Rapid Repay home loan

A flexible home loan and transaction account all in one.

  • Pay your loan off faster
  • Save on interest by using your savings & income to lower the daily balance of your loan
  • Redraw up to your reducing limit whenever you like

More detail

Rapid Repay1 is an all-in-one home loan, savings and everyday banking account. It let’s you pay off your home loan faster while your banking stays nice and simple.

Reduce interest costs and pay off your loan faster

By putting your income and savings directly into your Rapid Repay home loan account you can keep the balance of your loan down. This means you’ll pay less interest, thereby repaying your loan faster. And because it has a variable interest rate you can also make lump-sum repayments whenever you choose, without worrying about early repayment charges.

Redraw money, up to your limit, as you need it

You have the freedom to access your money, just like a regular bank account. Plus there’s the reassurance of a reducing loan limit to help keep you on track towards the day you’ll be mortgage free.

Putting it all together

Here’s an example of the difference Rapid Repay can make. It’s based on a monthly income of $3,850 and total expenses of $2,400 per month. The spike in the blue line around year six shows a significant redraw for something like renovations or a new car.

Rapid Repay home loan graph

  Standard 25 year table loan Rapid Repay Home loan
Loan amount $150,000 $150,000
Floating interest rate 8.0% 8.0%
Term of loan 25 years 14 years 5 months
Interest saved - $95,064
Time saved - 10 years 7 months


Save on transaction fees

Because your Rapid Repay home loan is also a transaction account, the usual everyday account and transaction fees apply. However, you could earn a monthly discount on your fees that’s based on the outstanding balance of your loan plus the combined balances of selected2 other loans or deposits you have with us. Service fees still apply. You can find out more on the fees and eligible loans or deposits on the fee rebates page.

(If you have more than one Rapid Repay transaction account under the same base number then the account with the highest fees accrued will automatically receive the rebate - unless you nominate a specific suffix.)

 Floating Home Loan Interest Rate3
This rate may differ for existing home loan customers. For more information please call us free on 0800 ASK BNZ (0800 275 269)
Current Interest Rate % p.a. View rates here

 Service Fees4
Fee Name What is the fee?
Establishment Fee
Personal Lending to individuals5		 Up to $400
Establishment Fee
All other lending including but not limited to cases where investment properties, family trusts or companies are involved		 Up to 1% of loan amount.
Rollover/Re-fix Fee
(Re-fix the interest rate on your home loan)		 $1506
Top Up Fee
(Apply to increase your overall home loan borrowing)		 $2506
Re-documentation Fee
(New loan agreements or amendments are required for services such as product changes, borrower changes, some types of repayment changes etc)		 $2506
Re-draw Fee
(Re-draw funds that your original loan approval covered, but that you may have repaid faster than the minimum requirement. Re-draw cannot take place while your loan is on a fixed interest rate, but you can ask us to Re-draw funds when your fixed period is about to expire)		 No fee applies

 Account Fees for Rapid Repay Home Loan
Account Fee Rebates may apply7
Transaction/fee type Account fees (service fees may also apply)
Monthly8 Base Fee $3.50
Manual Transaction Fee:
(Cheques11, Store and Staff Assisted transactions).		 75 cents.
Electronic Transaction Fee (Internet9, Electronic (including EFTPOS, Direct Debits and Telephone Banking9), Automatic Payments10and ATM9 transactions) 35 cents.

The monthly Customer Account Fee Rebate is determined by the average daily Group Balance2 for the month, as follows:

 Rebates7
Group Balances 100% of Account Fees rebated each month to a maximum of:
Less than $25,000 $0.00
$25,000 - $49,999 $5.00
$50,000 - $74,999 $10.00
$75,000 - $99,999 $15.00
$100,000 - $124,999 $20.00
$125,000 - $149,999 $25.00
$150,000 - $299,999 $30.00
$300,000 or more $40.00

Next steps

Apply online nowFind a store 0800 275 269

Small print

  1. Fly Buys and Air New Zealand Airpoints Dollars are not available on a Rapid Repay home loan.
  2. Deposit accounts - Current Account, Ready Money, Call Account, Smart Money, Flexi Money, Achiever Savings, Rapid Save and Term Investments. Bank of New Zealand Tailored Investment Funds and Managed Funds will also contribute to a Group Balance provided they are held in the same name as your Ready Money transaction Account.
    Loan accounts - Standard home loans, Standard home loans with Fly Buys (with or without Tailored repayment option), Mortgage One, Term Loan, Tailored Personal Loans, Revolving Credit accounts, Overdrafts, Rapid Repay home loans, Business Advantage Lending products and Farm First lending products (excluding Farm First Transact Overdraft).
  3. Additional Account, Service and Facility Fees may apply.
  4. Account Fees may be charged in addition to Service Fees and that all fees are subject to change without notice.
  5. For individual customers (where the customer is a natural person and not a company/trust) if the loan is primarily for personal, domestic, or household purposes.
  6. For all non-personal lending (including but not limited to cases where investment properties, family trusts or companies are involved) a fee of up to 1% of the loan may be charged for this service.
  7. Our usual Service Fees apply and are not included in the Account Fee rebate.
  8. Fees are charged on the last business day of each calendar month and are based on the period between the last business day of the previous calendar month and the second to last business day of the current month, inclusive.
  9. Although the Telephone, Internet Banking and ATM services will normally be available 24 hours a day, maintenance of the system is required from time to time.  Accordingly certain options may not be available for an average of three hours a week.  This maintenance, however will be carried out at times which will cause the least disruption to you.
  10. Automatic Payments into your account from other parties are classed as Electronic Transactions.
  11. Government stamp duty charges for cheques apply.

TotalMoney, GlobalPlus Home Loans, Cash PIE, and Business First Transact and OnCall accounts do not form part of the Bank of New Zealand Group Balance for fee rebate or other purposes.

Our lending criteria and establishment or re-documentation fees apply. A Low Doc or Low Equity Interest Rate Premium may apply. Loans are not available for business purposes or packaged offers. A higher interest rate may apply to loans if the application is accepted but does not meet our standard lending criteria.