Which Bank has the Lowest Home Loan Rate in NZ?

Which Bank has the Lowest Home Loan Rate in NZ?

It is no secret that buying a home is a significant investment and financial endeavour. When we enter the home buying process, we subsequently enter the home loan world. With so many banks and non-bank lenders offering an array of interest rates, it can be easy to feel confused, lost and even intimidated by the volume of options available. It can be hard to know where to start. 

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It is important to do your research, and see what home loan rates are available on the market. Part of this research can be through comparison. You can use Money Compare to easily and simply compare different mortgage rates available to you, based on your unique situation and goals. 

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Lowest Home Loan Rates for First Time Buyers, Investors, and Buying Next Home

At the time of publishing this article, Heartland Bank is offering an interest rate of 6.69% for first time buyers, for a fixed term of 1 year.

These are some of our top picks for low home rates in New Zealand! But they are not, of course, representative of all the rates out there. It’s important to note that rates are changing all the time. The market is always on the move! Again, it is vital to do your own research and compare different rates before committing so that you can make a fully informed decision. 

Institution                                        Variable Floating                         6 Months                           1 year                                   2 years                               3 years                             4 years                               5 years                        
The Cooperative Bank8.40%7.29%7.24%6.79%6.65%6.55%6.55%
Heartland Bank7.99%6.69%6.45%6.19%
Kiwi Bank8.50%8.35%8.25%7.79%7.55%7.45%7.45%
SBS Bank8.74%7.95%7.84%7.45%7.25%7.15%7.15%

Accurate as of  26 March 2024

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Practice the Art of Comparing

With Money Compare, it has never been easier to compare different home loan rates. In the home buying industry, knowledge is power. Ensure that you are fully informed about the market and the available mortgage rates by jumping onto Money Compare and comparing. You can compare loan loans easy by following these simple steps: 

  1. Jump onto Money Compare
  2. Click onto the Home Loans Section. 
  3. Select filters based on your preferences and goals (eg, fixed term or floating rate). 
  4. Compare the home loan rates side-by-side

Or, if you’d prefer to speak with a human, you can call our friendly Auckland-based Money Compare team. They offer obligation-free, bias-free and FREE home loan and home buying advice, so that you can better wrap your head around the market, and what rates you might be looking at for your potential mortgage

Give us a call on 0508 226672.

Need Help? Our experts offer FREE advice

Here at Money Compare we have experts on hand to help with any home loan or mortgage query - simply request a free call back by clicking the button below and a fully qualified mortgage adviser will be in touch.

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Tuesday, 26 March 2024