New Zealand Mortgage Calculator
Calculate your NZ home loan repayments with fortnightly or monthly options. Compare floating and 1-5 year fixed rates.
Loan Details
Results
Monthly Payment
NZ$3,977
Principal
NZ$650,000
Total Interest
NZ$781,659
Total Paid
NZ$1,431,659
Current NZ mortgage rates (2026)
Benchmark rates from ANZ, ASB, BNZ, Westpac, Kiwibank: floating 7.25-7.75%, 1-year fixed 5.99-6.49%, 2-year 5.69-6.19%, 3-year 5.79-6.29%, 5-year 6.19-6.69%. Most Kiwis fix for 1-2 years and split across multiple tranches — reducing break-fee risk if they need to repay early.
LVR restrictions — RBNZ speed limits
The Reserve Bank sets lending limits that banks must stay below. Currently: owner-occupiers generally max 80% LVR (20% deposit), investors capped at 70%. Banks have a small "speed limit exemption" allowing some lending above LVR — first-home buyers with KiwiSaver + low-equity margin fees can sometimes borrow at 90%.
Fortnightly repayments beat monthly
Because 26 fortnights equals 13 monthly payments, switching from monthly to fortnightly (same $ per fortnight as monthly ÷ 2) means you pay the equivalent of one extra monthly payment per year. On a $500k 30-year loan at 6%, this shaves 4-5 years and $50-70k in interest. Free upgrade — ask your bank.
Break fees — the fixed-rate trap
If you break a fixed-rate mortgage (refinance, sell, repay large lump sum), the bank charges a break fee to make itself whole on lost future interest. The fee can be zero (if rates have risen since you fixed) or tens of thousands (if rates have fallen materially). Always request an Early Repayment Cost estimate before committing.
Frequently Asked Questions
Everything you need to know, in one place.
What are current NZ mortgage rates?
2026 benchmark rates: floating 7.25-7.75%, 1-year fixed 5.99-6.49%, 2-year 5.69-6.19%, 5-year 6.19-6.69%. Rates vary between ANZ, ASB, BNZ, Westpac, Kiwibank — shop around and always negotiate cashback.
Fortnightly vs monthly payments?
Fortnightly payments pay down principal ~1 month faster per year (26 fortnights vs 12 months) because you make the equivalent of 13 monthly payments. On a $500k 30-year loan, this can shave 4+ years and $50k+ in interest.
What is the LVR limit?
Reserve Bank restrictions: owner-occupiers usually max 80% LVR (20% deposit); investors capped at 70% LVR. First-home buyers with KiwiSaver can sometimes go to 90% if the lender has speed-limit exemption capacity.
Can I repay extra on a fixed rate?
Most banks allow extra lump-sum payments of 5-20% of the loan per year without break fees. Beyond that, break fees apply based on where rates have moved since you fixed. Always check your specific contract.
Split fixed and floating — is it worth it?
Yes, a common NZ strategy. Split the loan into 2-3 tranches: e.g. 40% on 1-year fixed, 40% on 2-year fixed, 20% floating (or offset). Benefits: stagger re-fix dates to avoid exposing the whole loan to a single bad-timing renewal, keep flexibility to aggressively repay the floating portion, and partially benefit from rate cuts. Best suited to loans above $400k where the admin overhead is worth it. Each split counts as a separate sub-loan with its own break-fee rules.
Are offset mortgages available in New Zealand?
Yes — offered by Kiwibank (OffsetPlus), BNZ (TotalMoney), Westpac (CashMaster) and some smaller lenders. Offset savings account balances against your floating-rate home loan, reducing interest daily. Unlike Australia, most NZ offsets require the floating rate (~7.25%-7.75%). Works well if you have $50k+ in cash plus salary flowing through. Revolving-credit facilities are a similar alternative — flexible drawdown, typically floating rate, risk of re-spending extra repayments if discipline slips.
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