How to use Compare Mortgage Rates
The Compare Mortgage Rates box allows you to see what has happened with home loan rates since 2002.
The calculator has two key functions.
1) Find out what lenders have offered in the past
You can pick a term (eg: Floating, 1-year, 3-years, 5-years) and see what rates a selected lender has offered in the past. See the example here which is ANZ's Floating rate since 2002.
2) Compare rates from multiple lenders
You can also compare the rates from two or more lenders for a selected term. TIP: Hold down the CONTROL (CTRL) when selecting lenders.
This example compares the 5-Year fixed rates from ASB, Kiwibank and Westpac from January 2009 to June 2009. It shows that in February ASB had a significantly lower rate than its competitors, but in June of that year it was more expensive than the selected competitors.
In addition to that you can select a date range. You may want to look at the long term trends for rates, or you may be more interested in what has happened over, say, the past four months.
Compare mortgage rates against OCR
The other new feature with this calculator is that you can compare a selected term, against the Reserve Banks Official Cash Rate (OCR). For instance to see how Kiwibank's floating rate has moved relative to the OCR click here.
To do this tick the "Also compare rates to OCR" tick box in the left hand side of the calculator
What the calculator can't do....
We can show you historical rates, but unfortunately, we can't predict where rates will be in the future, so that's why the dates end with the current month.
The best way to learn what will happen with rates is to regularly read the news on mortgagerates.co.nz. In the news we run a number of regular articles looking at trends for rates and also do a survey of economists with their predictions about where rates are heading.