Since August, the Reserve Bank (RBNZ) has cut the OCR three times. It now stands at 4.25%, and bank economists forecast further cuts when the RBNZ meets again in February.
In response, all the major banks have started to trim their fixed-term mortgage rates. At the start of July, the average one-year fixed rate for owner-occupiers on Canstar’s mortgage database was 7.18%. It now stands at 5.84%.
But there remains a wide disparity between rates. For example, longer term fixed rates start as low as 5.45%, while variable rates top out at 7.94%.
So if you’re looking for the lowest mortgage rate, it’s essential to do you homework and shop around.
Compare with Canstar for the Lowest Mortgage Rates
And one of the best places to start your hunt for the lowest mortgage 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.
The table below displays some of the 1-year fixed-rate home loans on our database (some may have links to lenders’ websites) that are available for home owners. This table is sorted by current interest rates (lowest to highest), 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 Lowest Home Loan Rates for Refinancing
Lowest Mortgage Rates for First Home Buyers
The table below displays some of the 1-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 current interest rates (lowest to highest), 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 Lowest Home Loan Rates for FHBs
Latest Owner-Occupier Mortgage Rates
Here is an overview of the current average, minimum and maximum rates for owner-occupier home loans on our database:
| Owner-Occupier Mortgage Rates | |||||||
|---|---|---|---|---|---|---|---|
| Floating | 1-Year Fixed | 2-Year Fixed | 3-Year Fixed | 4-Year Fixed | 5-Year Fixed | ||
| Average | 7.36% | 5.84% | 5.60% | 5.68% | 5.83% | 5.85% | |
| Min | 6.95% | 5.49% | 5.49% | 5.45% | 5.59% | 5.59% | |
| Max | 7.94% | 6.49% | 6.09% | 6.29% | 6.29% | 6.29% | |
Rate statistics, as at Dec 13, 2024
Source: www.canstar.co.nz. Based on owner-occupier loans available for $500,000, at 80% LVR and principal & interest repayments; excluding first home buyer only and green only loans in Canstar’s database.
Latest Bank Mortgage Rates
Rates as at 13/12/24.
Latest Investment Mortgage Rates
Here is an overview of the current average, minimum and maximum rates for investor home loans on our database:
| Investment Mortgage Rates | |||||||
|---|---|---|---|---|---|---|---|
| Floating | 1-Year Fixed | 2-Year Fixed | 3-Year Fixed | 4-Year Fixed | 5-Year Fixed | ||
| Average | 7.39% | 5.94% | 5.69% | 5.79% | 5.89% | 5.94% | |
| Min | 7.39% | 5.79% | 5.49% | 5.59% | 5.79% | 5.79% | |
| Max | 7.39% | 6.39% | 6.09% | 6.19% | 6.19% | 6.19% | |
Rate statistics, as at Dec 13, 2024.
Source: www.canstar.co.nz. Based on owner-occupier loans available for $500,000, at 80% LVR in Canstar’s database.
Lowest Mortgage Rates for Investors
If you’re currently considering a home loan, the table below displays some of the 1-year fixed-rate home loans on our database (some may have links to lenders’ websites) that are available for first investors. This table is sorted by current interest rates (lowest to highest), 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 Lowest Home Loan Rates for Investors
About the author of this page
Bruce Pitchers is the Content Manager at Canstar New Zealand. An experienced finance reporter, Bruce has three decades’ experience as a journalist and has worked for major media companies in Australia, the UK and New Zealand, including ACP, Are Media, Bauer Media Group, Fairfax, Pacific Magazines, News Corp and TVNZ.
Bruce started his career as an entertainment journalist before turning his pen to sport and fitness content, working for some of Australia’s leading sports magazines. Bruce then moved his focus to the world of finance and worked as a freelance writer and editor for The Australian Financial Review, the NZ Financial Markets Authority and major banks and investment companies on both sides of the Tasman.
In his role at Canstar, he has been a regular commentator in the NZ media, including on the Driven, Stuff and One Roof websites, the NZ Herald’s Cooking the Books podcast, Radio NZ, and Newstalk ZB.
Away from his desk at Canstar, Bruce spends many hours creating and editing puzzles for magazine and newspaper titles in the USA and Australasia, including Woman’s Day and New Idea. To that end, he is the co-author of the murder-mystery puzzle book 5 Minute Murder.
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