What's thought to be the country's first 10-year fixed rate home loan is available to property buyers from today.

TSB is offering the fixed rate loan at 5.89 per cent for residential and investment property loans, with a minimum deposit of 20 per cent required.

TSB chief executive Kevin Murphy said it had identified a gap in the market and the loan would be "highly appealing" to first-time home buyers, residential property investors or people looking to refinance their home loan.

Murphy said it would allow people to budget more closely for a longer period.

"We're delighted to offer New Zealand's very first 10 year fixed home loan giving Kiwi families and property investors certainty to plan for the long term with a competitive interest rate," he said.

The next longest fixed home loan rate is BNZ's seven year fixed home loan at 6.89 per cent followed by Kiwibank's five year loan at 5.89 per cent.