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 Banks and non-bank lenders routinely offer unpublished discounts to borrowers who meet their preferred lending criteria, and the size of that discount can vary significantly depending on your deposit size, income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.
Major Bank
Fixed Rates.
| Lender | Floating | 6 Months | 1 Year | 2 Years | 3 Years | 5 Years |
|---|---|---|---|---|---|---|
| ANZ | 7.99% | 6.85% | 5.89% | 5.79% | 5.85% | 5.99% |
| BNZ | 7.99% | 6.85% | 5.85% | 5.75% | 5.85% | 5.99% |
| Heartland Bank | 7.95% | 6.79% | 5.79% | 5.69% | 5.79% | 5.89% |
Important Note on "Carded" Rates
The rates displayed above are the minimum advertised (LVR <80%) package rates currently published by the major retail banks. By applying through Finch Mortgages, we are frequently able to negotiate strong discretionary discounts or secure high-value cash-back switching incentives that further reduce your effective interest cost.
Understanding NZ
Mortgage Rates.
Carded Rates vs Special Rates — What's the Difference?
The table above shows "carded" rates — the standard advertised rate each bank publishes 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 Most banks also offer an unpublished "special" rate to borrowers who meet extra criteria, such as a larger deposit, a higher income, or an existing banking relationship.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.