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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, it won the Consumer NZ People’s Choice Award for Banking for the fourth year in a row and in 2018, TSB was awarded the Canstar Blue Overall Customer Satisfaction Award for the fifth time in 6 years.

This 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

Name Product Standard Rates From Special Rates From Loan Terms Available Application Fee
TSB Fixed Rate Home Loan
6 months to 5 years
TSB Floating Rate Home Loan

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  • Fixed-rate. With a fixed-rate mortgage, you have certainty around what your payments are going to be for a fixed term. Standard rates start at 3.69% p.a. for 6 months through to 4.74% p.a. for 5 years. If you have a 20% deposit, you can enjoy a special rate of up to 0.8% lower p.a.
  • Variable rate. TSB’s current standard variable rate, (also known as a floating rate) is 5.34% p.a., and 4.54% p.a. if you have a minimum of 20% deposit. If you choose a variable rate mortgage, your interest rate goes up and down according to the market. With the ability to make extra repayments when you want, you may be able to pay off your home loan faster.
  • Revolving credit. Rather than having a separate loan account, a revolving credit mortgage works in a similar way to an overdraft on your everyday transaction account. While you’ll be put on a variable interest rate of 4.54% p.a., 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 are paid weekly, fortnightly or monthly, you can align your payments for your TSB home loan to suit.
  • Special rates. If you have a minimum of 20% deposit you can enjoy special TSB mortgage rates and pay less over the course of your home loan.
  • Fixed or variable. If you can’t decide between having a fixed or variable interest rate, you can divide your loan with one part fixed and one part variable.
  • Bridging finance. TSB offers bridging finance if you want to purchase a new home before you’ve sold your existing one. Using your property as security and an interest rate of 1.00% higher than standard rates, your loan is paid off once you sell.
  • Extra repayments. Normally 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.
  • StepUp. With StepUp, you set an amount that your mortgage repayments increase annually, and can help you pay off your mortgage earlier. Once you choose the StepUp amount, your repayments increase automatically on the start date of your mortgage. If you are in a position to pay more, for example, you receive a pay rise, you can increase your payments.
  • 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 to 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. Make sure you think carefully about topping up your loan, as it increases repayment amounts, plus the time you take to pay off your mortgage.
  • 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

How do I apply?

Before applying for a TSB mortgage, make sure 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 making an appointment with a Mobile Mortgage Manager.


To be eligible for a TSB home loan, you must be at least 18 years of age and meet the standard lending criteria. You should have a regular income and be able to 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.
  • 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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