Compare NZ home loan rates from a panel of banks and non-bank lenders — fixed and floating terms, cashback offers and structure options.
Last updated 8 June 2026 · By MoneyGuru Editorial Team
household debt as a share of disposable income
The Reserve Bank tracks household debt as a share of disposable income — NZ's ratio has sat around 170% in recent quarters, high by OECD comparison. Small rate differences compound to large dollar differences over a 25-30 year loan.
Source: Reserve Bank of New Zealand (RBNZ) · RBNZ key statistics — household debt · verified 2026-06-09
A panel of New Zealand mortgage lenders we compare
A short profile of each NZ mortgage lender on our panel.
NZ's largest bank
Strengths
Considerations
Suited to: Customers wanting a one-stop bank with full product range.
CommBank Group NZ
Strengths
Considerations
Suited to: Customers wanting a digital-first bank.
Australian-owned NZ bank
Strengths
Considerations
Suited to: Customers wanting an established Australian-owned bank.
NAB-owned NZ bank
Strengths
Considerations
Suited to: Customers wanting a digital-first bank with offset facility.
NZ-government owned bank
Strengths
Considerations
Suited to: Customers preferring an NZ-owned bank.
Side-by-side mortgage features at a glance.
| Lender | Distribution | Fixed terms | Floating rate | Cashback | Offset / revolving | First Home loan |
|---|---|---|---|---|---|---|
| ANZ | Direct + broker | 6m to 5yr | Yes | Available | Offset + revolving | Yes |
| ASB | Direct + broker | 6m to 5yr | Yes | Available | Offset + revolving | Yes |
| Westpac | Direct + broker | 6m to 5yr | Yes | Available | Offset + revolving | Yes |
| BNZ | Direct + broker | 6m to 5yr | Yes | Available | Total Money offset | Yes |
| Kiwibank | Direct + broker | 6m to 5yr | Yes | Available | Revolving credit | Yes |
Four steps before you talk to an adviser.
Add up cash deposit, KiwiSaver-available, family help. Check banking criteria for your income type (PAYE, self-employed, contract).
Pre-approval tells you what you can borrow and locks in lender appetite for a few months. Strengthens your hand at auction or unconditional offer.
Most borrowers split across two or three fixed terms. Pick a split that matches expected lump sums and your view on rate direction.
The cashback you accept now becomes a barrier to refinancing later. Know the clawback period.
NZ mortgages are commonly split between table loans (principal and interest reducing together over the term) and revolving credit or offset facilities (using savings to reduce daily interest). Rates can be fixed for six months to five years, or left on a floating rate that moves with the OCR. Lenders typically require 20% deposit for owner-occupied homes, with low equity loans available subject to RBNZ LVR rules and an additional margin. First-home buyers may qualify for First Home Loan support.
Compare the carded rate, the rate after negotiation, and any cashback contribution. Look at break costs if you ever need to leave a fix early, how the lender structures top-ups and offset accounts, and the lending criteria for self-employed or investor borrowers. A mortgage adviser is paid by the lender, not you, and can often surface better deals than a single-bank application.
A short questionnaire — typically takes about two minutes.
Your enquiry is sent to Evolve Group Limited (FSP711891), our partner Financial Advice Provider.
The adviser sources quotes across a panel of NZ insurers or lenders and walks you through the options.
No obligation to apply, switch or buy. You decide whether to proceed.
Most banks require a 20% deposit for owner-occupiers, with low equity lending available subject to RBNZ LVR rules and an additional margin. First Home Loan with Kainga Ora can reduce the deposit requirement for eligible buyers. Investors typically need 30-40% deposit on top of any LVR speed limits the RBNZ has in place.
Fixing locks in certainty for the chosen term and is usually cheaper than floating. Floating is more flexible for lump-sum repayments. Many borrowers split the loan and run both at once. The right choice depends on cash flow, expected lump sums, and your view on rate direction.
Short fixes (6-12 months) give flexibility if rates fall. Long fixes (3-5 years) give certainty if you think rates will rise. Most borrowers split the loan across two or three terms to hedge the bet.
Cashback is a lump sum contribution to legal and other costs paid when you draw down a new loan or refinance. Typical amounts vary by lender and loan size. Clawback periods (commonly 3-4 years) require you to repay the cashback if you refinance away or close the loan early.
Banks assess borrowing capacity using income, existing debts, living expenses and a "stress" interest rate (currently well above the actual rates). Roughly six to seven times annual income is a starting point for owner-occupiers with no other debt. Investor borrowing is constrained more tightly.
A mortgage adviser is paid by the lender (not you) and shops your application across multiple banks. They can usually negotiate stronger terms than a single-bank direct application because they place volume across the panel. The downside is they tend to focus on the panel they know well.
A break cost is the fee charged when you exit a fixed-rate loan early — for refinancing, repaying in full, or restructuring. The cost depends on how rates have moved since you fixed: if rates have fallen, breaking is expensive; if rates have risen, it can be small or zero.
Yes, for first-home buyers. You can withdraw most of your KiwiSaver balance (a small minimum must stay in the account) to use as deposit, subject to having been a member for at least three years and meeting first-home buyer criteria. The First Home Grant is no longer available — the withdrawal is the remaining KiwiSaver-first-home benefit.
KiwiSaver NZ →
Compare fund types, fees and historic returns.
Investment property loans →
Buy-to-let finance for rentals.
Property development finance →
Construction and bridging loans.
Life insurance NZ →
Cover for the mortgage and dependants.
Home-Loans.co.nz ↗
NZ home-loan rate tables and lender depth — our mortgage sister site.
Our methodology →
How we research and compare each vertical.
Get a mortgage quote →
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