Best Home Loan Rates

Whether you’re a first home buyer, an investor, or an owner-occupier looking to upgrade or downsize, it’s essential to shop around for the best home loan rates. Last October, the Reserve Bank started lifting the Official Cash Rate (OCR), for the first time since 2014.

Up from a historic low of 0.25%, the OCR now stands at 2.5% and could rise further over coming months if inflation remains high. And the big banks have spared no time passing on the rate rises to customers. Last August, the average one-year fixed rate for owner-occupiers on Canstar’s mortgage database was 2.58%. At time of writing (01/08/22), the same rate is now 5.28%.

However, there remains a wide disparity between the lowest rate on our tables, 4.09% (floating), and the highest, 6.96% (5-year fixed). So for canny consumers who are prepared to do their homework and search out the cheapest deals, there are still savings to be made.

Compare with Canstar for the Best Home Loan Rates

And one of the best places to start your hunt for the best home loan rate is Canstar’s home loan database, ratings and awards. Not only can you compare 245 different mortgage products from 11 lenders, you can discover which loans and lenders earn Canstar’s top awards for value and service, as judged by our expert research panel.

While the best interest rates are important. There is more to a mortgage than just interest charges. When we compare and rate mortgages and mortgage lenders, our expert researchers look at each home loan and awards points for the array of features it offers and its comparative price, which includes rates and fees.

The best products then receive our 5-Star Ratings for Outstanding Value. We place a lot of importance on our ratings, which is why the comparison grids below are sorted first by Star Rating, highest to lowest. But if you want to rank results purely on the cheapest interest rates, you can do that, too. Just click through to our interactive comparison tables.

So to discover the best home loan rates for first home buyers, investors and refinancing, compare on:

Best Home Loan Rates for First Home Buyers

The table below displays some of the 2-year fixed-rate home loans on our database (some may have links to lenders’ websites) that are available for first home buyers. This table is sorted by Star Rating (highest to lowest), followed by company name (alphabetical). Products shown are principal and interest home loans available for a loan amount of $500K in Auckland. Before committing to a particular home loan product, check upfront with your lender and read the applicable loan documentation to confirm whether the terms of the loan meet your needs and repayment capacity. Use Canstar’s home loan selector to view a wider range of home loan products. Canstar may earn a fee for referrals.

Compare Best Home Loan Rates for First Home Buyers

Best Home Loan Rates for Refinancing

The table below displays some of the 2-year fixed-rate home loans on our database (some may have links to lenders’ websites) that are available for home owners looking to refinance. This table is sorted by Star Rating (highest to lowest), followed by company name (alphabetical). Products shown are principal and interest home loans available for a loan amount of $500K in Auckland. Before committing to a particular home loan product, check upfront with your lender and read the applicable loan documentation to confirm whether the terms of the loan meet your needs and repayment capacity. Use Canstar’s home loan selector to view a wider range of home loan products. Canstar may earn a fee for referrals.

Compare Best Home Loan Rates for Refinancing

Best Home Loan Rates for Investors

If you’re currently considering a home loan, the table below displays some of the 2-year fixed-rate home loans on our database (some may have links to lenders’ websites) that are available for first home buyers. This table is sorted by Star Rating (highest to lowest), followed by company name (alphabetical). Products shown are principal and interest home loans available for a loan amount of $500K in Auckland. Before committing to a particular home loan product, check upfront with your lender about deposit requirements and read the applicable loan documentation to confirm whether the terms of the loan meet your needs and repayment capacity. Use Canstar’s home loan selector to view a wider range of home loan products. Canstar may earn a fee for referrals.
 

Compare Best Home Loan Rates for Investors

About the author of this page

This report was written by Canstar’s Editor, Bruce Pitchers. Bruce began his career writing about pop culture, and spent a decade in sports journalism. More recently, he’s applied his editing and writing skills to the world of finance and property. Prior to Canstar, he worked as a freelancer, including for The Australian Financial Review, the NZ Financial Markets Authority, and for real estate companies on both sides of the Tasman.