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The base rate in New Zealand has come down a long way since its peak. Good for those New Zealanders with mortgages but not so good for those with savings or the New Zealand/Japan carry trade. This was where vast amounts of money were borrowed from Japan at very low interest rates then invested in New Zealand with high interest rates.

Source: Reserve Bank of NZ

Read the latest Reserve Bank of New Zealand interest rate press release


Last updated: 10/03/2016
Next update:   28/04/2016

Typical variable rate mortgages are 2% above the base rate.

Month
Base Rate
Typical Variable Mortgage Rate
Change
Reserve Bank of New Zealand Official Releases
Mar 16 2.25 % 4.25 % 0.25 10/03/2016
 
Dec 15 2.50 % 4.50 % 0.25 N/A
Sep 15 2.75 % 4.75 % 0.25 10/09/2015
Mar 15 3.50 % 5.50 % 0.00 12/03/2015
Jan 15 3.50 % 5.50 % 0.00 29/01/2015
 
Dec 14 3.50 % 5.50 % 0.00 11/12/2014
Oct 14 3.50 % 5.50 % 0.00 30/10/2014
Sep 14 3.50 % 5.50 % 0.00 11/09/2014
Jul 14 3.50 % 5.50 % 0.25 24/07/2014
Jun 14 3.25 % 5.25 % 0.25 12/06/2014
Apr 14 3.00 % 5.00 % 0.25 24/04/2014
Mar 14 2.75 % 4.75 % 0.25 13/03/2014
Jan 14 2.50 % 4.50 % 0.00 30/01/2014
 
Dec 13 2.50 % 4.50 % 0.00 12/12/2013
Oct 13 2.50 % 4.50 % 0.00 31/10/2013
Sep 13 2.50 % 4.50 % 0.00 12/09/2013
Jul 13 2.50 % 4.50 % 0.00 25/07/2013
Jun 13 2.50 % 4.50 % 0.00 13/06/2013
Apr 13 2.50 % 4.50 % 0.00 24/04/2013
Mar 13 2.50 % 4.50 % 0.00 14/03/2013
Jan 13 2.50 % 4.50 % 0.00 31/01/2013
 
Dec 12 2.50 % 4.50 % 0.00 06/12/2012
Oct 12 2.50 % 4.50 % 0.00 25/10/2012
Sep 12 2.50 % 4.50 % 0.00 13/09/2012
Jul 12 2.50 % 4.50 % 0.00 26/07/2012
Jun 12 2.50 % 4.50 % 0.00 14/06/2012
Apr 12 2.50 % 4.50 % 0.00 26/04/2012
Mar 12 2.50 % 4.50 % 0.00 08/03/2012
Jan 12 2.50 % 4.50 % 0.00 26/01/2012
 
Dec 11 2.50 % 4.50 % 0.00 08/12/2011
Oct 11 2.50 % 4.50 % 0.00 27/10/2011
Sep 11 2.50 % 4.50 % 0.00 15/09/2011
Jul 11 2.50 % 4.50 % 0.00 28/07/2011
Jun 11 2.50 % 4.50 % 0.00 09/06/2011
Apr 11 2.50 % 4.50 % 0.00 28/04/2011
Mar 11 2.50 % 4.50 % 0.50 10/03/2011
Jan 11 3.00 % 5.00 % 0.00 27/01/2011
 
Dec 10 3.00 % 5.00 % 0.00 09/12/2010
Oct 10 3.00 % 5.00 % 0.00 28/10/2010
Sep 10 3.00 % 5.00 % 0.00 16/09/2010
Jul 10 3.00 % 5.00 % 0.25 29/07/2010
Jun 10 2.75 % 4.75 % 0.25 10/06/2010
Apr 10 2.50 % 4.50 % 0.00 29/04/2010
Mar 10 2.50 % 4.50 % 0.00 11/03/2010
Jan 10 2.50 % 4.50 % 0.00 28/01/2010
 
Dec 09 2.50 % 4.50 % 0.00 10/12/2009
Oct 09 2.50 % 4.50 % 0.00 29/10/2009
Sep 09 2.50 % 4.50 % 0.00 10/09/2009
Jul 09 2.50 % 4.50 % 0.00 30/08/2009
Jun 09 2.50 % 4.50 % 0.00 11/06/2009
Apr 09 2.50 % 4.50 % 0.50 30/04/2009
Mar 09 3.00 % 5.00 % 0.50 12/03/2009
Jan 09 3.50 % 5.50 % 1.50 29/01/2009
 
Dec 08 5.00 % 7.00 % 1.50 04/12/2008
Oct 08 6.50 % 8.50 % 1.00 23/10/2008
Sep 08 7.50 % 9.50 % 0.50 11/09/2008
Jul 08 8.00 % 10.00 % 0.25 24/07/2008
Jun 08 8.25 % 10.25 % 0.00 05/06/2008
Apr 08 8.25 % 10.25 % 0.00 24/04/2008
Mar 08 8.25 % 10.25 % 0.00 06/03/2008
Jan 08 8.25 % 10.25 % 0.00 24/01/2008
 
Dec 07 8.25 % 10.25 % 0.00 06/12/2007
Oct 07 8.25 % 10.25 % 0.00 25/10/2007
Sep 07 8.25 % 10.25 % 0.00 13/09/2007
Jul 07 8.25 % 10.25 % 0.25 26/07/2007
Jun 07 8.00 % 10.00 % 0.25 07/06/2007
Apr 07 7.75 % 9.75 % 0.25 26/04/2007
Mar 07 7.50 % 9.50 % 0.25 08/03/2007
Jan 07 7.25 % 9.25 % 0.00 25/01/2007
 
Dec 06 7.25 % 9.25 % 0.00 07/12/2006
Oct 06 7.25 % 9.25 % 0.00 26/10/2006
Sep 06 7.25 % 9.25 % 0.00 14/09/2006
Jul 06 7.25 % 9.25 % 0.00 27/07/2006
Jun 06 7.25 % 9.25 % 0.00 08/06/2006
Apr 06 7.25 % 9.25 % 0.00 27/04/2006
Mar 06 7.25 % 9.25 % 0.00 09/03/2006
Jan 06 7.25 % 9.25 % 0.00 26/01/2006
 
Dec 05 7.25 % 9.25 % 0.25 08/12/2005
Oct 05 7.00 % 9.00 % 0.25 27/10/2005
Sep 05 6.75 % 8.75 % 0.00 15/09/2005
Jul 05 6.75 % 8.75 % 0.00 28/07/2005
Jun 05 6.75 % 8.75 % 0.00 09/06/2005
Apr 05 6.75 % 8.75 % 0.00 28/04/2005
Mar 05 6.75 % 8.75 % 0.25 10/03/2005
Jan 05 6.50 % 8.50 % 0.00 27/01/2005
 
Dec 04 6.50 % 8.50 % 0.00 09/12/2004
Oct 04 6.50 % 8.50 % 0.25 28/10/2004
Sep 04 6.25 % 8.25 % 0.25 09/09/2004
Jul 04 6.00 % 8.00 % 0.25 29/07/2004
Jun 04 5.75 % 7.75 % 0.25 10/06/2004
Apr 04 5.50 % 7.50 % 0.25 29/04/2004
Mar 04 5.25 % 7.25 % 0.00 11/03/2004
Jan 04 5.25 % 7.25 % 0.25 29/01/2004
 
Dec 03 5.00 % 7.00 % 0.00 04/12/2003
Oct 03 5.00 % 7.00 % 0.00 23/10/2003
Sep 03 5.00 % 7.00 % 0.00 04/09/2003
Jul 03 5.00 % 7.00 % 0.25 24/07/2003
Jun 03 5.25 % 7.25 % 0.25 05/06/2003
Apr 03 5.50 % 7.50 % 0.25 24/04/2003
Mar 03 5.75 % 7.75 % 0.00 06/03/2003
Jan 03 5.75 % 7.75 % 0.00 23/01/2003
 
Nov 02 5.75 % 7.75 % 0.00 20/11/2002
Oct 02 5.75 % 7.75 % 0.00 02/10/2002
Aug 02 5.75 % 7.75 % 0.00 14/08/2002
Jul 02 5.75 % 7.75 % 0.25 03/07/2002
May 02 5.50 % 7.50 % 0.25 15/05/2002
Apr 02 5.25 % 7.25 % 0.25 17/04/2002
Mar 02 5.00 % 7.00 % 0.25 20/03/2002
Jan 02 4.75 % 6.75 % 0.00 23/01/2002
 
Nov 01 4.75 % 6.75 % 0.50 14/11/2001
Oct 01 5.25 % 7.25 % 0.00 03/10/2001
Sep 01 5.25 % 7.25 % 0.50 19/09/2001
Aug 01 5.75 % 7.75 % 0.00 15/08/2001
Jul 01 5.75 % 7.75 % 0.00 04/07/2001
May 01 5.75 % 7.75 % 0.25 16/05/2001
Apr 01 6.00 % 8.00 % 0.25 19/04/2001
Mar 01 6.25 % 8.25 % 0.25 14/03/2001
Jan 01 6.50 % 8.50 % 0.00 24/01/2001
 
Dec 00 6.50 % 8.50 % 0.00 06/12/2000
Oct 00 6.50 % 8.50 % 0.00 04/10/2000
Aug 00 6.50 % 8.50 % 0.00 16/08/2000
Jul 00 6.50 % 8.50 % 0.00 05/07/2000
May 00 6.50 % 8.50 % 0.50 17/05/2000
Apr 00 6.00 % 8.00 % 0.25 19/04/2000
Mar 00 5.75 % 7.75 % 0.50 15/03/2000
Jan 00 5.25 % 7.25 % 0.25 19/01/2000
 
Nov 99 5.00 % 7.00 % 0.50 17/11/1999
Sep 99 4.50 % 6.50 % 0.00 29/09/1999
Aug 99 4.50 % 6.50 % 0.00 18/08/1999
Jun 99 4.50 % 6.50 % 0.00 30/06/1999
May 99 4.50 % 6.50 % 0.00 19/05/1999
Apr 99 4.50 % 6.50 % 0.00 21/04/1999
Mar 99 4.50 % 6.50 % 0.00 17/03/1999