Canstar’s Best Value Home Loan Awards 2023

Looking for the best value mortgages? Canstar reveals the winners of its Outstanding Value Home Loan Star Ratings and Awards 2023.

Mortgage interest rates are at 15-year highs so, if you’re in the market for a home loan, it’s important to research the best value lenders in the market. Our 2023 Outstanding Value Home Loan Awards reveal the products and providers that deliver the best mortgage products for Kiwi homeowners.

Finding the right mortgage can cost, or save you, thousands of dollars over the life of the loan. Currently, on Canstar’s database there’s a wide disparity between the lowest and highest rates offered from different lenders for the same types of mortgages.

Depending on your choice of lender, if you’re after a mortgage with a one-year fixed rate, you could pay from as little as 6.14% interest p.a. or as much as 8.29%. For an average NZ home loan of $363,000 on a 25-year term, that’s a difference of $500 per month in repayments: $2370 vs $2872 – quite a saving!

Canstar’s Awards for Best Home Loans 2023

If you are looking for the best value home loans, Canstar can help. Each year our expert financial panel researches the different mortgage products and lenders in the market and awards the best our Outstanding Value Home Loan Awards.

This year our research team compared and rated 63 home loan products from 12 providers, across five home loan categories

Each home loan reviewed was awarded points for the array of features it offers, and its comparative price, which includes rates and fees. The top-rated mortgage providers in each field were then awarded our 5-Star Rating for Outstanding Value.

This means it’s simple to discover the best value home loan provider to match your needs. For example, if you’re after the best fixed-rate home loans, just look at the lenders that have earned 5-Star Ratings in our Residential Fixed category.

Outstanding Value Home Loan Lenders

In addition to our 5-Star Ratings for Outstanding Value home loans, our research team also rewards the mortgage providers that offer the best range of products across residential and investment lending our Outstanding Value Home Lender Awards:

And, in culmination, the home loan provider that excels across all mortgage products, plus earns praise from consumers for its dedication to customer service, walks away with our prestigious top award Bank of the Year | Home Loans.

For more on our Bank of the Year | Home Loans Award click here

Outstanding Value 5-Star Home Loans

Below are the 2023 winners of our 5-Star Ratings for residential home loans, across fixed, floating and line of credit mortgages:

5-Star Outstanding Value Fixed Home Loans

Heartland Bank


5-Star Outstanding Value Floating Home Loans

Heartland Bank


5-Star Outstanding Value Line of Credit Home Loans

Heartland Bank

Outstanding Value 5-Star Investment Home Loans

Below are the 2023 winners of our 5-Star Ratings for investment home loans, across fixed and floating mortgages:

5-Star Outstanding Value Investment Fixed Home Loans

SBS Bank


5-Star Outstanding Value Investment Floating Home Loans



Outstanding Value Lenders

Canstar’s Outstanding Value | Home Lender Awards recognise the financial institutions that provide outstanding value to borrowers
through their home loan products across all lending profiles, in both the residential and investment categories.

Here are the lenders that offer Outstanding Value Home loans across all their residential loans:

Outstanding Value Home Lender Award Winners

Heartland Bank


The lenders that offer Outstanding Value Home loans across all their investment loans:

Outstanding Value Investment Home Lender Award Winners


TSB Bank

For more on our Home Loan Star Ratings click here

Bank of the Year | Home Loans 2023: TSB

Congratulations to TSB, the winner of this year’s Bank of the Year | Home Loans Award. To win our prestigious award, a bank has to not only deliver mortgage products that combine the best features with the lowest costs, in terms of fees and interest rates, but also great customer service, too, as rated by its own clients.

TSB’s win is impressive, especially when you consider the players in our award field include some of the biggest financial institutions in Australasia.

In comparison, TSB is a smaller homegrown 100% NZ-owned financial institution that has over 160 years’ history providing banking services to Kiwis.

TSB logoAnd in addition to its great home loans, TSB also has a market-leading credit card, which earned it Canstar’s Bank of the Year | Credit Cards Award 2023.

The TSB’s low-rate card is nearly 3% cheaper than the next most competitive product. And for a $90 annual fee, its Platinum Mastercard earns $1 cashback for every $70 spent, with no cap on the amount of cashback you can earn.

For more details on TSB home loans and credit cards, check out the TSB website, and for more details on this year’s Bank of the Year | Home Loans Awardclick here.

In the market for a home loan? Canstar can help!

If you’re considering buying a property, Canstar can help make the process a little easier. In addition to our rankings and awards for Outstanding Value Home Loans, our free and easy-to-use comparison tool covers all the major players in the home loan market.

Not only does it help you quickly and easily find the products with the lowest rates, it also shows which lenders and mortgages have earned our prestigious Star Ratings, which are awarded on the basis of our expert analysis. For our 5-Star home loan awards click here, or to compare rates hit this button:

Compare home loan rates for free with Canstar!

About the author of this page

Bruce PitchersThis report was written by Canstar’s Editor, Bruce Pitchers. Bruce has three decades’ experience as a journalist and has worked for major media companies in the UK and Australasia, including ACP, Bauer Media Group, Fairfax, Pacific Magazines, News Corp and TVNZ. Prior to Canstar, he worked as a freelancer, including for The Australian Financial Review, the NZ Financial Markets Authority, and for real estate companies on both sides of the Tasman.

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