Lending rate changes - Tuesday 3 December 2024
Effective Tuesday 3 December 2024, we decreased our residential variable and revolving credit interest rates. Read more.
Current home loan rates
Term
Special Rate (Minimum 20% deposit)
Standard Rate (Less than 20% deposit)
Term
6 months
Special Rate
(Minimum 20% deposit)
6.19% p.a.
Standard Rate
(Less than 20% deposit)
6.99% p.a.
Term
1 year
Special Rate
(Minimum 20% deposit)
5.69% p.a.
Standard Rate
(Less than 20% deposit)
6.49% p.a.
Term
18 months
Special Rate
(Minimum 20% deposit)
5.79% p.a.
Standard Rate
(Less than 20% deposit)
6.59% p.a.
Term
2 years
Special Rate
(Minimum 20% deposit)
5.59% p.a.
Standard Rate
(Less than 20% deposit)
6.39% p.a.
Term
3 years
Special Rate
(Minimum 20% deposit)
5.59% p.a.
Standard Rate
(Less than 20% deposit)
6.39% p.a.
Term
4 years
Special Rate
(Minimum 20% deposit)
5.69% p.a.
Standard Rate
(Less than 20% deposit)
6.49% p.a.
Term
5 years
Special Rate
(Minimum 20% deposit)
5.69% p.a.
Standard Rate
(Less than 20% deposit)
6.49% p.a.
Term
Variable
Special Rate
(Minimum 20% deposit)
7.39% p.a.
Standard Rate
(Less than 20% deposit)
8.19% p.a.
Term
Revolving credit
Special Rate
(Minimum 20% deposit)
7.49% p.a.
Standard Rate
(Less than 20% deposit)
-
| Term | Special Rate (Minimum 20% deposit) | Standard Rate (Less than 20% deposit) | |||
|---|---|---|---|---|---|
| Term | 6 months | Special Rate (Minimum 20% deposit) |
6.19% p.a. | Standard Rate (Less than 20% deposit) |
6.99% p.a. |
| Term | 1 year | Special Rate (Minimum 20% deposit) |
5.69% p.a. | Standard Rate (Less than 20% deposit) |
6.49% p.a. |
| Term | 18 months | Special Rate (Minimum 20% deposit) |
5.79% p.a. | Standard Rate (Less than 20% deposit) |
6.59% p.a. |
| Term | 2 years | Special Rate (Minimum 20% deposit) |
5.59% p.a. | Standard Rate (Less than 20% deposit) |
6.39% p.a. |
| Term | 3 years | Special Rate (Minimum 20% deposit) |
5.59% p.a. | Standard Rate (Less than 20% deposit) |
6.39% p.a. |
| Term | 4 years | Special Rate (Minimum 20% deposit) |
5.69% p.a. | Standard Rate (Less than 20% deposit) |
6.49% p.a. |
| Term | 5 years | Special Rate (Minimum 20% deposit) |
5.69% p.a. | Standard Rate (Less than 20% deposit) |
6.49% p.a. |
| Term | Variable | Special Rate (Minimum 20% deposit) |
7.39% p.a. | Standard Rate (Less than 20% deposit) |
8.19% p.a. |
| Term | Revolving credit | Special Rate (Minimum 20% deposit) |
7.49% p.a. | Standard Rate (Less than 20% deposit) |
- |
Home loan rates effective 5 December 2024. All interest rates are subject to change. Standard lending terms and conditions apply. A minimum deposit of 20% is required for home lending with a special interest rate. Residential loans with less than a 20% deposit are subject to availability of funds. An Early Repayment fee may apply on fixed rate loans.
Different lending criteria applies for residential investment, business, commercial and rural loans.
Variable and revolving rates move with the market. The revolving rate only applies to revolving loans. For all bridging loans, interest rates are 1% p.a. above our advertised variable home loan rates.
Additional or early repayments
You can make extra payments on each fixed rate home loan at any time, as often as you like, and any amount you like, with no early repayment fees, up to a total of $10,000 per calendar year. If you pay more than this or break a fixed term early, you may need to pay an Early Repayment fee. A minimum payment amount may apply1.
On a floating/variable interest rate, you can make as many extra payments as you like, at any time, without having to pay an Early Repayment fee.
| Additional payments to a fixed rate home loan | Minimum payment amount | ||
|---|---|---|---|
| Additional payments to a fixed rate home loan | Payment in online banking or the TSB app | Minimum payment amount | No minimum amount* |
| Additional payments to a fixed rate home loan | Staff assisted payments (In-branch or Customer Engagement Centre) | Minimum payment amount | $1000* |
*If you make more than $10,000 in additional payments in a calendar year or repay your loan early, an Early Repayment fee may apply.
Fees
Agreements
TSB Memorandum of Mortgage
Understanding your interest rate options
Fixed – Your interest rate won’t change or be affected by the market
With a fixed rate, your interest is fixed from the start and stays the same for the term you choose – for example from 6 months to 5 years. This option may make budgeting easier, because your repayments will stay the same over the fixed rate term you’ve chosen. Plus, you’ll be able to make extra payments up to $10,000 per calendar year without having to pay an Early Repayment fee. A minimum payment amount may apply1. If you’re looking to take out new lending with us, we can hold a fixed rate for you for up to 60 days from the date of your home loan summary. If your rate is up for renewal, you can easily re-fix through online banking or the TSB app2.
If a fixed rate applies to your home loan, unless you re-fix your interest rate you will automatically move to the applicable variable rate at the end of the fixed rate term.
Floating/Variable – Your interest rate will move with the market
A floating/variable interest rate moves with the market. If the variable interest rate increases, your required payment will automatically increase if your current required payment is not enough to repay your home loan within your loan term. If interest rates decrease, your actual payments will not change unless you ask us to reduce them.
If you’re looking to pay off your home loan faster, a floating/variable rate allows you the flexibility to increase your repayments, or make extra payments without having to pay an Early Repayment fee.
When your home loan is not on a fixed interest rate, the relevant variable rate will apply.
Combine Fixed and Floating/Variable for the best of both worlds
Want the certainty of a fixed rate with the flexibility of a floating/variable rate? Talk to us about a combination of both. You can decide what portion of your loan is fixed and floating/variable, allowing you the flexibility to reach your goals faster.
Revolving – your interest rate will move with the market
A revolving rate only applies to revolving loans and moves up and down with the current market. You can minimise interest costs by using your income and/or savings to lower your loan balance and make lump sum payments to your home loan at any time. Learn more about revolving loans.
Things you need to know
- If you’re unable to make your regular payments and are facing unforeseen hardship, there are options available to assist you through difficult times.
- Let us know straightaway if you move.
- If you break a fixed rate term early, or pay more than $10,000 per calendar year, you may need to pay an Early Repayment fee.
Important information
1For some methods of payment, we may set a minimum payment amount that you must pay each time you choose to repay some of your loan early. If we do set a minimum payment amount, we publish this on our website. We can change the minimum payment amount from time to time. You will need to pay interest up to the day you make repayment.
2There are currently some exceptions to re-fixing your loan through online banking or the TSB app. Please contact us if you can't re-fix through online banking or the app.
General Lending Terms and Conditions:
- TSB may approve residential loans with less than a 20% deposit subject to bank funding requirements.
- An Early Repayment fee may apply on fixed rate loans.
- All interest rates are subject to change.
- Lending criteria, lending terms and conditions, interest rates and fees apply.
- When you bank with TSB you agree to our General Terms.