Compare NZ Mortgage Lenders
Compare the major banks and lenders in New Zealand. See rates, fees, cashback offers, and find the best lender for your first home purchase.
6
Major Lenders
5.29%
Best 3-Year Rate
$4,000
Max Cashback
5%
Min Deposit
Quick Comparison
| Lender | Variable | 1 Year | 2 Year | Cashback | Min Deposit | Rating |
|---|---|---|---|---|---|---|
| ANZ | 6.94% | 5.89% | 5.59% | Up to $3,000 | 5% | 4.2 |
| ASB | 6.89% | 5.79% | 5.49% | Up to $4,000 | 5% | 4.4 |
| BNZ | 6.94% | 5.85% | 5.55% | Up to $3,500 | 5% | 4.1 |
| Kiwibank | 6.85% | 5.75% | 5.45% | Up to $4,000 | 5% | 4.3 |
| Westpac | 6.94% | 5.89% | 5.59% | Up to $3,000 | 5% | 4 |
| TSB | 6.79% | 5.69% | 5.39% | Up to $2,000 | 10% | 4.5 |
Detailed Lender Reviews
ANZ
Variable
6.94%
1 Year Fixed
5.89%
2 Year Fixed
5.59%
3 Year Fixed
5.49%
Pros
- •Largest branch network in NZ
- •Strong digital banking app
- •Pre-approval valid for 90 days
- •Good for existing customers
Cons
- •Higher rates than some competitors
- •Can be slow with applications
- •Strict lending criteria
Best For
Special Offers
- ✓$3,000 cashback for loans over $400k
- ✓First year fee waiver
ASB
Variable
6.89%
1 Year Fixed
5.79%
2 Year Fixed
5.49%
3 Year Fixed
5.39%
Pros
- •Competitive rates
- •Excellent digital platform
- •Fast pre-approval process
- •Strong first home buyer support
Cons
- •Smaller branch network
- •Cashback has conditions
- •Can be strict on servicing
Best For
Special Offers
- ✓$4,000 cashback for new lending over $500k
- ✓First home buyer rate discounts
BNZ
Variable
6.94%
1 Year Fixed
5.85%
2 Year Fixed
5.55%
3 Year Fixed
5.45%
Pros
- •Flexible lending criteria
- •Good for self-employed
- •Strong business banking
- •Offset mortgage available
Cons
- •Fewer branches than major banks
- •App not as polished
- •Can be slower to process
Best For
Special Offers
- ✓$3,500 cashback for loans over $400k
- ✓First home buyer package
Kiwibank
Variable
6.85%
1 Year Fixed
5.75%
2 Year Fixed
5.45%
3 Year Fixed
5.35%
Pros
- •NZ-owned bank
- •Competitive rates
- •Strong community focus
- •Good first home buyer products
Cons
- •Smaller branch network
- •Limited international services
- •App functionality basic
Best For
Special Offers
- ✓$4,000 cashback for loans over $500k
- ✓Welcome Home Loan specialist
Westpac
Variable
6.94%
1 Year Fixed
5.89%
2 Year Fixed
5.59%
3 Year Fixed
5.49%
Pros
- •Large branch network
- •International banking
- •Wealth management options
- •Premium banking for high value
Cons
- •Higher rates than competitors
- •Can be inflexible
- •Mixed customer service reviews
Best For
Special Offers
- ✓$3,000 cashback for loans over $400k
- ✓Premier banking for $750k+ loans
TSB
Variable
6.79%
1 Year Fixed
5.69%
2 Year Fixed
5.39%
3 Year Fixed
5.29%
Pros
- •Often lowest rates
- •Excellent customer service
- •NZ-owned and operated
- •No monthly account fees
Cons
- •Taranaki focused (limited elsewhere)
- •Higher deposit requirements
- •Smaller branch network
Best For
Special Offers
- ✓$2,000 cashback for loans over $300k
- ✓First home buyer rate specials
How to Choose the Right Lender
Compare Rates
Look at both fixed and variable rates. A small difference can save thousands over the life of your loan.
Consider Cashback
Cashback can help with moving costs, but make sure the ongoing rate is competitive too.
Service Matters
Good service can make the process smoother. Read reviews and consider using a mortgage broker.
Ready to Compare Your Options?
Use our calculator to see what you can afford, then speak with a mortgage broker who can compare all these lenders for you.