Mortgages

Our goal is to make it quick, easy and free to find out what’s on offer and from who.

Last Updated Monday, October 11, 2021 - 10:33pm
Looking for mortgage advice?
In partnership with Milestone Financial

What type of mortgage do you want to compare?

What is comparison rate?
Filter
Sort By
55371
Back My Build Variable (3 Yr Term)
Upfront Fees

$150

Advertised Rate (p.a.)

1.79%

Comparison Rate (p.a.)

1.79%

LVR

-

Representative example: The advertised rate is 1.79%, so if you borrow $250,000 over 30 years you will pay $150 in Upfront Fees and no Monthly Fees. Your monthly repayment amount will be $898.56 and you will pay $323,479.98 in total over the life of the mortgage

Applies to home loan for up to 3 years from initial drawdown. Rate may change at any time. Only available on term loans for building a new residential home.

    Promotion Details

    ASB has partnered with the New Zealand Green Building Council to encourage green and sustainable building practices for healthier, happier Kiwis. To celebrate, ASB will give customers who finance their new build with a Back My Build variable rate home loan a cash contribution of $2,000 if they can evidence their intent to build a 6 Homestar rated home (or higher).

    53038
    Floating
    Upfront Fees

    $0

    Advertised Rate (p.a.)

    2.55%

    Comparison Rate (p.a.)

    2.55%

    LVR

    LVR <= 80%

    Representative example: The advertised rate is 2.55%, so if you borrow $250,000 over 30 years you will pay $0 in Upfront Fees and no Monthly Fees. Your monthly repayment amount will be $994.31 and you will pay $357,952.87 in total over the life of the mortgage

    Must have a 20% deposit, or already own a home and have at least 20% equity

    • Heartland’s home loans are available via their self-serve online application.
    53039
    Variable
    Upfront Fees

    $0

    Advertised Rate (p.a.)

    4.00%

    Comparison Rate (p.a.)

    4.00%

    LVR

    LVR <= 80%

    Representative example: The advertised rate is 4.00%, so if you borrow $250,000 over 30 years you will pay $0 in Upfront Fees and no Monthly Fees. Your monthly repayment amount will be $1,193.54 and you will pay $429,673.77 in total over the life of the mortgage

      51449
      Floating - Owner Occupied
      Upfront Fees

      $350

      Advertised Rate (p.a.)

      4.40%

      Comparison Rate (p.a.)

      4.41%

      LVR

      LVR <= 80%

      Representative example: The advertised rate is 4.40%, so if you borrow $250,000 over 30 years you will pay $350 in Upfront Fees and no Monthly Fees. Your monthly repayment amount will be $1,253.65 and you will pay $451,315.78 in total over the life of the mortgage

        51451
        Floating - Standard
        Upfront Fees

        $350

        Advertised Rate (p.a.)

        4.40%

        Comparison Rate (p.a.)

        4.41%

        LVR

        -

        Representative example: The advertised rate is 4.40%, so if you borrow $250,000 over 30 years you will pay $350 in Upfront Fees and no Monthly Fees. Your monthly repayment amount will be $1,253.65 and you will pay $451,315.78 in total over the life of the mortgage

          47964
          Floating rate
          Upfront Fees

          $500

          Advertised Rate (p.a.)

          4.44%

          Comparison Rate (p.a.)

          4.46%

          LVR

          -

          Representative example: The advertised rate is 4.44%, so if you borrow $250,000 over 30 years you will pay $500 in Upfront Fees and no Monthly Fees. Your monthly repayment amount will be $1,260.33 and you will pay $453,719.47 in total over the life of the mortgage

            Promotion Details

            Loan Application fee currently waived

            52604
            Housing Variable
            Upfront Fees

            $150

            Advertised Rate (p.a.)

            4.45%

            Comparison Rate (p.a.)

            4.46%

            LVR

            LVR <= 80%

            Representative example: The advertised rate is 4.45%, so if you borrow $250,000 over 30 years you will pay $150 in Upfront Fees and no Monthly Fees. Your monthly repayment amount will be $1,260.05 and you will pay $453,618.89 in total over the life of the mortgage

              47978
              Floating rate
              Upfront Fees

              $400

              Advertised Rate (p.a.)

              4.49%

              Comparison Rate (p.a.)

              4.50%

              LVR

              -

              Representative example: The advertised rate is 4.49%, so if you borrow $250,000 over 30 years you will pay $400 in Upfront Fees and no Monthly Fees. Your monthly repayment amount will be $1,267.25 and you will pay $456,210.95 in total over the life of the mortgage

              HSBC Premier qualification criteria applies (e.g. combined lending of NZD500,000 or more or NZD100,000 of savings and investments with HSBC).

                56380
                Residential /First Home Floating Rate
                Upfront Fees

                $250

                Advertised Rate (p.a.)

                4.54%

                Comparison Rate (p.a.)

                4.55%

                LVR

                -

                Representative example: The advertised rate is 4.54%, so if you borrow $250,000 over 30 years you will pay $250 in Upfront Fees and no Monthly Fees. Your monthly repayment amount will be $1,273.93 and you will pay $458,616.47 in total over the life of the mortgage

                These rates are only available for Residential and Residential Investing Lending with either a minimum of 20% equity (or greater when Residential Investing lending restrictions apply), First Home Loan, or lending where QBE lenders mortgage insurance applies.

                  51091
                  Housing Variable Special
                  Upfront Fees

                  $250

                  Advertised Rate (p.a.)

                  4.54%

                  Comparison Rate (p.a.)

                  4.55%

                  LVR

                  LVR <= 80%

                  Representative example: The advertised rate is 4.54%, so if you borrow $250,000 over 30 years you will pay $250 in Upfront Fees and no Monthly Fees. Your monthly repayment amount will be $1,273.93 and you will pay $458,616.47 in total over the life of the mortgage

                    Promotion Details

                    TSB will match any home loan rate from ANZ, ASB, BNZ or Westpac, conditions apply. The offer only applies to the purchase, refinance from another bank or building of residential owner-occupied properties with an LVR under 80%.

                    47976
                    Flexible rate
                    Upfront Fees

                    $500

                    Advertised Rate (p.a.)

                    4.55%

                    Comparison Rate (p.a.)

                    4.65%

                    LVR

                    -

                    Representative example: The advertised rate is 4.55%, so if you borrow $250,000 over 30 years you will pay $500 in Upfront Fees and $12.5 in Monthly Fees. Your monthly repayment amount will be $1,289.20 and you will pay $464,111.86 in total over the life of the mortgage

                      Promotion Details

                      Loan Application fee currently waived

                      52605
                      ORBIT Home Loan
                      Upfront Fees

                      $150

                      Advertised Rate (p.a.)

                      4.55%

                      Comparison Rate (p.a.)

                      4.64%

                      LVR

                      LVR <= 80%

                      Representative example: The advertised rate is 4.55%, so if you borrow $250,000 over 30 years you will pay $150 in Upfront Fees and $12 in Monthly Fees. Your monthly repayment amount will be $1,286.92 and you will pay $463,289.69 in total over the life of the mortgage

                        47972
                        Standard/Fly Buys Floating
                        Upfront Fees

                        $400

                        Advertised Rate (p.a.)

                        4.55%

                        Comparison Rate (p.a.)

                        4.56%

                        LVR

                        -

                        Representative example: The advertised rate is 4.55%, so if you borrow $250,000 over 30 years you will pay $400 in Upfront Fees and no Monthly Fees. Your monthly repayment amount will be $1,276.19 and you will pay $459,428.38 in total over the life of the mortgage

                          47981
                          Choices Floating
                          Upfront Fees

                          $250

                          Advertised Rate (p.a.)

                          4.84%

                          Comparison Rate (p.a.)

                          4.85%

                          LVR

                          -

                          Representative example: The advertised rate is 4.84%, so if you borrow $250,000 over 30 years you will pay $250 in Upfront Fees and no Monthly Fees. Your monthly repayment amount will be $1,319.03 and you will pay $474,851.65 in total over the life of the mortgage

                          Salary credit to a Westpac transaction account required. 

                            47982
                            Choices Everyday Floating
                            Upfront Fees

                            $250

                            Advertised Rate (p.a.)

                            4.94%

                            Comparison Rate (p.a.)

                            4.98%

                            LVR

                            -

                            Representative example: The advertised rate is 4.94%, so if you borrow $250,000 over 30 years you will pay $250 in Upfront Fees and $5 in Monthly Fees. Your monthly repayment amount will be $1,339.23 and you will pay $482,124.45 in total over the life of the mortgage

                              58366 Compare 
                              58367 Compare 
                              56380 Compare 
                              56052 Compare 
                              55778 Compare 
                              55777 Compare 
                              55371 Compare 
                              55372 Compare 
                              55183 Compare 
                              55184 Compare 
                              55182 Compare 
                              55180 Compare 
                              55181 Compare 
                              54258 Compare 
                              53040 Compare 
                              53041 Compare 
                              53042 Compare 
                              53043 Compare 
                              53045 Compare 
                              53047 Compare 
                              53033 Compare 
                              53035 Compare 
                              53036 Compare 
                              53038 Compare 
                              53039 Compare 
                              53026 Compare 
                              53028 Compare 
                              53029 Compare 
                              53031 Compare 
                              52607 Compare 
                              52608 Compare 
                              52602 Compare 
                              52603 Compare 
                              52604 Compare 
                              52605 Compare 
                              52606 Compare 
                              52599 Compare 
                              52600 Compare 
                              52601 Compare 
                              52075 Compare 
                              52073 Compare 
                              52074 Compare 
                              51449 Compare 
                              51450 Compare 
                              51451 Compare 
                              51452 Compare 
                              51453 Compare 
                              51454 Compare 
                              51443 Compare 
                              51444 Compare 
                              51445 Compare 
                              51446 Compare 
                              51447 Compare 
                              51448 Compare 
                              51437 Compare 
                              51438 Compare 
                              51439 Compare 
                              51440 Compare 
                              51441 Compare 
                              51442 Compare 
                              51091 Compare 
                              51092 Compare 
                              51085 Compare 
                              51086 Compare 
                              51087 Compare 
                              51088 Compare 
                              51089 Compare 
                              51075 Compare 
                              51076 Compare 
                              51077 Compare 
                              51079 Compare 
                              51081 Compare 
                              51082 Compare 
                              51083 Compare 
                              50502 Compare 
                              50499 Compare 
                              50470 Compare 
                              49006 Compare 
                              48402 Compare 
                              48404 Compare 
                              48395 Compare 
                              48398 Compare 
                              48389 Compare 
                              48394 Compare 
                              48314 Compare 
                              48017 Compare 
                              48018 Compare 
                              47956 Compare 
                              47964 Compare 
                              47971 Compare 
                              47972 Compare 
                              47976 Compare 
                              47977 Compare 
                              47978 Compare 
                              47981 Compare 
                              47982 Compare 
                              47983 Compare 
                              47989 Compare 
                              47998 Compare 
                              47905 Compare 
                              47906 Compare 
                              47913 Compare 
                              47914 Compare 
                              47916 Compare 
                              47917 Compare 
                              47918 Compare 
                              47927 Compare 
                              47928 Compare 
                              47930 Compare 
                              47931 Compare 
                              47934 Compare 
                              47935 Compare 
                              47942 Compare 
                              47861 Compare 
                              47864 Compare 
                              47868 Compare 
                              47869 Compare 
                              47874 Compare 
                              47877 Compare 
                              47878 Compare 
                              47879 Compare 
                              47881 Compare 
                              47882 Compare 
                              47884 Compare 
                              47886 Compare 
                              47888 Compare 
                              47889 Compare 
                              47894 Compare 
                              47896 Compare 
                              47898 Compare 
                              47899 Compare 
                              47900 Compare 
                              47901 Compare 
                              47902 Compare 
                              47903 Compare 
                              47904 Compare 
                              47805 Compare 
                              47806 Compare 
                              47807 Compare 
                              47808 Compare 
                              47809 Compare 
                              47810 Compare 
                              47817 Compare 
                              47820 Compare 
                              47840 Compare 
                              47841 Compare 
                              47842 Compare 
                              47846 Compare 
                              47848 Compare 

                              What is a mortgage?

                              A loan to purchase your home or another residential property held as an investment. Your property becomes security against your borrowing i.e. the lender can take ownership of your property if you default. The legal right the lender has to take ownership of your property ceases once repayment of the mortgage is made in full.

                              What are the different types of interest rates?

                              Fixed Rate

                              This means the interest rate you pay on your loan is fixed for the term you agree to. In New Zealand most banks offer 6 months to 5 year terms. Although there are 7 and even 10 year terms available from some banks.

                              Pros

                              • You know the exact rate you will have to pay each at payment, which is generally your choice i.e. weekly, fortnightly or monthly. If your income is fixed you can dedicate a portion of your income to your mortgage and know that it will not change for the term you have selected. This enables you to lock in an attractive rate in an economic environment where interest rates are increasing.

                              Cons

                              • If rates start going down, you cannot take advantage of smaller interest costs as you will continue to be charged at the fixed rate. There is no flexibility with early repayments, if you come into some money you were not expecting you cannot use it to pay off your mortgage (unless you are prepared to incur a financial penalty).

                              Floating Rate

                              Interest rates offered to customers are based on the Overnight Cash Rate (OCR) and will fluctuate with this rate and with general economic and financial market conditions.

                              Pros

                              • Floating rate loans are very flexible, usually you can completely pay off your loan with no penalty i.e. there is no term to a floating rate loan. If interest rates are going down, you will be able to benefit from this as your repayments will decrease with the drop in floating rates.

                              Cons

                              • If interest rates go up your mortgage payments will go up, you will have to pay more with each payment. You do not have certainty around what your financial commitments are and hence cannot plan with the same clarity that you can with a fixed loan.

                              Capped

                              A capped rate is a floating rate that is capped at a certain level i.e. you pay a floating rate but there is a limit, or cap at which your rates will stop rising.

                              Pros

                              • As you are in a floating rate product you have the opportunity to gain from a decrease in rates should they drop. Further to this if rates rise there is a limit to how high your mortgage payments can rise.

                              Cons

                              • As this is a tailored or specialist product you will pay a premium for it i.e. the floating rate will likely have a premium or margin added to it.

                              Where can I get a mortgage?

                              Banks

                              Pros

                              • Banks can secure funding for loans at low rates meaning they can lend that money back out to the public in the form of mortgages at very cheap rates. Banks have a wide range of products and are heavily in competition with other banks for the consumer business, meaning you can shop around for the best deal.

                              Cons

                              • Banks are heavily regulated and must comply with restrictions about who they lend to. For example, if you do not have a sufficient deposit or good credit history they may not deal with you.

                              Credit Unions/ Building Societies

                              Pros

                              • Credit Unions and Building Societies are not for profit co-operative institutions owned by their members. Their mission is to provide their members with affordable financial services. When you open an account you become a member, this enables you to vote at the Annual General Meeting or even put yourself forward as a board member.

                              Cons

                              • Credit Unions will typically not have the country wide reach of a bank. For example, they may tend to service a particular area rather than the whole country.

                              Finance Companies

                              Pros

                              • Finance companies are not as strictly controlled in terms of regulation as a bank is so you may be able to get a mortgage with a finance company when a bank would not lend you the money.

                              Cons

                              • Finance companies source their funds from investor deposits as opposed to the wholesales funds market that banks have access to, hence in a straight price comparison their rates will not be as low as a bank.

                              Mortgage Brokers

                              Pros

                              • A mortgage broker is a middle man who sits between you the borrower and one or more mortgage providers, typically banks. As they can be on selling mortgages from many different providers they can sometimes offer you competitive rates by negotiating on your behalf.

                              Cons

                              • A broker can only offer you mortgages from the providers they have relationships with. Hence you can get better market coverage if you approach the mortgage providers of your choice directly. By dealing with a broker you are missing out on creating a direct ongoing relationship with your mortgage provider.

                              What are the different types of mortgages?

                              Table Loan

                              In a table loan your payment remains the same for the lifetime of the loan. During this time, you are paying back both principal and interest. At the beginning of your loan you are mostly paying off the interest on your original debt, as you move closer to the end of the loan term the ratio of principal that you are paying off increases. This loan type is the most common.

                              Revolving Credit

                              This is like a very large overdraft facility. You have one account to manage your mortgage payments, expenditure and your income. As your pay goes in each week, fortnight or month it acts like one big mortgage payment. The income offsets against the total that you pay interest on. Interest payments are calculated daily based on your outstanding balance. The lower you can keep that the less your interest payments are. This type of mortgage is great if you are very disciplined in the way you spend your money. It can be difficult to keep a track of exactly how you are going with paying off the overall principal.

                              Offset Loan

                              Very similar to a revolving credit mortgage but uses separate accounts. You operate your mortgage account as usual with payments coming out each week, fortnight or month. However, you are able to stipulate a number of accounts (depending on the provider) where the positive account balance can be used to offset the principal amount on which you are charged interest. An excellent product if you can get it and you use it properly.

                              Interest Only

                              You take out a mortgage as normal but only repay the interest portion of your debt. Hence your payments will be smaller but you are not paying off any principal. This is really only a type of mortgage to provide temporary relief if you have cash flow issues.

                              Reducing Loan

                              Reducing or Straight Line mortgages pay off the same amount of principal with each payment but a reducing amount of interest. The overall payment amount starts high and decreases in a straight line over time. As you are paying a higher amount of interest in the beginning you pay less total interest over the life of the loan.

                              Mortgage Checklist

                              • Negotiate

                                The mortgage market is extremely competitive with many different players competing for your business. There are a lot of fees that you will not have to pay once you are borrowing over a certain amount. If you don’t ask you won’t get.

                              • Credit Check

                                Know your own credit rating. Lenders use your credit rating to assess your credit worthiness and hence your eligibility to borrow at lower interest rates. If you have an excellent credit rating this is a real bargaining chip for you. You can read about credit ratings at this government site.

                              • Research

                                Get your finance in place before you begin viewing properties, that way you can react quickly if the perfect property comes along.

                              • Proof of Income

                                When you apply you will need to show proof of income / employment. You'll also need to show how much your expenses are by providing a history of bank statements, usually around 6 months.

                              • Proof of Deposit

                                If you are changing lenders and your deposit is not currently held with the lender you will need to prove that you have the deposit. You can do this via bank statements covering the last 6 months.

                              • Purchase Documentation

                                If you've already bought the property you should bring any sale and purchase agreements with you when you approach a lender for finance.

                              • Legal

                                A lawyer will oversee the transaction and ensure all property details have been checked and that the ownership structure you choose is right for you i.e. what names will be on the contract for ownership of the home.

                              • Insurance

                                Your home or investment property should be covered by insurance to guard against disaster or damage.

                              Comparison Calculations

                              The calculations for Monthly Payment Amount and Annual Comparison rate are based on a principal amount of $250,000 and a term of 30 years. These figures take into account the Advertised Interest Rate, Upfront Fees and any Monthly Fees. We calculate these figures as it gives our users a better way to compare each loan. All figures are indicative for comparison purposes only, they do not constitute a quote. Users who are looking to enter into a mortgage contract should seek an exact quote from a mortgage broker or from the institution directly.

                              The Annual Comparison Rate (APR) takes into account the Advertised Interest Rate, Upfront Fees and any Monthly Fees. We calculate this as it gives our users a better way to compare each loan.