TotalMoney home loan

Reduce the amount of interest you pay by pooling your, and your family’s, savings.

  • Use your savings to reduce the effective interest rate on your mortgage
  • Option to make extra repayments

More detail

The TotalMoney home loan is a normal floating interest rate home loan, giving you the flexibility to make extra repayments, but it has one big difference. With TotalMoney, you can offset the balance of your cheque and savings accounts against your floating home loan. This can drop your effective interest rate.

Your regular payments stay the same, but by lowering your effective interest rate you’ll repay more of your original loan (the principal) each time. You could take years off your home loan, saving thousands of dollars in interest.

The diagram below shows how TotalMoney lets your savings cut the interest you pay on your home loan.

Every dollar counts

TotalMoney gives you the flexibility to increase or decrease the amount you offset to suit your lifestyle. Even a small amount in your cheque and savings accounts can drop your effective interest rate. For example, $5000 in your cheque and savings accounts offset against a $150,000 floating home loan can drop your effective interest rate from 5.74% p.a. to 5.55% p.a.

TotalMoney with offsetting

You could even pay zero interest

If the total amount in your offsetting accounts is the same as the balance owing on your TotalMoney home loan, you’ll pay no interest at all on the loan. 

Other things that are good to know

The total term of a TotalMoney home loan can be any length up to 30 years. The minimum starting loan size is $10,000.

 Floating Home Loan Interest Rate1
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 Fees2
Fee Name What is the fee?
Establishment Fee
Personal Lending to individuals3		 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)		 $1504
Top Up Fee
(Apply to increase your overall home loan borrowing)		 $2504
Re-documentation Fee
(New loan agreements or amendments are required for services such as product changes, borrower changes, some types of repayment changes etc)		 $2504
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


Next steps

Apply online nowFind a store 0800 275 269

Small print

  1. TotalMoney home loans are not included in group balance calculations for fee rebate or other purposes.
  2. Account Fees may be charged in addition to Service Fees and that all fees are subject to change without notice.
  3. 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.
  4. 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.

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.

Full details, TotalMoney Terms and Conditions, and Disclosure Statement may also be obtained free at any BNZ store.