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TSB mortgages

TSB understands one size doesn’t fit all. It offers a range of repayment options and matches rates from other leading banks.

Starting as a small regional bank in New Plymouth back in 1850, TSB now has a nationwide presence with branches in many towns and cities. In 2019, TSB won the Consumer NZ People’s Choice Award for Banking for the fourth year in a row.

TSB is a bank that continues to grow from strength to strength. As well as providing everyday banking solutions for Kiwis, TSB services mortgage customers all over the country and can match advertised rates provided by other banks.

Mortgages offered by TSB

1 - 2 of 2
Name Product Standard Rates From (p.a.) Special Rates From (p.a) Loan Terms Available Application Fee
TSB Fixed Rate Home Loan
6 months to 5 years
TSB Floating Rate Home Loan
  • Fixed-rate. With a fixed-rate mortgage, you have certainty around what your payments will be for a fixed term. Once TSB agrees on a new borrower’s loan amount, it sets your rate for 60 days, which gives you certainty while looking for your new home.
  • Floating (variable) rate. If you choose a floating (variable) rate mortgage, your interest rate goes up and down according to the market. However, with the ability to make extra repayments when you want, you may be able to repay your mortgage faster.
  • Variable and Fixed-rate mortgage combined. If you would like flexibility with a floating rate and the confidence of a fixed rate, TSB offers this. It gives you the option to choose what portion amount of the mortgage is fixed and floating and allows you the flexibility to reach your goals more quickly.
  • Revolving credit. Rather than having a separate loan account, a revolving credit mortgage works similarly to an overdraft on your everyday transaction account. However, while TSB puts you on a variable interest rate, there is no set payment schedule, and you can reduce your loan limit as and when it suits you. You can also withdraw money up to your credit limit when needed.

Features and benefits

  • Rate match. If you find a better interest rate advertised at Westpac, ASB, ANZ or BNZ, TSB will match it.
  • Align your repayments. Whether you receive your pay weekly, fortnightly or monthly, you can align your payments for your TSB mortgage to suit.
  • Special rates. If you have a minimum of 20% deposit, you can enjoy special TSB mortgage rates and pay less throughout your loan.
  • Fixed or variable. If you can’t decide between having a fixed or variable interest rate, you can divide your loan between the two.
  • Bridging finance. TSB offers bridging finance if you want to purchase a new home before you sell your existing one. Then using your property as security and an interest rate of 1.00% higher than standard rates, you repay the loan once you sell.
  • Extra repayments. Typically you would be charged a fee for making extra repayments on a fixed-rate loan, but TSB allows you to make payments of up to $10,000 a year over your standard commitment. If you’re on a variable rate, you can make extra repayments at any time without penalty.
  • Payment changes. Whether you are on a fixed or variable rate, TSB lets you change your payments, without a penalty, up to three times in a fixed-term period. These payments must be to a maximum of $1000 in a calendar month, and you can revert to the minimum payment amount or a lesser amount when you choose.
  • Loan top-up. If you need some extra funds to pay for a car, a dream holiday or a wedding, you can apply to top up your mortgage. However, make sure you think carefully about topping up your loan, as it increases repayment amounts and the time it takes to repay your mortgage.
  • KiwiSaver. If you have paid into your KiwiSaver for at least 3 years, you may be able to withdraw all or part of it to help pay for your first house. However, conditions apply, so ensure you check these out.
  • Kāinga Ora. If you are a first home buyer and meet specific conditions, Kāinga Ora – Homes and Communities may be able to help with a First Home Grant or First Home Loan.
  • Mobile Mortgage Managers. If you can’t visit your local TSB, a Mobile Mortgage Manager (available in certain areas) can visit you at a convenient time, and their help is obligation free. A mobile manager can help by:
    • Tailoring a mortgage to your needs
    • Having an in-depth understanding of house buying in your area, plus professional contacts
    • Having a comprehensive knowledge of TSB mortgages
    • Being available at weekends and after hours
    • Keeping you informed at each stage of the process
  • Video calls. You can also conveniently speak to a TSB lending specialist via a conference call.

TSB Fees

TSB costs may vary. Make sure you take a look at its fees page for information.

Before you apply for a TSB mortgage

Before applying for a TSB mortgage, take a look at your finances, including:

  • Expenses. Make sure this includes living costs (utility payments, food), credit cards, student loans and entertainment
  • Your total income. For example, wages, rental income and shares
  • Deposit. With a more significant deposit, you can borrow less, which means your repayments are lower and you are mortgage-free faster

How do I apply?

Before applying for a TSB mortgage, ensure that you meet the eligibility criteria and have the appropriate documentation outlined below. It’s also a good idea to compare the terms and interest rates with other lenders to understand if you are getting the best deal to suit your circumstances.

You can start the process by visiting your local branch or an appointment with a Mobile Mortgage Manager. Alternatively, complete the form on TSB’s website, and it will contact you to discuss your options.


To be eligible for a TSB mortgage, you must be at least 18 years of age and meet the standard lending criteria. In addition, you should have a regular income and meet the repayment obligations of your loan.

Documents required

For TSB to be able to assess your situation correctly, you need to provide the following with your application:

  • Photo ID. Passport or driver’s licence.
  • Proof of your address. You can supply a bank statement or utility bill for this.
  • Contact details. Make sure your address, telephone number and email address are all up to date.
  • Proof of income. Three months’ bank statements and two of your most recent payslips. If you are already a TSB customer, you may not need to supply these. However, if you are self-employed, you need to provide financial statements for the last two years.
  • Debt statements. If you have other personal loans, credit cards or hire purchases, you need to show statements from the last three months.
  • New Zealand IRD number. Plus, your overseas tax identification number if relevant.

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