If you’re looking for the lowest mortgage rate, it’s essential to shop around. After six years of cuts to the Official Cash Rate (OCR), in October 2021, the Reserve Bank (RBNZ) started to lift the OCR from its all-time low of 0.25%. It now stands at 5.5%.
Fingers crossed, given the RBNZ’s recent revised predictions about where the OCR is headed, the only way is down. And fixed-term rates have already started to drop. But the cost of borrowing remains high. In April 2022, the average one-year fixed rate for owner-occupiers on Canstar’s mortgage database was 4.34%. At time of writing (22/04/24), the same rate is now 7.30%.
However, there remains a wide disparity between the rates on our tables for similar loans. For example, 1-year fixed rates start at 6.69% and top out at 8.09%.
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 lowest 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.
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, as you can see on our comparison table snapshots below.
Latest Owner-Occupier Mortgage Rates
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% | 7.30% | 6.88% | 6.72% | 6.73% | 6.69% | |
| Min | 7.99% | 6.69% | 6.45% | 5.99% | 6.55% | 6.39% | |
| Max | 8.84% | 8.09% | 7.59% | 7.29% | 7.34% | 7.34% | |
Rate statistics, as at April 19, 2024
Source: www.canstar.co.nz. Based on owner-occupier loans available for $500,000, at 80% LVR and principal & interest repayments; excluding first home buyer only and green only loans in Canstar’s database.
Latest Bank Mortgage Rates
Rates as at 19/04/24:
Latest Investment Mortgage Rates
Here is an overview of 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 | 8.74% | 7.54% | 7.05% | 6.90% | 6.79% | 6.71% | |
| Min | 8.64% | 7.24% | 6.75% | 6.65% | 6.55% | 6.39% | |
| Max | 8.84% | 8.09% | 7.59% | 7.29% | 7.19% | 7.09% | |
Rate statistics, as at April 19, 2024
Source: www.canstar.co.nz. Based on owner-occupier loans available for $500,000, at 80% LVR in Canstar’s database.
Lowest Mortgage Rates for First Home Buyers
The table below displays some of the 1-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 current interest rates (lowest to highest), 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 Lowest Home Loan Rates for FHBs
Lowest Mortgage Rates for Refinancing
The table below displays some of the 1-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 current interest rates (lowest to highest), 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 Lowest Home Loan Rates for Refinancing
Lowest Mortgage Rates for Investors
If you’re currently considering a home loan, the table below displays some of the 1-year fixed-rate home loans on our database (some may have links to lenders’ websites) that are available for first investors. This table is sorted by current interest rates (lowest to highest), 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 Lowest Home Loan Rates for Investors
About the author of this page
This 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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