Fixed rate home loan

Sometimes you just want a bit of certainty in life. That’s what you get with a fixed rate home loan – the confidence of knowing exactly what your interest rates will be and how much your regular repayments during your fixed term will be. This is certainty.

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Benefits at a glance

Interest rates are subject to change.

  • Your interest rate will stay the same during the term that you choose.

  • If interest rates rise during the term of your fixed loan, you won’t be affected. However, if it falls, you won’t be able to take advantage of lower rates.

  • Budget with certainty, as you’ll know what your repayments will be.

  • Some flexibility – you can make extra payments each year that's up to a total of 5% of what your loan amount is when the term of your fixed loan starts.

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How it works

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  • Fixing for a set amount of time

    With a fixed rate home loan, you sign up to a fixed interest rate on your home loan for a set amount of time. You can choose terms from six months to five years.

    If interest rates rise, your repayments stay the same because you’ve locked in your rate. However, if it falls, you won’t be able to take advantage of lower rates without breaking your fixed term.

  • Breaking a fixed term

    If you decide to break your fixed rate contract, you may have to pay a fixed rate break cost. Some examples of why you might do this include:

    • You want to try to get a better rate
    • You're selling your house or you come into some money and want to pay all your loan
    • You want to make extra repayments over the 5% annual limit.

  • Making repayments

    You can make extra repayments in any year of a fixed term loan of up to 5% of the loan amount at the start of the fixed term by increasing your regular repayments or making lump sum payments.

    • If you want to make extra repayments, you might be better to keep part of your loan on a variable rate – you can make extra repayments on this part whenever you like.
    • If you want to make a lump sum repayment of more than 5%, you may be charged a fixed rate break cost.

    To change your repayments, send us a secure mail or call 0800 000 654.

  • Mix it up

    You don’t have to put your entire home loan on a fixed rate.

    You could also put parts of your home loan on a variable rate home loan, offset home loan or revolving home loan. Or, you could take more than one fixed term.

  • When your fixed term is up

    When your fixed term is coming to an end, you can:

    You can re-fix your home loan up to 30 days in advance of your current fixed term expiring.

    If you don't re-fix your home loan at the end of your fixed term, it'll automatically roll on to our variable interest rate.

    Download step-by-step instructions on how to re-fix on your mobile (PDF 3.6 MB) or desktop device (PDF 3.5 MB).

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Home loan standard terms and conditions

Displayed interest rates are subject to change. Kiwibank’s lending criteria, terms and conditions, and fees apply.

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