year Fixed | 4-Year Fixed | 5-Year Fixed | ||
| Average | 8.59% | 7.31% | 6.90% | 6.72% | 6.73% | 6.71% | |
| Min | 7.99% | 6.69% | 6.45% | 6.19% | 6.55% | 6.39% | |
| Max | 8.84% | 8.09% | 7.59% | 7.29% | 7.34% | 7.34% | |
Rate statistics, as at March 28, 2024
Compare with Canstar for the Lowest Mortgage Rates
One of the best places to start your hunt for the lowest mortgage rate in New Zealand is Canstar’s home loan database, ratings and awards. Not only can you compare 245 different mortgage products from 11 lenders, you can discover which loans and lenders earn Canstar’s top awards for value and service, as judged by our expert research panel.
For while the lowest interest rates are important. There is more to a mortgage than just interest charges. When Canstar compares and rates mortgages and mortgage lenders, our expert researchers look at each home loan and awards points for the array of features it offers and its comparative price, which includes rates and fees.
The best products then receive our 5-Star Ratings for Outstanding Value. We place a lot of importance on our ratings, which is why our main comparison tables are sorted initially by Star Rating, highest to lowest. However, if you want to compare by lowest rates instead, you can do that, too.
About the author of this page
This report was written by Canstar Content Producer, Caitlin Bingham. Caitlin is an experienced writer whose passion for creativity led her to study communication and journalism. She began her career freelancing as a content writer, before joining the Canstar team.
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