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Rainbow Falls is a nice 27m waterfall that looks eerily like Whangarei Falls. It makes for a pleasant diversion away from the quaint town of Kerikeri or away from the coastal scenery of the Bay of Islands. I reckon it's one of the better waterfalls you'll find in this part of the country.
There are a few options you have of extending your time here (such as the 4km (one-way) Kerikeri River Track; including Wharepoke Falls and the Fairy Pools).
Directions:
For more information on this waterfall such as...
maps
directions
detailed descriptions
refer to A Guide to New Zealand Waterfalls (Story Nature Press).