Indi · The ad maths

Our YouTube ads say switching to Indi could save Sophie, Jordie and Robbie enough for some fun things, or get them mortgage free sooner. Here's exactly how we worked that out, and what the numbers leave out.

The two rates we compared

Every number in the ads comes from the gap between these two rates. We used the rates as they were when the ads were made, so they may not match today's rates.

Indi floating rate

4.59%

p.a. Floating, so it can go up or down at any time.

Big bank 1-year fixed rate

5.19%

p.a. The advertised 1-year fixed rate at BNZ and Westpac, as published by mortgages.co.nz. ASB and ANZ advertised 4.99% p.a.

Rates as at Monday 19 October 2026.

The numbers behind each ad

Sophie, Jordie and Robbie are made-up characters. Their mortgages are examples to show how the maths works, not real customers.

Choose an ad:

Sophie $500kJordie $500kRobbie $750k

Loan: $500,000
Term: 30 years to go
Repayments: Principal and interest, monthly

Monthly repayments

If Sophie moves her $500,000 mortgage from the big bank rate to Indi's rate and keeps the same 30 year term, her repayments go down.

Same loan, same term	Per month	Per year
At the big bank rate (5.19%)	$2,742.47	$32,909.64
At Indi's floating rate (4.59%)	$2,560.23	$30,722.76
Sophie could pay less	$182.24	$2,186.88

Over the full 30 years, that's $65,600 less interest, as long as both rates stay the same.

What $2,187 a year could buy

Each of these is an alternative, not all of them together. Each one fits inside the yearly saving above.

In the ad	How we priced it	Price used	Total
A year's worth of petrol	10,000 km a year at 7 L/100 km, at the 2026 year-to-date average price for 91 of $3.00 a litre (MBIE weekly adjusted retail price, 2 Jan to 9 Oct 2026)	$3.00 per litre	$2,103
A pottery class every week	Beginner wheel-throwing course, $228 for 6 weekly classes (Ata Ceramics, Lyttelton, Term 3 2026)	$38 per class	$1,976
3 collectible Labubus every month	THE MONSTERS Hair Salon Series figure blind box, NZ$23 (POP MART New Zealand)	$23 per figure	$828
12,400 jelly snakes a year	Woolworths Snakes 180g, $2.35 (Woolworths NZ), at about 14 snakes a bag	$0.17 per snake	$2,108

Or, mortgage free sooner

Instead of paying less each month, Sophie could keep paying $2,742.47 a month, the same as at the bank. At Indi's lower rate, more of each payment goes off the loan, so she'd be mortgage free 3 years 10 months earlier.

Time to pay off the loan

Big bank rate30 years

Indi, same repayments26 years 2 months

3 years 10 months sooner

	Paid off in	Total interest
Big bank rate	30 years	$487,286
Indi, same repayments	26 years 2 months	$358,597
Difference	3 years 10 months sooner	$128,689 less

The saving gets smaller each year as the loan is paid down, which is why we've shown the yearly saving as lower repayments rather than lower interest. Lower repayments stay the same every year, as long as both rates stay the same.

Loan: $500,000
Term: 30 years to go
Repayments: Principal and interest, monthly

Monthly repayments

If Jordie moves his $500,000 mortgage from the big bank rate to Indi's rate and keeps the same 30 year term, his repayments go down.

Same loan, same term	Per month	Per year
At the big bank rate (5.19%)	$2,742.47	$32,909.64
At Indi's floating rate (4.59%)	$2,560.23	$30,722.76
Jordie could pay less	$182.24	$2,186.88

Over the full 30 years, that's $65,600 less interest, as long as both rates stay the same.

What $2,187 a year could buy

Each of these is an alternative, not all of them together. Each one fits inside the yearly saving above.

In the ad	How we priced it	Price used	Total
A year of his favourite subscriptions	Netflix Standard $25.99, Disney+ Standard $16.99, Neon $23.99 and Sky Sport Now $59.99 a month	$126.96 per month	$1,524
Golf: new clubs and a year's membership	Callaway complete club set, $999 (Costco NZ), plus a full playing membership, $815 (Waitakere Golf Club, standard price)	$1,814 per set and membership	$1,814
240 Pro V1s	Titleist Pro V1, $99 a dozen (lowest listed price, PriceSpy NZ)	$8.25 per ball	$1,980
500 mince and cheese pies	Big Ben Classic Mince & Cheese Pie 170g, $2.89 (PAK'nSAVE)	$2.89 per pie	$1,445

Or, mortgage free sooner

Instead of paying less each month, Jordie could keep paying $2,742.47 a month, the same as at the bank. At Indi's lower rate, more of each payment goes off the loan, so he'd be mortgage free 3 years 10 months earlier.

Time to pay off the loan

Big bank rate30 years

Indi, same repayments26 years 2 months

3 years 10 months sooner

	Paid off in	Total interest
Big bank rate	30 years	$487,286
Indi, same repayments	26 years 2 months	$358,597
Difference	3 years 10 months sooner	$128,689 less

The saving gets smaller each year as the loan is paid down, which is why we've shown the yearly saving as lower repayments rather than lower interest. Lower repayments stay the same every year, as long as both rates stay the same.

Loan: $750,000
Term: 30 years to go
Repayments: Principal and interest, monthly

Monthly repayments

If Robbie moves his $750,000 mortgage from the big bank rate to Indi's rate and keeps the same 30 year term, his repayments go down.

Same loan, same term	Per month	Per year
At the big bank rate (5.19%)	$4,113.70	$49,364.40
At Indi's floating rate (4.59%)	$3,840.35	$46,084.20
Robbie could pay less	$273.35	$3,280.20

Over the full 30 years, that's $98,404 less interest, as long as both rates stay the same.

What $3,280 a year could buy

Each of these is an alternative, not all of them together. Each one fits inside the yearly saving above.

In the ad	How we priced it	Price used	Total
Enough to buy and feed a new mate for the dog	SPCA adoption fee for a dog aged 5 months to 8 years, $149, plus $1,500 of food, the top of the $600 to $1,500 a year range (ODT, 2026)	$1,649 per dog and a year of food	$1,649
A snowboarding holiday in Queenstown	3 day lift, lesson and rental package, $850 (The Remarkables, 2026 season), plus an estimated $500 for return flights and $750 for 3 nights' accommodation	$2,100 per holiday	$2,100
3,300 Pokémon cards	330 single booster packs of 10 cards, about $9.50 a pack (The Warehouse)	$9.50 per pack	$3,135
1,000 Calippos	Single Calippo at a local dairy, $3.00	$3.00 per Calippo	$3,000

Or, mortgage free sooner

Instead of paying less each month, Robbie could keep paying $4,113.70 a month, the same as at the bank. At Indi's lower rate, more of each payment goes off the loan, so he'd be mortgage free 3 years 10 months earlier.

Time to pay off the loan

Big bank rate30 years

Indi, same repayments26 years 2 months

3 years 10 months sooner

	Paid off in	Total interest
Big bank rate	30 years	$730,932
Indi, same repayments	26 years 2 months	$537,897
Difference	3 years 10 months sooner	$193,035 less

The saving gets smaller each year as the loan is paid down, which is why we've shown the yearly saving as lower repayments rather than lower interest. Lower repayments stay the same every year, as long as both rates stay the same.

What about Indi floating vs bank floating?

Indi only offers a floating rate, and the ads compare it with a big bank 1-year fixed rate. That's because most big bank customers fix their rate, so it's the rate most people would be switching from. If you're already floating with a big bank, the gap is bigger.

Advertised floating rate	Rate	Gap to Indi
ANZ	6.29%	1.70%
ASB	6.29%	1.70%
BNZ	6.34%	1.75%
Westpac	6.39%	1.80%
Indi floating	4.59%

Source: advertised floating home loan rates published by mortgages.co.nz, as at Monday 19 October 2026.

Against the lowest big bank floating rate (ANZ and ASB, 6.29%)

Same loans as the ads	Lower repayments	Or mortgage free sooner
Sophie, $500,000	$531.38 a month $6,377 a year	8 years 11 months
Jordie, $500,000	$531.38 a month $6,377 a year	8 years 11 months
Robbie, $750,000	$797.06 a month $9,565 a year	8 years 11 months

Same assumptions as the ads: a 30 year term with the full 30 years to go, both rates staying the same, and principal and interest repayments paid monthly. These figures aren't used in the ads.

What the numbers leave out

Rates change. We've assumed both rates stay exactly the same for the whole loan. They won't. Indi's rate is floating and can go up or down at any time, and big bank rates change too. If the gap between the rates changes, so does the saving.
Fixed against floating. The ads compare Indi's floating rate with a big bank 1-year fixed rate. A fixed rate is locked in for its term and then moves onto a new rate, which could be higher or lower. Indi's floating rate can change at any time. See the comparison with big bank floating rates above.
Your own rate. We used advertised rates. If your bank has given you a special rate or discount, your saving could be smaller.
Time left on your loan. We've assumed a 30 year term with the full 30 years to go.
Costs of leaving your bank. If you're on a fixed rate, your bank may charge a break fee to leave early. If your bank gave you a cash contribution, you may have to pay some or all of it back. Check with your bank before you switch.
Indi's costs. Indi charges no fees, and we provide a lawyer for free on refinances, so we haven't included any Indi costs.
How we calculated it. Principal and interest repayments, paid monthly, with interest worked out monthly. Lenders calculate interest daily, so real figures will be a little different. Amounts are rounded.

Check the maths with your own numbers

This uses the same method as the ads. It's an estimate to help you understand the numbers, not an offer or advice.

Compared with Indi's floating rate of 4.59% as at Monday 19 October 2026. Assumes both rates stay the same and ignores any break fees or cash contribution you might owe your bank.

Can I switch to Indi?

You'll need at least 20% equity in your home, and Indi's lending criteria apply. Indi isn't a bank, and nothing on this page is financial advice. If you're not sure whether switching is right for you, talk to a financial adviser.

Get early access

Illustrative examples only. Savings figures are based on the loans, rates and assumptions on this page, using advertised rates as at Monday 19 October 2026. Rates can change at any time, and this page is reviewed and updated periodically. Lending criteria apply. 20% equity required. Not financial advice.

Indi is a registered financial service provider. FSP Number: FSP1001387. Indi is a member of an independent external ombudsman and dispute resolution service Financial Services Complaints Ltd (FSCL), A Financial Ombudsman Service. FSCL's service is free of charge to you.