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Mortgage Lenders NZ 2026: Comparing NZ Banks

Updated

New Zealand’s five major banks all offer residential mortgages, but they differ in pricing, product features, lending policies, and the customer experience they provide. This guide compares the major lenders.

Lenders are listed alphabetically.

Important: Your income structure, deposit size, property type, and existing banking relationships all influence which bank is most likely to approve your application and at what rate. A mortgage broker can tell you which lenders’ criteria fit your situation.

The Five Major Banks

ANZ

Listed alphabetically.

ANZ

Market position: New Zealand’s largest bank by mortgage book.

Features:

  • Widest branch and ATM network in NZ
  • Assesses self-employed and complex income
  • Online banking and mortgage management tools
  • Product range including split structures

Limitations:

  • Not always the lowest rate
  • Higher minimum loan amounts for some products

ASB

Market position: Second-largest in the NZ retail mortgage market.

Features:

  • Fixed rates, including 1–2 year terms
  • App and online banking
  • ASB Orbit (revolving credit) offset product
  • First home buyer team

Limitations:

  • Can be less flexible on unusual property types
  • Can be less flexible for self-employed borrowers with very complex structures

BNZ

Market position: One of the major retail banks.

Features:

  • TotalMoney (revolving credit), used by many investors
  • Lending to property investors

Limitations:

  • Branch network smaller than ANZ
  • Cashback offers can be more variable

Kiwibank

Market position: NZ-owned bank (owned by NZ Post, ACC, and the NZ Superannuation Fund). Smaller than the Australian-owned four.

Features:

  • NZ ownership
  • Offset Home Loan (revolving credit)

Limitations:

  • Smaller branch network (more online-focused)
  • Can be slower on turnaround times due to smaller team
  • Not always as flexible on complex applications

Westpac

Market position: One of the Australian-owned major banks.

Features:

  • Choices Everyday (revolving credit) offset product
  • Cashback offers used to attract refinancers

Limitations:

  • Can be more conservative on complex income (contractors, self-employed)

Non-Bank Lenders

Beyond the five major banks, several non-bank lenders operate in NZ:

Lender Type Typically lends to
Avanti Finance Non-bank Lower credit scores, non-standard situations
Liberty Financial Non-bank Non-standard income or property
Pepper Money Non-bank Post-credit-event borrowers
Resimac Non-bank Self-employed, complex income

Listed alphabetically.

Non-bank lenders typically charge higher rates (0.5%–2.0% above banks) and higher fees, but have more flexible credit policies and assessment criteria. They’re most useful when mainstream banks decline — as a bridge to get into a home, build equity, and then refinance to a mainstream bank.

See Declined for a Mortgage? What to Do for guidance on non-bank routes.

How to Choose a Lender

1. Use a mortgage broker

A broker has real-time knowledge of each bank’s current rates, credit appetite, and turnaround times. Brokers can compare lenders’ criteria for your situation, which matters most when your application has any complexity. See Mortgage Broker vs Bank NZ.

2. Compare rates directly

Current carded rates are published on each bank’s website. But carded rates are rarely the rates you’ll pay — negotiate or use a broker to access better pricing.

3. Consider your full relationship

If you have your everyday banking, savings, insurance, and KiwiSaver with one bank, they may offer preferential treatment. Some banks (particularly for high-net-worth clients) offer relationship-based pricing that beats standard rates.

4. Consider service and process, not just rate

A 0.05% lower rate saves $300/year on $600,000 — but a bank that processes quickly, communicates well, and doesn’t lose your documents saves stress that’s hard to quantify. First home buyers often value service highly alongside rate.

Where to check the latest data

Rates, fees and returns change often. Before deciding, check current figures yourself:

  • interest.co.nz mortgage rates: tables of current floating and fixed home loan rates.
  • The provider's own website: has its current rates, fees and full terms; these change more often than any comparison page.
  • Financial Service Providers Register: shows whether a provider is registered to offer financial services in New Zealand.

Further Reading