Lowest Mortgage Rates in NZ

Are you looking for the lowest mortgage rates? Canstar’s comparison tool is a one-stop shop for the lowest mortgage rates on the market.

If you are looking for the lowest mortgage rate, it’s essential to shop around. After six years of cuts to the Official Cash Rate (OCR), last October the Reserve Bank started to lift the OCR from its all-time low of 0.25%. It now stands at 1.5% and looks set to rise further over coming months.

These increases in the cost of borrowing have already filtered through to mortgage rates. Last August, the average one-year fixed rate for owner-occupiers on Canstar’s mortgage database was 2.58%. At time of writing (13/05/22), the same rate is now 4.54%.

However, there remains a wide disparity between the lowest rate on our tables, 4.10% (1-year fixed), and the highest, 6.45% (5-year fixed). And it’s interesting to note that the minimum floating rate on our database (4.09%) is now lower than the lowest 1-year fixed rate. So for canny consumers who are prepared to do their homework and search out the lowest mortgage rates, there are still savings to be made.

Compare with Canstar for the Lowest Mortgage Rates

And one of the best places to start your hunt for the cheapest mortgage rate 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.

Latest Owner-Occupier Mortgage Rates

Here is an overview of the 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 5.26% 4.54% 5.27% 5.47% 5.87% 6.07%
Min 4.09% 4.10% 4.85% 4.99% 5.45% 5.59%
Max 5.55% 5.35% 5.94% 5.99% 6.35% 6.45%
Rate statistics, as at May 13, 2022

Source: www.canstar.co.nz. Based on owner-occupier loans available for $500,000, at 80% LVR in Canstar’s database.

Compare Home Loans

Latest Investment Mortgage Rates

Here is an overview of the the current average, minimum and maximum rates for investor home loans on our database:

Investment Mortgage Rates
Floating 1-Year Fixed 2-Year Fixed 3-Year Fixed 4-Year Fixed 5-Year Fixed
Average 5.22% 4.71% 5.40% 5.64% 6.01% 6.11%
Min  4.09% 4.39% 5.15% 5.39% 5.59% 5.59%
Max 5.54% 5.09% 5.79% 6.09% 6.39% 6.49%
Rate statistics, as at May 13, 2022

Source: www.canstar.co.nz. Based on owner-occupier loans available for $500,000, at 80% LVR in Canstar’s database.

Compare Home Loans

Compare with Canstar for the Cheapest Mortgage Rates

While the cheapest 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 the comparison grids below are sorted first by Star Rating, highest to lowest. However, if you want to compare by lowest rates instead, just click through to access our full mortgage rate comparison tables.

Best Mortgage Rates for First Home Buyers

The table below displays some of the 2-year fixed-rate home loans on our database (some may have links to lenders’ websites) that are available for first home buyers. This table is sorted by Star Rating (highest to lowest), followed by company name (alphabetical). Products shown are principal and interest home loans available for a loan amount of $500K in Auckland. Before committing to a particular home loan product, check upfront with your lender and read the applicable loan documentation to confirm whether the terms of the loan meet your needs and repayment capacity. Use Canstar’s home loan selector to view a wider range of home loan products. Canstar may earn a fee for referrals.

Compare Cheapest Home Loan Rates

Canstar Outstanding Value Fixed Home Loan 2021

Best Mortgage Rates for Refinancing

The table below displays some of the 2-year fixed-rate home loans on our database (some may have links to lenders’ websites) that are available for home owners looking to refinance. This table is sorted by Star Rating (highest to lowest), followed by company name (alphabetical). Products shown are principal and interest home loans available for a loan amount of $500K in Auckland. Before committing to a particular home loan product, check upfront with your lender and read the applicable loan documentation to confirm whether the terms of the loan meet your needs and repayment capacity. Use Canstar’s home loan selector to view a wider range of home loan products. Canstar may earn a fee for referrals.

Compare Cheapest Home Loan Rates for Refinancing

Canstar Outstanding Value Fixed Home Loan 2021

Best Mortgage Rates for Investors

If you’re currently considering a home loan, the table below displays some of the 2-year fixed-rate home loans on our database (some may have links to lenders’ websites) that are available for first home buyers. This table is sorted by Star Rating (highest to lowest), followed by company name (alphabetical). Products shown are principal and interest home loans available for a loan amount of $500K in Auckland. Before committing to a particular home loan product, check upfront with your lender about deposit requirements and read the applicable loan documentation to confirm whether the terms of the loan meet your needs and repayment capacity. Use Canstar’s home loan selector to view a wider range of home loan products. Canstar may earn a fee for referrals.
 

Compare Cheapest Home Loan Rates for Investors


About the author of this page

Bruce PitchersThis report was written by Canstar’s Editor, Bruce Pitchers. Bruce began his career writing about pop culture, and spent a decade in sports journalism. More recently, he’s applied his editing and writing skills to the world of finance and property. 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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