What is the Average Home Loan in New Zealand?

What is the average home loan in New Zealand? Canstar crunches the numbers on the size of average mortgages and their monthly repayments.

There’s no disputing that, like the wider economy, the housing market is in the doldrums. There are more houses on the market, they’re taking longer to sell and prices are stagnant. According to REINZ, the national median price last year didn’t move from 2023’s number: $780k, which is down from $905k back in 2021.

But, overall, the property market’s rebalance has been a good thing for potential home buyers, who currently have a lot of housing stock to choose from and the upper hand when it comes to price negotiations.

Last year’s mortgage figures show a steady rise in buyer activity in the market, particularly investor numbers, while average mortgage sizes for first home buyers (FHBs) and other owner-occupiers remain subdued, and down on 2022’s figures.

Here’s a quick breakdown of last year’s average mortgage sizes in New Zealand, and you can find a more detailed rundown of the stats below:

  • Average first home buyer mortgage: $546,741
  • Average owner-occupier mortgage: $319,582
  • Average investor mortgage: $524,550


First Home Buyer Loan Rates

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 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.


Total Home Loan Borrowing

Total lending across all mortgage types was up considerably last year, especially among investors:

Total lending ($million) 2022 2023 2024 (YoY%)
All borrower types $68,948 $62,116 $75,261 (21%)
First home buyers $13,349 $14,677 $15,963 (9%)
Other owner-occupiers $43,046 $35,995 $43,217 (20%)
Investors $11,716 $10,554 $15,034 (42%)
Business purposes $836 $889 $1048 (18%)
Higher than 80% LVR lending ($million)
All borrower types $5274 $6451 $8043 (25%)
First home buyers $3847 $4928 $6215 (26%)
Other owner-occupiers $1340 $1392 $1707 (23%)
Investors $82 $124 $115 (-7%)
Business purposes $7 $4 $6 (50%)
Less than or equal to 80% LVR lending ($million)
All borrower types $63,673 $55,662 $67,218 (21%)
First home buyers $9504 $9749 $9749 (0%)
Other owner-occupiers $41,709 $34,603 $41,508 (20%)
Investors $11,634 $10,428 $14,918 (43%)
Business purposes $830 $887 $1043 (18%)

Number of Home Loan Borrowers

There was a steady rise in the number of borrowers last year, too:

Total No. Borrowers 2022 2023 2024 (YoY%)
All borrower types 181,016 173,814 199,715 (15%)
First home buyers 23,275 26,390 28,774 (9%)
Other owner-occupiers 132,581 123,062 139,429 (13%)
Investors 22,321 21,403 28,166 (32%)
Business purposes 2839 2959 3346 (13%)
Higher than 80% LVR lending
All borrower types 8116 10,498 13,277 (26%)
First home buyers 5892 7936 9999 (26%)
Other owner-occupiers 2070 2348 3081 (31%)
Investors 142 196 171 (-13%)
Business purposes 12 18 26 (44%)
Less than or equal to 80% LVR lending
All borrower types 172,900 163,316 186,438 (14%)
First home buyers 17,383 18,454 18,775 (2%)
Other owner-occupiers 130,511 120,714 136,348 (13%)
Investors 22,179 21,207 27,995 (32%)
Business purposes 2827 2941 3320 (13%)

Average Home Loan Borrowing

But while year-on-year average mortgages across all borrowing types except FHBs were up, mortgage sizes for owner-occupiers in general remain down on 2022’s levels:

Average Mortgage 2022 2023 2024 (YoY%)
All borrower types $380,895 $357,371 $376,842 (5.4%)
First home buyers $573,534 $556,158 $554,772 (-0.2%)
Other owner-occupiers $324,677 $292,495 $309,957 (6.0%)
Investors $524,887 $493,108 $533,764 (8.2%)
Business Purposes $294,470 $300,439 $313,210 (4.3%)
Higher than 80% LVR lending ($million)
All borrower types $649,828 $614,498 $605,784 (-1.4%)
First home buyers $652,919 $620,968 $621,562 (0.1%)
Other owner-occupiers $647,343 $592,845 $554,041 (-6.5%)
Investors $577,465 $632,653 $672,515 (6.3%)
Business Purposes $583,333 $222,222 $230,769 (3.8%)
Less than or equal to 80% LVR lending ($million)
All borrower types $368,265 $340,824 $360,538 (5.8%)
First home buyers $546,741 $528,287 $519,254 (-1.7%)
Other owner-occupiers $319,582 $286,653 $304,427 (6.2%)
Investors $524,550 $491,724 $532,881 (8.4%)
Business Purposes $293,597 $301,598 $314,157 (4.2%)

Average Home Loan Repayments

By feeding the above figures into Canstar’s home loan repayment calculator, you can see the monthly repayments needed to service the mortgages.

The following calculations are for a loan repayment on principal and interest, paid monthly over 25 years, using the average 2-year fixed rates on Canstar’s database for residential mortgages (5.51%) and investor lending (5.56%).

Approx monthly repayments on average new home loans

Lender Average mortgage/repayments
All borrower types $376,842 – $2316/m
First home buyers $554,772 – $3410/m
Other owner-occupiers $309,957 – $1905/m
Investors $533,764 – $3297/m

So, if you’re looking to buy a property, how does your possible mortgage compare with the current averages, and what type of rate is your lender offering?

For example, on Canstar’s comparison tool, rates start at 5.29%, for 2-years fixed, and top out with a variable rate of 7.52%. So for canny consumers who are prepared to do their homework and search out the lowest mortgage rates, there are still savings to be made.


Compare with Canstar for the Cheapest Mortgage Rates

But while the cheapest interest rates are important. When looking for the best mortgage, you do need to look at more 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 the comparison grids below are sorted first by Star Rating, highest to lowest. However, if you want to compare by lowest rates instead, just click through to access our full mortgage rate comparison tables.

Best Mortgage 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 Cheapest Home Loan Rates


About the author of this page

Bruce Pitchers is Canstar NZ’s Content Manager. An experienced finance reporter, he has three decades’ experience as a journalist and has worked for major media companies in Australia, the UK and NZ, including ACP, Are Media, Bauer Media Group, Fairfax, Pacific Magazines, News Corp and TVNZ. As a freelancer, he has worked 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 DrivenStuff and One Roof websites, the NZ HeraldRadio NZ, and Newstalk ZB.
Away from Canstar, Bruce creates puzzles for magazines and newspapers, including Woman’s Day and New Idea. He is also the co-author of the murder-mystery puzzle book 5 Minute Murder.

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