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Compare the latest mortgage interest rates
Just like there’s more to life than a mortgage, there’s more to a mortgage than an interest rate. With a better understanding of your options and what’s going on in the market, you won’t break into a sweat every time interest rates go up or down.
The table below shows the latest interest rates between the major banks.
I want to buy a home I want to refinance
Check out the latest mortgage rates
| Variable floating | 6 months | 1 year | 2 years | 3 years | 4 years | 5 years | |
 | 8.64% | 7.35% | 7.39% | 7.09% | 6.89% | ||
 | 8.64% | 7.45% | 7.45% | 7.05% | 6.85% | 6.75% | 6.69% |
 | 8.69% | 7.39% | 7.35% | 7.05% | 6.85% | 6.75% | 6.75% |
 | 8.40% | 7.30% | 7.30% | 7.05% | 6.85% | 6.85% | 6.85% |
 | 8.50% | 7.39% | 7.35% | 7.05% | 6.89% | 6.79% | 6.79% |
 | 8.74% | 7.55% | 7.55% | 7.15% | 6.79% | 6.79% | 6.79% |
 | 8.64% | 7.39% | 7.39% | 7.09% | 6.85% | 6.79% | 6.79% |
 | 8.64% | 7.39% | 7.39% | 6.99% | 6.75% | 6.69% | 6.49% |
Rates sourced from MortgageRates.co.nz. Accurate as of 01 December 2023.
Interest rates stated are accurate to the best of our knowledge at the time of filming, and any opinions expressed are JB's own views and are not financial advice. Interest rates are ever-changing, and we're still yet to find a reliable crystal ball. As always, we recommend seeking advice from your Mortgage Adviser before taking any action.
Want to save hundreds of thousands on your mortgage?
No one wants to pay more on their loan than they need to. Find out how small changes you make now can save you a packet in the long run, helping you get rid of your mortgage faster. Our easy-to-digest guide has everything you need to know in one place.
Read our latest news and views on mortgage rates
Keep your finger on the pulse so you can make informed decisions.
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How much can I borrow for a house?
We'll quickly work out how much you could borrow towards purchasing a home, just tell us a little about your financial situation.
What will my Mortgage repayments be?
Work out your regular repayments and how quickly you could pay off your home loan.
Access to the best rates
We arrange around $2 billion of loans per year which gives us negotiating power and access to better rates, and cash backs from the bank where possible.
More choices
We deal with more lenders than other brokers, giving you more options.
Our advisers aren't incentivised
They get paid the same no matter which lender you end up with, so their only motivation is to make you better off.
Better technology
Our online application takes less than 10 minutes, and will help us focus on what's most important to you.
More banks means more choices and a better deal.
Plus a network of over 5,000 peer-to-peer lenders
Not only do we have access to more banks than other brokers, but we have a community of over 5,000 peer-to-peer lenders for a custom solution if you don't quite fit the bank's box.
Save thousands over the life of your loan
We're not talking peanuts here, you could save thousands in interest and in some cases get a cash contribution from the bank. Seems like a no-brainer.
If your lifestyle has changed, so should your mortgage
Maybe you've started a family, maybe you're heading towards retirement. Whatever life stage you're at, make sure your mortgage is structured the right way, right now.
Stay on the best interest rate
Getting just a small amount shaved off your interest rate can make a difference to your monthly payments, leaving more money in your back pocket - not to mention getting your home loan paid off quicker.
You don't necessarily have to switch banks to get a better rate
Your Squirrel mortgage adviser can often renegotiate your mortgage with your current bank, saving you the hassle of switching if you're happy where you are.
Get your mortgage right and it's the easiest money you'll make.
Our team of mortgage brokers are whizzes at perfecting a mortgage structure, and negotiating hot rates (plus hefty cash backs where possible).
Rather than putting all your eggs in one basket at one interest rate, depending on your situation we'll usually advise splitting your mortgage across different terms and rates. We stay on top of the economy and rate movement so we’ll help you make an informed decision.
Why bother getting so technical?
The devil is really in the detail. When we’re talking hundreds of thousands of dollars, a fraction of a percent change in interest or repayment rates can save you a packet. This could mean retiring to your super yacht a few years earlier than planned. If that's your thing.
Keep up to date with the latest
As you can imagine, interest rates are a hot topic in our newsletter (among plenty of other stuff). To keep up with the ever-changing landscape of interest rates, join our mailing list and receive updates in your inbox.
What is the OCR?
OCR stands for Official Cash Rate and is the rate of interest which the central bank charges on overnight loans to commercial banks. The OCR influences the price of borrowing money in New Zealand and provides the Reserve Bank with a means of influencing the level of economic activity and inflation. The OCR gets reviewed 7 times per year.
How does the OCR affect interest rates?
Market rates are generally held around the OCR level, which can mean that rates increase or decrease in line with OCR movement. But it’s just an indication and it’s important to note that the OCR is not the only factor affecting New Zealand interest rates. Movements in overseas rates can lead to changes in interest rates even if the OCR has not changed. And similarly, interest rates charged by the banks can increase or stay the same, even if the OCR drops.
Can I break out of a fixed interest loan to get a better interest rate?
It might be possible to break out of a fixed loan before the term is up, but you’re likely to be charged a break fee for doing so. This is because the bank is incurring a loss by you breaking the term early. This loss is passed on to you in the form of a break fee. There are some instances where it’s worth breaking your fixed term, but it could also end up costing you more in the long run. Every situation is different so get in touch with one of the team to help you work out what’s best for you. Check out our interest rates page for more info on break fees.
Should I fix my loan?
There are a number of factors to consider when deciding to lock in a rate for a fixed amount of time. Will you be selling in that time? Do you prefer the certainty of a fixed rate or the flexibility of a variable rate? Will you feel regret if rates dropped and you were stuck on a higher rate? Our advisers can help you work out the best solution for your lifestyle, so get in touch with one of the team.
Should I refinance?
Switching your mortgage to another bank could save you thousands in interest, allowing you some extra cash when you need it. You can also get a sweet cash back worth up to 1% of the loan value in some cases.
Anonymous
New Zealand
My advisor was excellent-he was responsive and explained options well to me. He followed up on what he said he would do and was great at communicating with me.[N
Rob
NZ
We loved Kat! She was always super helpful and explained things very clearly and simply. Having Kat help us at every step of the journey meant we felt confident to keep going!R
Todd
New Zealand
Alex was the best! Fast, friendly, and knowledgeable. Really helped me understand the process and got me a great set up. I will definitely be recommending him to family and friends who might need a mortgage broker. An absolute icon! 5 stars!T
Glenn
New Zealand
I phoned squirrel got Alex he had it sorted out in no time great service fast response made changing banks easy thanks Glenn and Kathryn doelG
Kelsey
New Zealand
Our adviser, Jamie, was very helpful and patient with us. He took the time to explain the process and answer all of our questions.K
Anonymous
New Zealand
Squirrel were exceptional with guiding us through a refinance. The way that our broker managed our refinance was second to none! We had tried for 3years to change lenders and Squirrel's broker was the only one that stuck with us and got us across the line