Kiwibank | ANZ | ASB | National Bank
Some of the highest interest rates in the developed world were offered and paid in New Zealand for a number of years.
As a consequence of the Christchurch earthquake, the central bank interest rate fell to 2.5 percent on March 10 2011 and remains there today.
Mortgage rates are higher than this and are not expected to fall significantly because, regardless of the central bank’s interest rate, New Zealand’s banks need to source much of the money they lend from overseas.
Most borrowers should find little difficulty securing a mortgage in New Zealand. (Note: To cool the country’s real estate markets, especially in Auckland and Christchurch, the Reserve Bank has introduced a requirement that banks can mostly offer mortgages only to people who already have a cash deposit available to cover 20% of the cost of buying a property.)
Here are current mortgage interest rates offered by some of the country’s main lenders.
Mortgage Interest Rates in New Zealand
|Type of Mortgage||ANZ||ASB||Kiwibank||Westpac
|Variable Rate||5.74%||5.75%||5.65%||5.64% *|
|6 months fixed||5.39% *||5.35%||5.40%||5.40% *|
|1 year fixed||5.69% *||5.49%||5.49%||5.49% *|
|2 years fixed||6.29% *||5.95% *||5.99% *||6.29% *|
|3 years fixed||6.65% *||6.60%||6.40%||6.35% *|
|5 years fixed||7.20% *||7.20%||6.90%||7.20% *|
* These rates are available only for home buyers who borrow 80% or less of the property’s value.
New Zealand Mortgage Rates Graph