Home Loan Floating rate

A Floating Rate or Variable Rate Loan is where banks/lenders can, at any time, either increase or decrease the rate for this type of loan, which will mean your loan repayments will go up or down depending on the movement. 

Examples of when a floating rate term may suit your goals or needs

Would like the flexibility of making lump sum payments without penalty fees.

• Expecting to pay off this loan in the very near future e.g from an inheritance, sale of an asset, bonus

Waiting to see what the home loan market will do in respect to fixed rates e.g foresee rates to drop and want the option to fix immediately without penalty fees.

 Ability to increase your loan repayments and then decrease back to the minimum at a given point of time without penalty fees. e.g working overtime through a certain period and want to pay off home loan faster during this time.


Here you can compare the "advertised" owner occupied home loan rates against the banks listed below.

You will note I have used the term "advertised", that's because in most cases we can get the banks to offer lower rates and for new lending you may also qualify for cash too!

Bank Special*
ANZ Bank 6.84%
ASB Bank 6.85%
BNZ Bank Classic 6.79%
Co-Operative Bank 6.65%
SBS Bank 6.79%
Westpac Bank 6.85%

Last updated Monday 3 October 2022, 12.24pm.

*Special Rates come with terms and conditions. e.g available for owner occupied home loans with at least 20% equity/ deposit and in some cases apply to Welcome Home Loan customers with up to 10% deposit. 

**Standard Rates generally apply to owner occupied borrowing with less than 20% deposit/ equity or for residential investment lending.


Every possible effort has been made to keep the information in this table as accurate as possible, however, neither the publishers of Mortgage Field nor anyone engaged to compile this table accept any liability for inaccuracies or any loss suffered as a result.

It is strongly advised that readers check loan details with the respective banks.

The examples shown above are only a guide and so we strongly recommend you contact us to ensure that this rate is fit for purpose.