What is a table mortgage in New Zealand?

A table mortgage is the standard NZ fixed-rate, principal-and-interest mortgage. Your rate is locked for 1-5 years and your repayment stays the same throughout. At expiry you refix at the new prevailing rate or switch to floating.

Does paying weekly vs monthly actually save money?

Yes. Making 52 weekly payments equals 13 monthly payments per year. The extra month goes to principal reduction. On a $500,000 loan at 6.99%, switching from monthly to weekly saves approximately $39,000 in total interest.

How does a revolving credit mortgage work in NZ?

A revolving credit facility lets you draw and repay up to your credit limit. Pay your salary in — reducing the daily balance and the interest charged. Bills come out as needed. Interest is charged daily so keeping salary in the account reduces interest significantly.

What happens at the end of a fixed term in NZ?

When your fixed term expires, you can refix with your current bank, roll to floating, or refinance to another bank. Compare rates across banks at refix — switching involves minimal cost and can save significantly.

When can I take a repayment holiday in NZ?

NZ banks grant repayment holidays for genuine hardship — parental leave, job loss, or illness. Interest continues to accrue and is added to your balance during the holiday, increasing the total mortgage cost.

NZ Repayment Calculator

Calculate New Zealand mortgage repayments for weekly, fortnightly, and monthly frequencies. Compare table vs floating rates, split loan strategy, and OCR rate scenarios.

Loan Amount

Interest Rate

Loan Term

Payment Frequency

Monthly Repayment

NZ$3,323

Principal and interest — monthly frequency

Loan Amount

NZ$500,000

Interest Rate

6.99%

Loan Term

30 years

Total Interest

NZ$696,336

Total Repaid

NZ$1,196,336

Monthly Equivalent

NZ$3,323

NZ terminology: "Table mortgage" = fixed principal-and-interest loan (what most calculators call a standard mortgage). "Floating mortgage" = variable rate — moves with the RBNZ OCR. "Revolving credit" = offset facility where your salary reduces your daily balance.

Advanced

Advanced Calculator

Payment frequency comparison, table vs floating rates, revolving credit overview

Weekly and fortnightly repayments reduce total interest because you effectively make 13 monthly-equivalent payments per year instead of 12 — paying down principal faster.

Frequency	Payment	Annual Cost	Total Interest	Interest Saved vs Monthly
Weekly (52 payments/year)	NZ$767	NZ$39,878	NZ$696,336	—
Fortnightly (26 payments/year)	NZ$1,534	NZ$39,878	NZ$696,336	—
Monthly (12 payments/year)	NZ$3,323	NZ$39,878	NZ$696,336	—

How weekly saves money: 52 weekly payments = 13 months of payments per year. The extra month each year goes entirely toward reducing principal. Over 30 years, this can cut years off your loan and save tens of thousands in interest.

Pro

Professional Simulator

Fixing strategy, split loan optimisation, repayment holiday cost

OCR rate scenarios — how changes to the RBNZ Official Cash Rate would affect your repayments at the next refix.

Current Fixed Term

OCR Scenario	New Rate	Monthly Payment	Change vs Current	Annual Impact
-0.50% (OCR cut)	6.49%	NZ$3,157	-NZ$166	-NZ$1,993/yr
-0.25% (OCR cut)	6.74%	NZ$3,240	-NZ$83	-NZ$1,002/yr
Current (no change)	6.99%	NZ$3,323	—	—
+0.25% (OCR rise)	7.24%	NZ$3,407	+NZ$84	+NZ$1,012/yr
+0.50% (OCR rise)	7.49%	NZ$3,493	+NZ$169	+NZ$2,034/yr

Fix For	Pros	Cons
1 year	Lowest rate in most market conditions. Re-evaluates frequently.	Renewal risk every 12 months — more admin, rate uncertainty.
2 years	Balance of low rate and medium certainty. Most popular NZ term.	Rate locked even if OCR falls significantly.
3 years	Good certainty for budgeting. Lock in current rate if rates rising.	Break fees can be very large if you sell or refinance.
5 years	Maximum certainty — ideal when rates are historically low.	Usually carries a rate premium. Rarely the cheapest option.

How to Use the NZ Repayment Calculator

Enter your Loan Amount, Interest Rate, Loan Term, and Payment Frequency. The calculator converts between weekly, fortnightly, and monthly payments — showing total interest savings from more frequent payments. Use the Advanced section to compare table vs floating rates, and the Pro section to model fixing strategy and repayment holidays.

NZ Mortgage Repayment Explained

Table Mortgage vs Floating Mortgage

In New Zealand, "repayment calculator" refers to what other countries call a mortgage payment calculator. NZ uses distinct terminology: a table mortgage (also called fixed) has a locked rate for 1-5 years, with equal principal-and-interest payments. A floating mortgage has a variable rate that moves with the RBNZ Official Cash Rate (OCR), with unlimited extra repayments at no cost.

Payment Frequency in New Zealand

New Zealand borrowers have three repayment frequency options — weekly, fortnightly, and monthly. Weekly and fortnightly repayments reduce total interest because they equate to making 13 monthly-equivalent payments per year rather than 12. The extra payment goes entirely to reducing principal, shortening the loan term and saving tens of thousands in interest over 30 years.

Weekly payment = (Monthly payment × 12) ÷ 52
Fortnightly payment = (Monthly payment × 12) ÷ 26

A $500,000 loan at 6.99% over 30 years:
Monthly: $3,322/month — Total interest: $695,920
Fortnightly: $1,661/fortnight — Interest saving: ~$35,000
Weekly: $830/week — Interest saving: ~$39,000

Revolving Credit Facility

A revolving credit facility (offered by all major NZ banks) works like an overdraft secured against your home. Your salary is deposited into the revolving credit account, reducing your daily balance — and the interest charged. As bills are paid, the balance rises back. The net effect is that your average daily balance is lower than your loan amount, significantly reducing the interest cost. It is most effective when combined with disciplined budgeting.

Example: $500,000 Loan at 6.99% over 30 Years

Payment Frequency Comparison

Monthly (12 payments/year)	$3,322/month
Fortnightly (26 payments/year)	$1,661/fortnight
Weekly (52 payments/year)	$830/week
Total Interest — Monthly	$695,920
Estimated Interest Saved — Fortnightly	~$35,000
Estimated Interest Saved — Weekly	~$39,000

Frequently Asked Questions

A table mortgage is the standard NZ fixed-rate, principal-and-interest mortgage. Your rate is locked for a fixed term (1, 2, 3, or 5 years) and your repayment amount stays the same throughout that term. Each payment covers interest first, with the remainder reducing the principal (table/amortization structure). At the end of the fixed term, you refix at the new prevailing rate or switch to floating.

Yes — significantly. Making 52 weekly payments per year is equivalent to making 13 monthly payments instead of 12. The extra month's payment goes straight to principal reduction. On a $500,000 loan at 6.99%, switching from monthly to weekly payments saves approximately $39,000 in total interest and pays the loan off about 2-3 years earlier.

A revolving credit facility is a flexible loan where you have a credit limit (your mortgage amount) and can draw down and repay freely up to that limit. You pay your salary into the account — reducing the balance daily. Bills come out as needed. Interest is charged daily on the outstanding balance, so keeping your salary in the account for 2-4 weeks before bills go out significantly reduces daily interest. Effectively, your money earns the mortgage interest rate while sitting in the account.

When your fixed term expires, you have several options: refix with your current bank for another term (at the new prevailing rate); roll to a floating rate; refinance to another bank; or split part fixed and part floating. Your bank will contact you before the expiry date with renewal options. It is worth comparing rates across multiple banks at this point — switching banks at refix involves minimal cost and can save significantly over the new term.

NZ banks can grant repayment holidays for genuine hardship situations — parental leave, job loss, or serious illness. You must apply and be approved by your bank. During the holiday, interest continues to accrue and is added to your loan balance, which increases the total cost of your mortgage. A 6-month holiday on a $500,000 loan at 6.99% adds approximately $17,000+ to your balance.