Updated March 2026 · Live rate data
NZ mortgage rates compared.
Current home loan rates from all major NZ banks — fixed and floating. Updated as rates change. Plus our guide to choosing the right term in 2026.
⚠ Rates are rising. All five major banks have increased longer-term fixed rates in March 2026 due to rising wholesale rates. Short-term (6-month) rates remain the lowest at 4.49%. Most economists suggest rates have bottomed — consider your strategy carefully before fixing long.
Current special rates — March 2026
Special rates require 20%+ equity. Standard rates are typically 0.5–0.8% higher. Rates change frequently — always confirm directly with your bank.
| Bank | 6 month | 1 year | 18 month | 2 year | 3 year | 4 year | 5 year | Floating |
|---|---|---|---|---|---|---|---|---|
ANZ |
4.49% | 4.59% | 4.89% | 5.09% | 5.39% | 6.09% | 6.19% | ~7.39% |
ASB |
4.49% | 4.59% | 4.75% Lowest | 5.09% | 5.39% | 5.55% | 5.69% | ~7.39% |
BNZ |
4.49% | 4.59% | 4.79% | 4.89% Lowest | 5.29% Lowest | 5.59% | 5.79% | ~7.39% |
Westpac |
4.49% | 4.59% | 4.85% | 5.19% | 5.29% Lowest | 5.39% Lowest | 5.59% Lowest | ~7.39% |
Kiwibank |
4.49% | 4.59% | — | 4.89% Lowest | 5.35% | 5.79% | 5.89% | ~7.25% |
Mortgage repayment calculator
Estimate your weekly, fortnightly, or monthly repayments based on current rates.
Monthly repayment
$2,530
Based on $500,000 at 4.59% over 30 years
Total repaid$910,800
Total interest$410,800
Loan amount$500,000
Bank by bank overview
What each bank offers beyond the headline rate.
ANZ
NZ’s largest bank
1 year special
4.59%
2 year special
5.09%
Largest NZ bank with widest branch network. Good for existing ANZ customers. Longer-term rates (4–5yr) are less competitive than rivals.
View ANZ rates ↗
ASB
Major NZ bank
1 year special
4.59%
18 month special
4.75%
Offers the most competitive 18-month rate in NZ right now at 4.75%. Good all-round option with strong digital banking. Rates competitive at short to mid terms.
View ASB rates ↗
BNZ
Major NZ bank
1 year special
4.59%
2 year special
4.89%
Most competitive 2 and 3-year rates alongside Westpac. Good for borrowers wanting to fix for 2 years. Strongly rated for customer service.
View BNZ rates ↗
Westpac
Major NZ bank
3 year special
5.29%
5 year special
5.59%
Leads on longer-term rates (3, 4, 5 year). Best choice if you want to fix for longer and have certainty. The 4-year rate at 5.39% is notably competitive.
View Westpac rates ↗
Kiwibank
NZ government-owned
1 year special
4.59%
2 year special
4.89%
NZ’s government-owned bank. Competitive on short and mid-term rates. Doesn’t offer an 18-month term. Good for those who prefer to bank with a NZ-owned institution.
View Kiwibank rates ↗
Mortgage broker
Independent advice
Access to
20+ lenders
Cost to you
Free
A mortgage broker compares rates across all major banks and non-bank lenders on your behalf. Free to use — they’re paid by the lender. Often secures better rates than going direct.
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How to choose your mortgage term in 2026
With rates rising after bottoming out, term choice matters more than ever.
01
Short-term (6 months – 1 year)
Currently the cheapest rates at 4.49–4.59%. Good if you think rates will fall further — but most economists say we’ve hit the bottom. High uncertainty means flexibility has value.
02
Medium-term (2 years)
BNZ and Kiwibank at 4.89% is the most popular choice right now. Balances reasonable certainty with not locking in for too long. Most NZ mortgage advisers are recommending this term.
03
Long-term (3–5 years)
Westpac leads at 5.29% (3yr) and 5.59% (5yr). Worth considering if you want certainty — but you’re paying a premium. Banks are warning rates may rise mid-2026 onward.
04
Split your mortgage
Many Kiwis split their mortgage across two or three terms — e.g. 50% on 1-year and 50% on 2-year. This hedges against rate movements and reduces refinancing risk.
05
Negotiate your rate
The advertised special rate is not always the best you can get. Banks will often match competitors. Ask directly or use a mortgage broker — it costs nothing and can save thousands.
06
Check non-bank lenders
If a main bank declines your application, non-bank lenders like Resimac and Liberty can help. Rates are higher but they have more flexible lending criteria.
Not financial advice. Mortgage rates change daily. Always confirm current rates directly with your bank or mortgage broker before making any decisions. KiwiCash is not a mortgage broker and does not provide personalised financial advice. Some links may earn KiwiCash a referral fee at no cost to you. Last updated March 2026.