Not all mortgages are created equal. Many variables affect the interest rates on offer. These include your choice of lender, the size of your deposit, and whether you’re an investor, a first home buyer or somebody looking to refinance.
On Canstar’s database there’s a wide disparity between the rates for similar loans. For example, 1-year fixed rates start at 6.69% and top out at 8.09% and 2-year rates begin at 6.45% and rise to 7.59%.
Below is an overview of the current average, minimum and maximum rates for owner-occupier home loans on our database across fixed-term and floating rates.
For a more detailed view of the interest rates on offer, check out Canstar’s mortgage rate comparison tool, which displays mortgage products from banks and other lenders, covering:
- First Home Buyers
- Refinancing
- Line of Credit
- Investor
- Building
Average 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 | 8.59% | 7.31% | 6.90% | 6.72% | 6.73% | 6.71% | |
| Min | 7.99% | 6.69% | 6.45% | 6.19% | 6.55% | 6.39% | |
| Max | 8.84% | 8.09% | 7.59% | 7.29% | 7.34% | 7.34% | |
Rate statistics, as at March 28, 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.
Average 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 | 8.74% | 7.57% | 7.11% | 6.90% | 6.79% | 6.75% | |
| Min | 8.64% | 7.24% | 6.79% | 6.65% | 6.55% | 6.55% | |
| Max | 8.84% | 8.09% | 7.59% | 7.29% | 7.19% | 7.09% | |
Rate statistics, as at March 28, 2024
Source: www.canstar.co.nz. Based on owner-occupier loans available for $500,000, at 80% LVR in Canstar’s database.
Compare with Canstar for the Lowest Mortgage Rates
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.
For while the lowest interest rates are important. There is more to a mortgage than just interest charges. When Canstar compares and rates 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 our main comparison tables are sorted initially by Star Rating, highest to lowest. However, if you want to compare by lowest rates instead, you can do that, too, as you can see on our comparison table snapshots below.
First Home Buyer Mortgage Rates
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
Mortgage Rates for Refinancing
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 looking to refinance. 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
Investor Mortgage Rates
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
This report was written by Canstar’s Editor, Bruce Pitchers. Bruce has three decades’ experience as a journalist and has worked for major media companies in the UK and Australasia, including ACP, Bauer Media Group, Fairfax, Pacific Magazines, News Corp and TVNZ. 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.
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