# NZ mortgage rate history: home loan interest rates since 1964

> How New Zealand mortgage rates have changed since 1964, from the 20.50% floating rate in 1987 to today, with the average special and standard rates for every fixed term from the Reserve Bank.

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

## The short version

- In October 2026, the average 1-year special home loan rate in New Zealand was 4.95%, up from 4.43% a year earlier, according to the Reserve Bank.
- On 11 November 2026, Nester checked the five main banks and found the lowest 1-year special rate was 4.99%, at ANZ, ASB and BNZ.
- The highest floating rate in the Reserve Bank's records was 20.50% in June 1987, and the lowest was 4.37% in May 2021.
- The average 1-year special rate fell to 2.21% in June 2021 and then rose to 7.30% by November 2023.

## 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](https://buyingahouse.co.nz/glossary/lvr) of 80% or less. If you have less equity, you usually pay the standard rate or a low equity margin on top.

| Term | Average special rate | Average standard rate |
| --- | --- | --- |
| 6 months | 4.74% | 5.33% |
| 1 year | 4.95% | 5.54% |
| 2 years | 5.25% | 5.84% |
| 3 years | 5.48% | 5.95% |
| 5 years | 5.74% | 6.24% |
| Floating | Not published | 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](https://buyingahouse.co.nz/mortgage-rates/compare) shows each bank's rate for every term.

## Mortgage rates over the last 12 months

| Month | 1-year special | 2-year special | 5-year special |
| --- | --- | --- | --- |
| November 2025 | 4.43% | 4.50% | 5.12% |
| December 2025 | 4.45% | 4.65% | 5.27% |
| January 2026 | 4.48% | 4.66% | 5.36% |
| February 2026 | 4.46% | 4.80% | 5.49% |
| March 2026 | 4.54% | 5.02% | 5.66% |
| April 2026 | 4.59% | 5.05% | 5.64% |
| May 2026 | 4.65% | 5.09% | 5.74% |
| June 2026 | 4.67% | 5.08% | 5.64% |
| July 2026 | 4.74% | 5.15% | 5.63% |
| August 2026 | 4.87% | 5.29% | 5.63% |
| September 2026 | 4.97% | 5.27% | 5.70% |
| October 2026 | 4.95% | 5.25% | 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.

| October | 1-year special | 1-year standard | 2-year standard | 5-year standard | Floating |
| --- | --- | --- | --- | --- | --- |
| 2026 | 4.95% | 5.54% | 5.84% | 6.24% | 6.43% |
| 2025 | 4.43% | 5.10% | 5.20% | 5.56% | 6.27% |
| 2024 | 5.96% | 6.53% | 6.29% | 6.10% | 8.11% |
| 2023 | 7.26% | 7.73% | 7.60% | 7.19% | 8.61% |
| 2022 | 5.80% | 6.18% | 6.47% | 6.90% | 6.99% |
| 2021 | 3.16% | 3.82% | 4.22% | 4.96% | 4.65% |
| 2020 | 2.53% | 3.36% | 3.55% | 3.78% | 4.54% |
| 2019 | 3.49% | 4.35% | 4.41% | 4.86% | 5.45% |
| 2018 | 4.14% | 4.77% | 4.92% | 5.51% | 5.77% |
| 2017 | 4.54% | 4.90% | 5.08% | 5.92% | 5.75% |
| 2016 | Not tracked | 4.93% | 5.06% | 5.61% | 5.64% |
| 2015 | Not tracked | 5.04% | 5.25% | 5.72% | 5.99% |
| 2014 | Not tracked | 5.93% | 6.27% | 7.09% | 6.59% |
| 2013 | Not tracked | 5.32% | 5.83% | 6.98% | 5.83% |
| 2012 | Not tracked | 5.28% | 5.40% | 6.46% | 5.79% |
| 2011 | Not tracked | 5.87% | 6.21% | 7.56% | 5.85% |
| 2010 | Not tracked | 6.41% | 6.73% | 7.70% | 6.34% |
| 2009 | Not tracked | 6.01% | 7.08% | 8.68% | 6.15% |
| 2008 | Not tracked | 8.17% | 8.24% | 8.74% | 9.62% |
| 2007 | Not tracked | 9.44% | 9.14% | 8.78% | 10.40% |
| 2006 | Not tracked | 8.37% | 8.06% | 7.75% | 9.46% |
| 2005 | Not tracked | 8.16% | 7.92% | 7.69% | 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.

| December | Floating rate |
| --- | --- |
| 1965 | 6.47% |
| 1970 | 6.94% |
| 1975 | 9.65% |
| 1980 | 14.80% |
| 1985 | 18.92% |
| 1990 | 15.20% |
| 1995 | 10.40% |
| 2000 | 8.50% |
| 2005 | 9.54% |
| 2010 | 6.35% |
| 2015 | 5.77% |
| 2020 | 4.39% |
| 2025 | 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.

| Rate | When | Fortnightly repayment on $630,000 |
| --- | --- | --- |
| 2.21% | Average 1-year special, June 2021 | $1,105.15 |
| 4.95% | Average 1-year special, October 2026 | $1,551.29 |
| 7.30% | Average 1-year special, November 2023 | $1,992.53 |
| 9.90% | Average 1-year standard rate, March 2008 | $2,529.34 |

You can use the [mortgage repayment calculator](https://buyingahouse.co.nz/tools/mortgage-repayments) 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

### What is the average mortgage rate in NZ?

According to the Reserve Bank, in October 2026 the average 1-year special rate was 4.95% and the average 2-year special was 5.25%. You need at least 20% equity to get a special rate. If you don't qualify, the average standard 1-year rate was 5.54%.

### What was the highest mortgage rate in NZ?

In June 1987, the floating rate for new customers reached 20.50%. This was the highest rate the Reserve Bank has recorded since 1964. For fixed rates, which the Reserve Bank started tracking in 2004, the highest average 1-year standard rate was 9.90% in March 2008.

### What was the lowest mortgage rate in NZ?

The average 1-year special rate fell to 2.21% in June 2021. The floating rate also hit its lowest level of 4.37% in May 2021.

### Are mortgage rates going up in NZ?

Between October 2025 and October 2026, the average 1-year special rate went up from 4.43% to 4.95%, and the average 2-year special rate rose from 4.52% to 5.25%. Nobody can say where rates will go next, so this page only shows what has already happened.

## Sources

- [Reserve Bank of New Zealand: New residential mortgage special interest rates (B21)](https://www.rbnz.govt.nz/statistics/series/exchange-and-interest-rates/new-residential-mortgage-special-interest-rates)
- [Reserve Bank of New Zealand: New residential mortgage standard interest rates (B20)](https://www.rbnz.govt.nz/statistics/series/exchange-and-interest-rates/new-residential-mortgage-standard-interest-rates)
- [Reserve Bank of New Zealand: Retail interest rates on lending and deposits (B3)](https://www.rbnz.govt.nz/statistics/series/exchange-and-interest-rates/retail-interest-rates-on-lending-and-deposits)