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

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Check out the latest mortgage interest rates

Variable floating6 months1 year2 years3 years4 years5 years
ANZ Bank
ASB Bank
BNZ Bank
Co-Operative Bank
SBS Bank
TSB Bank

Rates sourced from Accurate as of 24 June 2024.

Hear JB's take on the best mortgage interest rate options

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.

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Your guide to refixing your mortgage and picking the best interest rates
Your guide to refixing your mortgage and picking the best interest rates

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Why choose Squirrel to get you the best rate?

Access to the best interest rates

We arrange around $3 billion of loans per year which gives us negotiating power and access to better interest 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 by lenders

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.

It pays off to get your mortgage reviewed regularly

Apart from the fact that it costs nothing to have an expert take a look at your situation and provide personalised advice, here are a few reasons why it's a good idea.

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 one of our mortgage whizzes to review your mortgage

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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.

Book a chat with us and let's talk about your options

Want to chat to an expert about your situation and get your questions answered? Book a spot in our diary and one of our team will give you a call at your chosen time.

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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.

Frequently asked questions relating to interest rates

What is the OCR?

OCR stands for Official Cash Rate and is the rate of interest which the Reserve Bank of New Zealand 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. 

Here's a bit more info on the OCR if you want to get into the nitty gritty.

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.

Find out more about refinancing

Talk to an adviser about interest rates.