1. Your Mortgage
$
1 yr30 yrs
1 mo5 yrs
%
2. Your Extra Repayment
$
This is on top of your regular repayment. Even small extra amounts compound significantly over time.
Fixed Rate Overpayment Limits by Bank
Most NZ banks allow limited extra repayments on fixed rate mortgages without break fees. Floating rate has no restrictions.
| Bank | Allowance on Fixed Rate | Consequences if Exceeded |
|---|---|---|
| ANZ | Up to $250/week extra, plus a 5% lump sum per year | Break fees may apply beyond this |
| ASB | Increase repayments up to $500/fortnight or $1,000/month | Increase must be maintained; lump sums incur ERA |
| BNZ | Up to 5% of loan balance per year (Standard loans) | Break fees; Classic loans have no free threshold |
| Kiwibank | Up to 5% of loan balance per year | Break fees may apply beyond this |
| Westpac | Increase repayments up to 20% above minimum | Lump sums incur break fee + $20 admin fee |
| Co-operative Bank | Up to 5% of loan balance per year (min $1,000) | Break fees may apply beyond this |
| SBS Bank | Any changed repayment | $45 fee per change, plus possible break fees |
| TSB | Up to $10,000/year; increase up to $1,000/month (max 3×/yr) | Break fees may apply beyond this |
| All banks | Floating rate: no limits — repay any amount, any time, no fees | |
Source: interest.co.nz. Rules vary by loan product — always confirm with your bank before making extra repayments.
This calculator is for illustrative purposes only and does not constitute financial advice. Rates shown are sourced from publicly available data and updated daily but may not reflect your actual mortgage rate. Always confirm terms directly with your lender before making financial decisions.
