NZ mortgage rate history: home loan interest rates since 1964

What is the average mortgage rate in NZ?

The Reserve Bank says the average 1-year special home loan rate was 4.95% in October 2026, and the average 2-year special was 5.25%. Special rates are the lower rates banks offer to people with at least 20% equity, or an LVR of 80% or less. If you have less equity, you usually pay the standard rate or a low equity margin on top.

• 6 months

  Average special rate

  4.74%

  Average standard rate

  5.33%

• 1 year

  Average special rate

  4.95%

  Average standard rate

  5.54%

• 2 years

  Average special rate

  5.25%

  Average standard rate

  5.84%

• 3 years

  Average special rate

  5.48%

  Average standard rate

  5.95%

• 5 years

  Average special rate

  5.74%

  Average standard rate

  6.24%

• Floating

  Average special rate

  Not published

  Average standard rate

  6.43%

These figures are averages of the rates banks advertise. On 11 November 2026, Nester checked the five main banks and found the lowest 1-year special was 4.99%, at ANZ, ASB and BNZ. The mortgage rates comparison shows each bank's rate for every term.

Mortgage rates over the last 12 months

• November 2025

  1-year special

  4.43%

  2-year special

  4.50%

  5-year special

  5.12%

• December 2025

  1-year special

  4.45%

  2-year special

  4.65%

  5-year special

  5.27%

• January 2026

  1-year special

  4.48%

  2-year special

  4.66%

  5-year special

  5.36%

• February 2026

  1-year special

  4.46%

  2-year special

  4.80%

  5-year special

  5.49%

• March 2026

  1-year special

  4.54%

  2-year special

  5.02%

  5-year special

  5.66%

• April 2026

  1-year special

  4.59%

  2-year special

  5.05%

  5-year special

  5.64%

• May 2026

  1-year special

  4.65%

  2-year special

  5.09%

  5-year special

  5.74%

• June 2026

  1-year special

  4.67%

  2-year special

  5.08%

  5-year special

  5.64%

• July 2026

  1-year special

  4.74%

  2-year special

  5.15%

  5-year special

  5.63%

• August 2026

  1-year special

  4.87%

  2-year special

  5.29%

  5-year special

  5.63%

• September 2026

  1-year special

  4.97%

  2-year special

  5.27%

  5-year special

  5.70%

• October 2026

  1-year special

  4.95%

  2-year special

  5.25%

  5-year special

  5.74%

The average 1-year special rate went up from 4.43% in October 2025 to 4.95% in October 2026.

Mortgage rates in NZ since 2004

The Reserve Bank has recorded the average rate for each fixed term since December 2004, and it started tracking average special rates in January 2017. The table shows the rates for October each year.

• 2026

  1-year special

  4.95%

  1-year standard

  5.54%

  2-year standard

  5.84%

  5-year standard

  6.24%

  Floating

  6.43%

• 2025

  1-year special

  4.43%

  1-year standard

  5.10%

  2-year standard

  5.20%

  5-year standard

  5.56%

  Floating

  6.27%

• 2024

  1-year special

  5.96%

  1-year standard

  6.53%

  2-year standard

  6.29%

  5-year standard

  6.10%

  Floating

  8.11%

• 2023

  1-year special

  7.26%

  1-year standard

  7.73%

  2-year standard

  7.60%

  5-year standard

  7.19%

  Floating

  8.61%

• 2022

  1-year special

  5.80%

  1-year standard

  6.18%

  2-year standard

  6.47%

  5-year standard

  6.90%

  Floating

  6.99%

• 2021

  1-year special

  3.16%

  1-year standard

  3.82%

  2-year standard

  4.22%

  5-year standard

  4.96%

  Floating

  4.65%

• 2020

  1-year special

  2.53%

  1-year standard

  3.36%

  2-year standard

  3.55%

  5-year standard

  3.78%

  Floating

  4.54%

• 2019

  1-year special

  3.49%

  1-year standard

  4.35%

  2-year standard

  4.41%

  5-year standard

  4.86%

  Floating

  5.45%

• 2018

  1-year special

  4.14%

  1-year standard

  4.77%

  2-year standard

  4.92%

  5-year standard

  5.51%

  Floating

  5.77%

• 2017

  1-year special

  4.54%

  1-year standard

  4.90%

  2-year standard

  5.08%

  5-year standard

  5.92%

  Floating

  5.75%

• 2016

  1-year special

  Not tracked

  1-year standard

  4.93%

  2-year standard

  5.06%

  5-year standard

  5.61%

  Floating

  5.64%

• 2015

  1-year special

  Not tracked

  1-year standard

  5.04%

  2-year standard

  5.25%

  5-year standard

  5.72%

  Floating

  5.99%

• 2014

  1-year special

  Not tracked

  1-year standard

  5.93%

  2-year standard

  6.27%

  5-year standard

  7.09%

  Floating

  6.59%

• 2013

  1-year special

  Not tracked

  1-year standard

  5.32%

  2-year standard

  5.83%

  5-year standard

  6.98%

  Floating

  5.83%

• 2012

  1-year special

  Not tracked

  1-year standard

  5.28%

  2-year standard

  5.40%

  5-year standard

  6.46%

  Floating

  5.79%

• 2011

  1-year special

  Not tracked

  1-year standard

  5.87%

  2-year standard

  6.21%

  5-year standard

  7.56%

  Floating

  5.85%

• 2010

  1-year special

  Not tracked

  1-year standard

  6.41%

  2-year standard

  6.73%

  5-year standard

  7.70%

  Floating

  6.34%

• 2009

  1-year special

  Not tracked

  1-year standard

  6.01%

  2-year standard

  7.08%

  5-year standard

  8.68%

  Floating

  6.15%

• 2008

  1-year special

  Not tracked

  1-year standard

  8.17%

  2-year standard

  8.24%

  5-year standard

  8.74%

  Floating

  9.62%

• 2007

  1-year special

  Not tracked

  1-year standard

  9.44%

  2-year standard

  9.14%

  5-year standard

  8.78%

  Floating

  10.40%

• 2006

  1-year special

  Not tracked

  1-year standard

  8.37%

  2-year standard

  8.06%

  5-year standard

  7.75%

  Floating

  9.46%

• 2005

  1-year special

  Not tracked

  1-year standard

  8.16%

  2-year standard

  7.92%

  5-year standard

  7.69%

  Floating

  9.02%

Rates peaked in 2008, when the average 1-year standard rate reached 9.90% in March 2008. They fell to a low in 2021, with the average 1-year special at 2.21% in June 2021. After that, rates went up again, and the 1-year special reached 7.30% in November 2023.

Interest rate history since 1964

The Reserve Bank has tracked floating rates since February 1964. This rate is the average offered to new customers, weighted by how much each bank lends.

• 1965

  Floating rate

  6.47%

• 1970

  Floating rate

  6.94%

• 1975

  Floating rate

  9.65%

• 1980

  Floating rate

  14.80%

• 1985

  Floating rate

  18.92%

• 1990

  Floating rate

  15.20%

• 1995

  Floating rate

  10.40%

• 2000

  Floating rate

  8.50%

• 2005

  Floating rate

  9.54%

• 2010

  Floating rate

  6.35%

• 2015

  Floating rate

  5.77%

• 2020

  Floating rate

  4.39%

• 2025

  Floating rate

  5.77%

The floating rate hit its highest point at 20.50% in June 1987, and its lowest was 4.37% in May 2021. In October 2026, it was 6.32%. That's a little lower than the 6.43% average floating rate in the first table, because the bigger banks count for more in this figure.

What these rates mean for repayments

The cost of the same loan can change a lot depending on the interest rate. The table uses a $630,000 loan, which is about the national median house price minus a 20% deposit, over 30 years.

• 2.21%

  When

  Average 1-year special, June 2021

  Fortnightly repayment on $630,000

  $1,105.15

• 4.95%

  When

  Average 1-year special, October 2026

  Fortnightly repayment on $630,000

  $1,551.29

• 7.30%

  When

  Average 1-year special, November 2023

  Fortnightly repayment on $630,000

  $1,992.53

• 9.90%

  When

  Average 1-year standard rate, March 2008

  Fortnightly repayment on $630,000

  $2,529.34

You can use the mortgage repayment calculator to work out repayments for your own loan and interest rate.

Where these figures come from

The long-term rates come from the Reserve Bank's monthly statistics. The fixed rates are simple averages of what banks advertise, and the floating rate since 1964 is weighted by how much each bank lends. The Reserve Bank updates these numbers every month. The current bank rates are from Nester's weekly check of the ANZ, ASB, BNZ, Westpac and Kiwibank websites.

Common questions