Loans in NZ, by purpose
See what a loan costs you each week and in total, then talk to a licensed broker. Nothing goes on your credit file.
See what my loan would costA $20,000 personal loan over 5 years costs $94–$150 a week, $24,458–$39,121 paid back in total.
Advertised rates checked 21 Oct 2026, with the lender's fee added.
What do you need the money for?
Pick what the money is for and how much. You see what that loan costs each week and what you pay back in total.
What do loans cost in NZ right now?
Here is what each kind of loan costs you each week, and what you pay back by the end. The range runs from the cheapest lender to the dearest.
| Loan | Rate (p.a.) | Example | Each week | Paid back in total |
|---|---|---|---|---|
| Personal loan$5,000 over 3 years | 7.99%–29.99% fixed | $5,000 over 3 years | $37–$51 | $5,796–$7,960 |
| Debt consolidation loan$15,000 over 5 years | 7.99%–29.95% fixed | $15,000 over 5 years | $71–$113 | $18,389–$29,396 |
| Car loan$20,000 over 5 years | 8.95%–29.99% fixed | $20,000 over 5 years | $97–$150 | $25,143–$39,121 |
| Home loan$600,000 over 30 years | 4.79%–5.75% fixed | $600,000 over 30 years | $742–$807 | $1,157,416–$1,259,650 |
| First home loan$700,000 home, 5% deposit | The bank's own rate | $700,000 home, 5% deposit | $832–$906 | $1,298,197–$1,412,865 |
| Refinancing a home loan$500,000 over 25 years | 4.79%–5.75% fixed | $500,000 over 25 years | $673–$725 | $875,308–$942,882 |
| Business loan$50,000 over 5 years | 7.99%–25.95% fixed | $50,000 over 5 years | $234–$354 | $60,871–$92,053 |
| Loan with defaults on file$5,000 over 3 years | 9.95%–29.95% fixed | $5,000 over 3 years | $43–$57 | $6,737–$8,837 |
| Boat loan$30,000 over 5 years | 7.95%–29.95% fixed | $30,000 over 5 years | $143–$228 | $37,165–$59,193 |
Advertised rates checked 21 Oct 2026, lender's fee included. Your rate depends on your credit and the lender. Not every lender in New Zealand is here.
See what I could getHow does Compare Loans work?
None of the three steps is an application. Compare Loans shows you what loans cost, then puts you in touch with a licensed broker. It does not lend money or give advice.
- 1
Pick what the money is for and how much. You see the weekly cost and the total straight away.
- 2
Leave your first name, mobile, email and a good time to call. Your details go to one licensed broker who handles that kind of loan in your region.
- 3
Talk to the broker. They tell you which lenders would look at you, what it would cost, and whether they charge a fee. Nothing goes on your credit file until you apply.
You get a text or email naming the broker, so you know who is calling.
Talk to a licensed broker
Who can get a loan in NZ?
Most people with a regular income can. Lenders want to see four things:
- You are 18 or over.
- You live here. Citizen, resident, or a work visa with at least a year left.
- You have regular income that shows in your bank statements. A benefit alone rules out some lenders, not all.
- Your credit file is OK. A default narrows your options. See loans with defaults on file.
Have your driver licence or passport, three months of bank statements and a payslip ready. That is all a broker needs to start.
Does looking hurt my credit score?
No. Looking here, using the calculator or talking to a broker puts nothing on your credit file.
A lender runs a credit check only when you apply. Several applications in a short time can count against you, so it pays to talk to a broker first and apply once.
What protects borrowers in NZ?
The law gives you six protections with every lender:
- The lender must be licensed
- Every lender that lends to people in New Zealand needs a licence from the Financial Markets Authority.
- The lender must check you can afford it
- Before you get the money, the lender has to check the repayments fit your budget. A lender that says it skips that check is breaking the law.
- There is a cap on very expensive loans
- A loan at 50% a year or more cannot charge more than 0.8% interest a day, and the interest and fees can never add up to more than you borrowed.
- You get the full cost in writing first
- The lender must give you a statement with the rate, every fee and the total you will pay back before you are locked in.
- You can change your mind
- You have five working days after you get that statement to cancel. You pay back the money plus interest for those days.
- You can complain for free
- Every lender and broker belongs to a dispute scheme that costs you nothing to use.
These rules are in the Credit Contracts and Consumer Finance Act, policed by the Financial Markets Authority since 1 July 2026.
Questions people ask
What is the easiest loan to get?
There is no loan without checks in New Zealand. Every lender has to check you can afford the repayments.
A loan secured against a car you own is usually easier to get, and cheaper, than an unsecured one. At the same lender the secured rate starts about one point lower.
If you earn under $65,000 a year as a single person, Good Shepherd's no-interest loans go up to $7,000 for essentials like a car repair or a fridge.
What is the cheapest way to borrow $20,000?
Get the lowest rate you can, then pay it back as fast as your budget allows. The term changes the total as much as the rate does.
At 7.99% with a $150 fee, $20,000 costs about $94 a week over 5 years and $24,458 in total. Over 3 years it is $145 a week and $22,677 in total.
If you own a home, a top-up on your mortgage at around 4.99% is cheaper each week, but stretched over 25 years it costs more in total.
Who will lend to me if the bank says no?
Finance companies lend to some people the banks turn down. Their rates start around 9.95% and run up to 29.95%, and the fees are higher.
They still check you can afford it. Anyone who offers money with no checks at all is not a lender you want.
If you are not sure a new loan is a good idea, MoneyTalks on 0800 345 123 is free and will talk it through with you.
Can I get a loan on a benefit?
Some lenders will, many will not. If the loan is for an essential cost, ask Work and Income about hardship help first.
Good Shepherd's no-interest loans are open to most people on a benefit, except Single Jobseeker Support.
How do I know a lender is legit?
Search the business name on the Financial Service Providers Register, run by the Companies Office. A real lender is listed there and names a dispute scheme.
Walk away from anyone who promises approval before they have seen your details.
What is a loan shark?
Someone who lends without a licence or charges more than the law allows. In 2025 an Auckland lender was charged over loans at up to 15% a week.
If you have been offered a loan like that, report it to the Financial Markets Authority.
Should I take out a loan at all?
A loan makes sense when the repayments fit after rent, food, power and petrol, and when the thing you are buying will outlast the loan.
Four in ten New Zealanders borrowed last year to cover living costs, so you are not alone. If you are unsure, MoneyTalks on 0800 345 123 is free and confidential.
Talk to a licensed broker
Answer three short questions and leave your contact details. One licensed broker in your region reads your enquiry and calls you at the time you pick. Not ready to borrow? MoneyTalks on 0800 345 123 is free.
Compare Loans refers you to a licensed broker and is paid a referral fee by the broker. This is not a loan application. How Compare Loans makes money