Home Loans in New Zealand – Top 10

Home Loans in New Zealand – Top 10

Home Loans in New Zealand – To purchase their dream houses, many people apply for mortgages issued by financial institutions.

Home Loans in New Zealand

Offers up the property they want to buy as security and receive, the financing they need to repay within 25 or 30 years.

Since that type of loans are secured against the property, when a borrower fails to repay, the lender will have a right to take the possession of that property.

Types of Home Loans in New Zealand

  • Fixed rate home loans: Borrowers will be charged a fix interest rate for a certain amount of time which is usually between 1-5 years.
  • Floating rate home loans: Charges are a variable interest rate which may rise and fall over the life of the loan.
  • Interest only home loans: Borrowers pay off only the interest for a short time then if reverts to a fix/variable rate home loan.
  • Line of credit home loans: Customers borrow against the equity of their houses to use for other purposes.

Top 10 Home Loans

  • HSBC New Zealand: Requires minimum 20% equity and $400 establishment fee. Customers will be charge 3.35% interest rate both for 2 year fix and 5 year fix home loans.
  • Kiwibank: Requires minimum 20% equity and $0 establishment fee. Charge will be.  3.45% interest rate for 2 year fix home loans and 3.99% interest rate for 5 year fixed home loans.
  • ANZ: Requires minimum 20% equity and up to $500 establishment fee. Customers will be charge 3.45% interest rate for 2 year fix home loans. And 4.85% interest rate for 5 year fix home loans.
  • ASB: Requires minimum 20% equity and $150 establishment fee. Customers will be charge 3.45% interest rate for 2 year fix home loans. And 4.29% interest rate for 5 year fixed home loans.
  • BNZ: Requires minimum 20% equity and up to $400 establishment fee. Customers will be charge 3.45% interest rate for 2 year fix home loans. And 3.99% interest rate for 5 year fixed home loans.

Other 5 Loans

  • Westpac: Requires minimum 20% equity and up to $400 establishment fee. Customers will be charge 3.45% interest rate for 2 year fix home loans. And 4.45% interest rate for 5 year fixed home loans.
  • The Cooperative Bank: Requires minimum 20% equity and $350 establishment fee. Customers will be charge 3.49% interest rate for 2 year fix home loans. And 4.09% interest rate for 5 year fixed home loans.
  • SBS Bank: Requires minimum 20% equity and $400 establishment fee. Customers will be charge 3.39% interest rate for 2 year fix home loans. And 4.49% interest rate for 5 year fixed home loans.
  • TSB: Requires minimum 20% equity and up to $250 establishment fee. Charges will be 3.45% interest rate for 2 year fix home loans. And 4.55% interest rate for 5 year fix home loans.
  • ICBC: Customers will be charge 4.75% interest rate for 2 year fix home loans. And 5.85% interest rate for 5 year fix home loans.