Carded rates are only a starting point. Banks and non-bank lenders routinely offer unpublished discounts to borrowers who meet their preferred lending criteria, and the size of that discount can vary significantly depending on your deposit size, income structure, and overall risk profile. Comparing published rates side by side is a useful first step, but it rarely reflects what you would actually be offered once an application is assessed.
Because every lender prices risk differently, the "cheapest" bank on paper is not always the cheapest option for your specific situation once fees, cashback offers, and special conditions are factored in. Working with a broker who negotiates across multiple lenders at once means you are comparing your actual offers against each other, rather than guessing from a rate sheet.
Where to Check
Today's Rates.
Banks change their advertised rates often, sometimes several times a month. Rather than show figures that may be out of date, here is where each bank publishes its current home loan rates. For the rate you would actually be offered, ask us: we compare pricing across the 23 lenders on our panel.
| Lender | Current advertised rates | Finch review |
|---|---|---|
| ANZ | ANZ home loan rates ↗ | Our ANZ review |
| BNZ | BNZ home loan rates ↗ | Our BNZ review |
| Heartland Bank | Heartland Bank home loan rates ↗ | Our Heartland Bank review |
Advertised rates are a starting point
Banks publish "carded" rates, and most also advertise lower "special" rates for borrowers with at least 20% equity. Depending on your deposit, income and the lender, you may be offered a sharper rate or a cashback. We'll tell you what is realistic for your situation before you apply.
Understanding NZ
Mortgage Rates.
Carded Rates vs Special Rates — What's the Difference?
Banks publish "carded" rates — the standard advertised rate each bank sets for borrowers under 80% LVR (loan-to-value ratio, meaning a 20%+ deposit). Most banks also offer an unpublished "special" rate to borrowers who meet extra criteria, such as a larger deposit, a higher income, or an existing banking relationship. In practice, this means the rate you're offered can sit below the carded number — which is exactly why comparing carded rates alone rarely tells the full story.
How Often Do NZ Mortgage Rates Change?
Floating rates typically move in response to the Reserve Bank of New Zealand's (RBNZ) Official Cash Rate (OCR) decisions, which are reviewed at scheduled Monetary Policy Statement dates throughout the year. Fixed rates move more often and more independently — banks adjust them based on wholesale funding costs and competitor pricing, sometimes weekly. That's why we review and update this page regularly rather than treating any single rate as fixed for the long term.
Fixed vs Floating: Choosing the Right Mix
Most NZ homeowners split their loan between a fixed portion (for repayment certainty) and a smaller floating portion (for flexibility, like unlimited extra repayments without break fees). Choosing terms — 6 months through to 5 years — depends on your risk appetite and where you think rates are heading. Our guide to how mortgages work breaks down fixed vs floating in more detail, and our fixed vs floating mortgage guide and best time to fix your mortgage article cover the timing question specifically.
Rates Are Only Half the Equation
A slightly higher rate with a cashback offer, no break fees, or more flexible repayment terms can work out cheaper than the lowest headline rate once you run the numbers. Use our mortgage repayment calculator to see what a given rate means for your weekly or monthly budget, or the refinance savings calculator if you're comparing a switch against your current deal. For the OCR context behind rate movements, see our explainer on how the OCR affects your mortgage and the latest weekly market report. Want the full lender-by-lender picture, including non-bank and specialist options? Visit our lenders comparison hub.