KEY POINTS:
- Overall, average fixed-term mortgage rates are higher in Australia than in NZ.
- Average 1-year rate on Canstar’s NZ’s database is 4.97%, compared to 5.68% in Australia.
- Average 2-year rate on Canstar’s NZ’s database is 5.02%, compared to 5.49% in Australia.
- Average 3-year rate on Canstar’s NZ’s database is 5.20%, compared to 5.48% in Australia.
- The average floating rate on Canstar’s NZ’s database, 6.46%, is higher than the average Aussie floating rate 6.23%.
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 | 6.23% | 5.68% | 5.49% | 5.48% | 5.77% | 5.82% | |
| Min | 5.39% | 4.99% | 4.95% | 4.98% | 5.29% | 5.29% | |
| Max | 8.89% | 7.89% | 7.64% | 7.49% | 7.05% | 7.69% | |
Rate statistics, as at July 21, 2025. For full OZ rates, check out Canstar’s Aussie 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 | 6.46% | 4.97% | 5.02% | 5.20% | 5.61% | 5.68% | |
| Min | 5.95% | 4.79% | 4.95% | 4.99% | 5.39% | 5.39% | |
| Max | 6.89% | 5.49% | 5.55% | 5.69% | 5.99% | 5.99% | |
Rate statistics, as at July 21, 2025
Compare with Canstar for the Lowest Mortgage Rates
One of the best places to start your hunt for the lowest mortgage rates 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
Bruce Pitchers is Canstar NZ’s Content Manager. An experienced finance reporter, he has three decades’ experience as a journalist and has worked for major media companies in Australia, the UK and NZ, including ACP, Are Media, Bauer Media Group, Fairfax, Pacific Magazines, News Corp and TVNZ. As a freelancer, he has worked for The Australian Financial Review, the NZ Financial Markets Authority and major banks and investment companies on both sides of the Tasman.
In his role at Canstar, he has been a regular commentator in the NZ media, including on the Driven, Stuff and One Roof websites, the NZ Herald, Radio NZ, and Newstalk ZB.
Away from Canstar, Bruce creates puzzles for magazines and newspapers, including Woman’s Day and New Idea. He is also the co-author of the murder-mystery book 5 Minute Murder.
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