Mortgages

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

Last Updated Thursday, May 19, 2022 - 1:41pm
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
54258
Revolving Credit Home Loan
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

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.
51092
Revolving Credit
Upfront Fees

$0

Advertised Rate (p.a.)

4.89%

Comparison Rate (p.a.)

4.96%

LVR

LVR <= 80%

Representative example: The advertised rate is 4.89%, so if you borrow $250,000 over 30 years you will pay $0 in Upfront Fees and $10 in Monthly Fees. Your monthly repayment amount will be $1,335.30 and you will pay $480,707.16 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%.

    49006
    Revolving credit
    Upfront Fees

    $0

    Advertised Rate (p.a.)

    5.05%

    Comparison Rate (p.a.)

    5.05%

    LVR

    -

    Representative example: The advertised rate is 5.05%, 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 $1,349.70 and you will pay $485,893.40 in total over the life of the mortgage

      52605
      ORBIT Home Loan
      Upfront Fees

      $150

      Advertised Rate (p.a.)

      5.45%

      Comparison Rate (p.a.)

      5.53%

      LVR

      LVR <= 80%

      Representative example: The advertised rate is 5.45%, 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 $1,424.49 and you will pay $512,815.23 in total over the life of the mortgage

        51450
        Revolving Credit Facility
        Upfront Fees

        $260

        Advertised Rate (p.a.)

        5.45%

        Comparison Rate (p.a.)

        5.46%

        LVR

        LVR <= 80%

        Representative example: The advertised rate is 5.45%, so if you borrow $250,000 over 30 years you will pay $260 in Upfront Fees and no Monthly Fees. Your monthly repayment amount will be $1,413.11 and you will pay $508,718.83 in total over the life of the mortgage

          47977
          Rapid Repay Revolving
          Upfront Fees

          $150

          Advertised Rate (p.a.)

          5.55%

          Comparison Rate (p.a.)

          5.57%

          LVR

          -

          Representative example: The advertised rate is 5.55%, so if you borrow $250,000 over 30 years you will pay $150 in Upfront Fees and $2 in Monthly Fees. Your monthly repayment amount will be $1,430.18 and you will pay $514,865.34 in total over the life of the mortgage

          Transaction fees apply

            Promotion Details

            Be in to win $10,000 with a BNZ home loan. If you have a home loan with us on 31 July 2022 you'll automatically go in the draw to win a cash prize.

            47998
            Mortgage One Revolving
            Upfront Fees

            $150

            Advertised Rate (p.a.)

            5.55%

            Comparison Rate (p.a.)

            5.57%

            LVR

            -

            Representative example: The advertised rate is 5.55%, so if you borrow $250,000 over 30 years you will pay $150 in Upfront Fees and $2 in Monthly Fees. Your monthly repayment amount will be $1,430.18 and you will pay $514,865.34 in total over the life of the mortgage

              Promotion Details

              Be in to win $10,000 with a BNZ home loan. If you have a home loan with us on 31 July 2022 you'll automatically go in the draw to win a cash prize.

              53040
              Home Equity (Revolving)
              Upfront Fees

              $250

              Advertised Rate (p.a.)

              5.59%

              Comparison Rate (p.a.)

              5.60%

              LVR

              LVR <= 80%

              Representative example: The advertised rate is 5.59%, 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 $1,435.06 and you will pay $516,619.81 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).

                61256 Compare 
                61257 Compare 
                60542 Compare 
                59441 Compare 
                59442 Compare 
                59443 Compare 
                59440 Compare 
                59439 Compare 
                59176 Compare 
                58366 Compare 
                58367 Compare 
                56380 Compare 
                56052 Compare 
                55778 Compare 
                55777 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 
                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.