New Zealand Interest Rates

New Zealand has one of the highest interest rates in the developed world.

Money has been pouring into New Zealand on the back of the carry trade where investors borrow from Japan for next to nothing, fx the money in New Zealand dollars and invest in New Zealand to take advantage of the high interest rate.

This has so far been a viscous upwards circle and once interest rates begin to rise in Japan then it will be a vicious circle downwards aswell.

If you wish to discuss the carry trade in more detail then please visit the forum or contribute to our wiki.

Source: Reserve Bank of NZ

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


Last updated: 28/06/2018
Next update:   27/09/2018

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
Jun 181.75 %3.75 % 0.00N/A
 
Nov 161.75 %3.75 % 0.25N/A
Aug 162.00 %4.00 % 0.25N/A
Mar 162.25 %4.25 % 0.2510/03/2016
 
Dec 152.50 %4.50 % 0.25N/A
Sep 152.75 %4.75 % 0.2510/09/2015
Mar 153.50 %5.50 % 0.0012/03/2015
Jan 153.50 %5.50 % 0.0029/01/2015
 
Dec 143.50 %5.50 % 0.0011/12/2014
Oct 143.50 %5.50 % 0.0030/10/2014
Sep 143.50 %5.50 % 0.0011/09/2014
Jul 143.50 %5.50 % 0.2524/07/2014
Jun 143.25 %5.25 % 0.2512/06/2014
Apr 143.00 %5.00 % 0.2524/04/2014
Mar 142.75 %4.75 % 0.2513/03/2014
Jan 142.50 %4.50 % 0.0030/01/2014
 
Dec 132.50 %4.50 % 0.0012/12/2013
Oct 132.50 %4.50 % 0.0031/10/2013
Sep 132.50 %4.50 % 0.0012/09/2013
Jul 132.50 %4.50 % 0.0025/07/2013
Jun 132.50 %4.50 % 0.0013/06/2013
Apr 132.50 %4.50 % 0.0024/04/2013
Mar 132.50 %4.50 % 0.0014/03/2013
Jan 132.50 %4.50 % 0.0031/01/2013
 
Dec 122.50 %4.50 % 0.0006/12/2012
Oct 122.50 %4.50 % 0.0025/10/2012
Sep 122.50 %4.50 % 0.0013/09/2012
Jul 122.50 %4.50 % 0.0026/07/2012
Jun 122.50 %4.50 % 0.0014/06/2012
Apr 122.50 %4.50 % 0.0026/04/2012
Mar 122.50 %4.50 % 0.0008/03/2012
Jan 122.50 %4.50 % 0.0026/01/2012
 
Dec 112.50 %4.50 % 0.0008/12/2011
Oct 112.50 %4.50 % 0.0027/10/2011
Sep 112.50 %4.50 % 0.0015/09/2011
Jul 112.50 %4.50 % 0.0028/07/2011
Jun 112.50 %4.50 % 0.0009/06/2011
Apr 112.50 %4.50 % 0.0028/04/2011
Mar 112.50 %4.50 % 0.5010/03/2011
Jan 113.00 %5.00 % 0.0027/01/2011
 
Dec 103.00 %5.00 % 0.0009/12/2010
Oct 103.00 %5.00 % 0.0028/10/2010
Sep 103.00 %5.00 % 0.0016/09/2010
Jul 103.00 %5.00 % 0.2529/07/2010
Jun 102.75 %4.75 % 0.2510/06/2010
Apr 102.50 %4.50 % 0.0029/04/2010
Mar 102.50 %4.50 % 0.0011/03/2010
Jan 102.50 %4.50 % 0.0028/01/2010
 
Dec 092.50 %4.50 % 0.0010/12/2009
Oct 092.50 %4.50 % 0.0029/10/2009
Sep 092.50 %4.50 % 0.0010/09/2009
Jul 092.50 %4.50 % 0.0030/08/2009
Jun 092.50 %4.50 % 0.0011/06/2009
Apr 092.50 %4.50 % 0.5030/04/2009
Mar 093.00 %5.00 % 0.5012/03/2009
Jan 093.50 %5.50 % 1.5029/01/2009
 
Dec 085.00 %7.00 % 1.5004/12/2008
Oct 086.50 %8.50 % 1.0023/10/2008
Sep 087.50 %9.50 % 0.5011/09/2008
Jul 088.00 %10.00 % 0.2524/07/2008
Jun 088.25 %10.25 % 0.0005/06/2008
Apr 088.25 %10.25 % 0.0024/04/2008
Mar 088.25 %10.25 % 0.0006/03/2008
Jan 088.25 %10.25 % 0.0024/01/2008
 
Dec 078.25 %10.25 % 0.0006/12/2007
Oct 078.25 %10.25 % 0.0025/10/2007
Sep 078.25 %10.25 % 0.0013/09/2007
Jul 078.25 %10.25 % 0.2526/07/2007
Jun 078.00 %10.00 % 0.2507/06/2007
Apr 077.75 %9.75 % 0.2526/04/2007
Mar 077.50 %9.50 % 0.2508/03/2007
Jan 077.25 %9.25 % 0.0025/01/2007
 
Dec 067.25 %9.25 % 0.0007/12/2006
Oct 067.25 %9.25 % 0.0026/10/2006
Sep 067.25 %9.25 % 0.0014/09/2006
Jul 067.25 %9.25 % 0.0027/07/2006
Jun 067.25 %9.25 % 0.0008/06/2006
Apr 067.25 %9.25 % 0.0027/04/2006
Mar 067.25 %9.25 % 0.0009/03/2006
Jan 067.25 %9.25 % 0.0026/01/2006
 
Dec 057.25 %9.25 % 0.2508/12/2005
Oct 057.00 %9.00 % 0.2527/10/2005
Sep 056.75 %8.75 % 0.0015/09/2005
Jul 056.75 %8.75 % 0.0028/07/2005
Jun 056.75 %8.75 % 0.0009/06/2005
Apr 056.75 %8.75 % 0.0028/04/2005
Mar 056.75 %8.75 % 0.2510/03/2005
Jan 056.50 %8.50 % 0.0027/01/2005
 
Dec 046.50 %8.50 % 0.0009/12/2004
Oct 046.50 %8.50 % 0.2528/10/2004
Sep 046.25 %8.25 % 0.2509/09/2004
Jul 046.00 %8.00 % 0.2529/07/2004
Jun 045.75 %7.75 % 0.2510/06/2004
Apr 045.50 %7.50 % 0.2529/04/2004
Mar 045.25 %7.25 % 0.0011/03/2004
Jan 045.25 %7.25 % 0.2529/01/2004
 
Dec 035.00 %7.00 % 0.0004/12/2003
Oct 035.00 %7.00 % 0.0023/10/2003
Sep 035.00 %7.00 % 0.0004/09/2003
Jul 035.00 %7.00 % 0.2524/07/2003
Jun 035.25 %7.25 % 0.2505/06/2003
Apr 035.50 %7.50 % 0.2524/04/2003
Mar 035.75 %7.75 % 0.0006/03/2003
Jan 035.75 %7.75 % 0.0023/01/2003
 
Nov 025.75 %7.75 % 0.0020/11/2002
Oct 025.75 %7.75 % 0.0002/10/2002
Aug 025.75 %7.75 % 0.0014/08/2002
Jul 025.75 %7.75 % 0.2503/07/2002
May 025.50 %7.50 % 0.2515/05/2002
Apr 025.25 %7.25 % 0.2517/04/2002
Mar 025.00 %7.00 % 0.2520/03/2002
Jan 024.75 %6.75 % 0.0023/01/2002
 
Nov 014.75 %6.75 % 0.5014/11/2001
Oct 015.25 %7.25 % 0.0003/10/2001
Sep 015.25 %7.25 % 0.5019/09/2001
Aug 015.75 %7.75 % 0.0015/08/2001
Jul 015.75 %7.75 % 0.0004/07/2001
May 015.75 %7.75 % 0.2516/05/2001
Apr 016.00 %8.00 % 0.2519/04/2001
Mar 016.25 %8.25 % 0.2514/03/2001
Jan 016.50 %8.50 % 0.0024/01/2001
 
Dec 006.50 %8.50 % 0.0006/12/2000
Oct 006.50 %8.50 % 0.0004/10/2000
Aug 006.50 %8.50 % 0.0016/08/2000
Jul 006.50 %8.50 % 0.0005/07/2000
May 006.50 %8.50 % 0.5017/05/2000
Apr 006.00 %8.00 % 0.2519/04/2000
Mar 005.75 %7.75 % 0.5015/03/2000
Jan 005.25 %7.25 % 0.2519/01/2000
 
Nov 995.00 %7.00 % 0.5017/11/1999
Sep 994.50 %6.50 % 0.0029/09/1999
Aug 994.50 %6.50 % 0.0018/08/1999
Jun 994.50 %6.50 % 0.0030/06/1999
May 994.50 %6.50 % 0.0019/05/1999
Apr 994.50 %6.50 % 0.0021/04/1999
Mar 994.50 %6.50 % 0.0017/03/1999