Compare Home Loan Interest Rates

Compare Home Loans

 

A home is often the biggest purchase we will make in our lives, and a mortgage is typically our biggest financial commitment.  Money Compare can help you compare mortgage providers to find the one that suits you best. There can be big variation between different types of mortgages – choosing the right type of mortgage for your situation and repaying it quickly can save thousands of dollars.

 

Whether you are a first-time buyer, buying your next home, building or thinking about switching your current mortgage, we can help you compare the options and save. 

 

Compare fixed interest rates loans or floating interest rate loans. Compare mortgage repayment frequency available – weekly fortnightly or monthly? Easily see whether there are early repayment or part repayment fees, and establishment fees.

 

We can help you compare mortgages and home loans from BNZ, ASB, Westpac, TSB, The Cooperative Bank, RESIMAC Home Loans, SBS Bank, HSBC, NZCU Baywide, Kiwibank, and ANZ 

 

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Top tips for finding the cheapest Home Loan: 

• Shop around for the best deal (that’s where Money Compare can help) – compare as many options as you can to find the best deal for you. There is no obligation to go with your current bank

• Make sure the mortgage suits your situation – there are mortgages tailored for first-time buyers, people buying their next home, building their own home, or switching an existing mortgage

• Get familiar with the jargon involved with a mortgage. Check out the "understanding key mortgage terms" under our NZ Mortgage Calculator. 

• Only borrow what you need and be realistic about what you can afford to repay. Consider whether you would prefer the certainty of paying back a set amount per payment with a fixed interest loan, or if you’d prefer the flexibility of a floating interest rate loan so you can make changes to your repayments. Our NZ Mortgage Calculator can help you estimate what your monthly repayments and total repayment will be

• Check your credit rating. Lenders will use your credit rating to assess your merits as a borrower. Borrowers with better credit ratings may be offered lower interest rates, and you could use a good credit rating as a bargaining chip. Find out how to check your credit score 

• It’s a good idea to choose a mortgage and get your finances in place before you start viewing properties so you can act quickly when the right property comes along. 

Floating of fixed rate? Choosing a fixed or floating interest rate loan will depend on your situation:

• Fixed interest rate loans: the interest rate you pay is fixed for a period of 6 months to 5 years. At the end of this term you can re-fix again or change to a different type of interest rate. This means you know exactly what your repayments will be over the fixed term, and allows you to lock in a lower interest rate if you believe market interest rates may rise. 

• Floating interest rate loan: your interest rate will go up or down depending on wider market changes. This means your payments may go up or down. Floating loans offer more flexibility to make changes without penalty, for example paying the loan off early, or changing the term. 

 

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