# Mortgage rates NZ: compare home loan rates from the main banks

> Compare fixed and floating home loan rates from ANZ, ASB, BNZ, Westpac and Kiwibank, checked on each bank's own website on 11 November 2026. The lowest 1-year rate is 4.99%.

By Jason Dark, last checked 2026-11-11. Part of [Mortgage rates](https://buyingahouse.co.nz/mortgage-rates) on Nester.

## The short version

- The lowest 1-year fixed rate at the main banks is 4.99%, from ANZ, ASB and BNZ. The lowest 2-year rate is 5.29%, from Westpac.
- Floating rates range from 6.25% to 6.39%.
- These are special rates, which need at least 20% equity. With less, you pay a standard rate or a low equity margin on top.

These are the home loan rates ANZ, ASB, BNZ, Westpac and Kiwibank publish on their own websites, checked on 11 November 2026. Each rate shown is the special rate for borrowers with at least 20% equity, or the standard rate if the bank has no special for that term.

## Lowest mortgage rates by term

- 6 months: 4.79% at ANZ, ASB and BNZ
- 1 year: 4.99% at ANZ, ASB and BNZ
- 18 months: 5.19% at Westpac
- 2 years: 5.29% at Westpac
- 3 years: 5.59% at ANZ, ASB, BNZ, Westpac and Kiwibank
- 4 years: 5.65% at ASB, BNZ and Westpac
- 5 years: 5.75% at ASB, BNZ and Westpac

If you borrow $630,000 over 30 years, the gap between the lowest and highest 1-year rates is $35.70 a fortnight. $630,000 is about the national median house price less a 20% deposit.

## Fixed and floating rates at each bank

| Bank | 6 months | 1 year | 18 months | 2 years | 3 years | 4 years | 5 years | Floating |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| [ANZ](https://buyingahouse.co.nz/mortgage-rates/anz) | 4.79% | 4.99% | 5.29% | 5.35% | 5.59% | 6.39% | 6.49% | 6.29% |
| [ASB](https://buyingahouse.co.nz/mortgage-rates/asb) | 4.79% | 4.99% | 5.29% | 5.35% | 5.59% | 5.65% | 5.75% | 6.29% |
| [BNZ](https://buyingahouse.co.nz/mortgage-rates/bnz) | 4.79% | 4.99% | 5.29% | 5.35% | 5.59% | 5.65% | 5.75% | 6.34% |
| [Westpac](https://buyingahouse.co.nz/mortgage-rates/westpac) | 4.89% | 5.19% | 5.19% | 5.29% | 5.59% | 5.65% | 5.75% | 6.39% |
| [Kiwibank](https://buyingahouse.co.nz/mortgage-rates/kiwibank) | 4.85% | 5.15% | Not offered | 5.39% | 5.59% | 5.79% | 5.89% | 6.25% |

## Special rates and standard rates

Banks advertise special rates. To get them, you need at least 20% equity, which means a deposit of 20% or more when you buy. ANZ and Westpac also want your salary paid into an account with them.

If your [LVR](https://buyingahouse.co.nz/glossary/lvr) is over 80%, most banks add a low equity margin to your rate, and Kiwibank charges its standard rates instead. Each bank's page below lists what it charges. The [First Home Loan guide](https://buyingahouse.co.nz/buying/first-home-grant) explains how to buy with a smaller deposit.

## Fixed or floating?

A fixed rate stays the same for the term you choose, so your repayments won't change. If you want to pay more than your bank allows during the term, you might have to pay a [break fee](https://buyingahouse.co.nz/glossary/break-fee). Floating rates are higher, but you can make extra payments or pay off the loan whenever you like.

Many people split their loan, keeping most of it on a fixed rate and some on a floating rate to pay it off faster. The [mortgage calculator](https://buyingahouse.co.nz/tools/mortgage-repayments) shows how each rate affects your repayments.

## Where these rates come from

Nester reads each bank's rates from its own website, and these were last checked on 11 November 2026. Banks can change their rates at any time, so check with the bank or a mortgage adviser before you fix. Banks sometimes offer less than the rate they advertise, and a mortgage adviser can ask several banks for you.

## Common questions

### What is the lowest mortgage rate in NZ right now?

At the main banks, the lowest fixed rate is 4.79% for 6 months, from ANZ, ASB and BNZ. The lowest 1-year rate is 4.99%, from ANZ, ASB and BNZ. These rates were checked on 11 November 2026 and need at least 20% equity.

### Which bank has the best mortgage rates in NZ?

The main banks' special rates are close, and several often share the lowest rate for a term. On 11 November 2026, ANZ, ASB and BNZ had the lowest 1-year rate. Banks sometimes offer less than the rate they advertise, and a mortgage adviser can ask several of them for you.

### What is a special mortgage rate?

A special rate is the lower rate a bank advertises for borrowers with at least 20% equity. ANZ and Westpac also want your salary paid into an account with them. Without the special, you pay the bank's standard rate or a low equity margin on top of the special.

### Should I fix or float my mortgage?

With a fixed rate, your repayments stay the same for the term, but you might have to pay a break fee if you repay more than your bank allows. A floating rate usually costs more, but you can pay extra or repay the loan at any time. Many people split their loan between fixed and floating rates.

## Sources

- [ANZ: Home loan rates](https://www.anz.co.nz/rates-fees-agreements/home-loans/)
- [ASB: Home loan interest rates and fees](https://www.asb.co.nz/home-loans-mortgages/interest-rates-fees.html)
- [BNZ: Compare home loan rates](https://www.bnz.co.nz/personal-banking/home-loans/compare-bnz-home-loan-rates)
- [Westpac: Home loan interest rates](https://www.westpac.co.nz/home-loans-mortgages/interest-rates/)
- [Kiwibank: Home loan rates and fees](https://www.kiwibank.co.nz/personal-banking/home-loans/rates-and-fees/)