Now it's only 12 days until spring. And more home loan rate changes are emerging.
But they aren't all cuts or promotional rates.
Today ASB raised most of its fixed rates.
These increases come hard on the heels of the CBA boss 'complaining' about how hard it is to make money in mortgages in New Zealand. He has signaled that profits come before market share at this time - although if they do start to lose significant market share, they might move to defend that again.
A spokesperson for ASB said: "The core factors that influence how home loan rates are set – the OCR, swap rates, customer term deposit rates, and the cost of overseas funding – have all increased significantly in the past two and a half years. This changing economic landscape has driven bank borrowing costs up in a relatively short period of time and is reflected in our lending rates. Over the past two years, we have not increased our fixed home loan rates in line with these increases, and continuing to write home loans for customers below the cost of capital is not sustainable. The current high interest environment also means we’re able to adjust term deposit rates, which we have increased nine times this calendar year. Of all the major banks, we hold joint market leading or market leading rates across eight terms to further encourage and support savers."
ASB also increased term deposit rates for 6, 9 and 12 month terms, by +5 to +15 bps. But these increases only catch ASB up to matching their main rivals.
Going the other way and in the spirit of spring promotions, SBS Bank has made a significant cut, taking -30 bps from its three year fixed rate and offering 5.99% for that term.
That is the most competitive carded offer of any fixed home loan rate in the home loan market at this time, and only one of two banks offering sub-6% rates. Westpac also offers 5.99% but that is for a five year term.
With these changes, the market has shifted to one where ASB is the least competitive on rates of any bank.
For the prominent one fixed rate, ASB's carded offers are the highest in the market, +6 to +26 bps higher than their main rivals, and up to +66 bps higher than Heartland Bank.
And for the equally prominent two fixed rate, ASB's carded offers are also the highest in the market, +10 to +20 bps higher than their main rivals, and +44 bps higher than Heartland Bank who have the lowest offer of any bank.
Obviously you should negotiate and shop around. ASB's existing clients who are rolling over may be the most motivated to shop around. Most banks will discount their carded rates if you have strong financials. You shouldn't need them but if you are uncomfortable negotiating, a broker can often be helpful. But be aware some brokers won't offer you the best over the whole market, only the banks they have approved connections to in their "lending panel." And clearly bank mobile managers are there to pitch their company's own product.
One useful way to make sense of the changed home loan rates is to use our full-function mortgage calculator which is below. (Term deposit rates can be assessed using this calculator).
And if you already have a fixed term mortgage that is not up for renewal at this time, our break fee calculator may help you assess your options. But break fees should be minimal in a rising market.
Here is the updated snapshot of the lowest advertised fixed-term mortgage rates on offer from the key retail banks at the moment.
| Fixed, below 80% LVR | 6 mths | 1 yr | 18 mth | 2 yrs | 3 yrs | 4 yrs | 5 yrs |
| as at August 21, 2023 | % | % | % | % | % | % | % |
| ANZ | 7.19 | 7.19 | 6.89 | 6.79 | 6.49 | 6.89 | 6.89 |
![]() |
7.45 +0.20 |
7.25 | 6.95 | 6.89 +0.10 |
6.69 +0.20 |
6.59 +0.20 |
6.49 +0.20 |
![]() |
7.39 | 7.19 | 6.95 | 6.79 | 6.49 | 6.49 | 6.49 |
![]() |
7.15 | 6.99 | 6.79 | 6.49 | 6.29 | 6.29 | |
![]() |
7.19 | 7.19 | 6.95 | 6.69 | 6.49 | 6.29 | 5.99 |
| Bank of China | 6.89 | 6.79 | 6.59 | 6.29 | 6.19 | 6.09 | |
| China Construction Bank | 7.19 | 7.09 | 6.89 | 6.75 | 6.45 | 6.40 | 6.40 |
| Co-operative Bank [*FHB special] | 6.99 | 6.79* | 6.89 | 6.75 | 6.49 | 6.49 | 6.49 |
| Heartland Bank | 6.59 | 6.59 | 6.45 | 6.15 | |||
| HSBC | 7.19 | ||||||
| ICBC | 6.95 | 6.79 | 6.65 | 6.45 | 6.29 | 6.29 | 6.19 |
![]() |
7.19 | 7.19 | 6.95 | 6.74 | 5.99 -0.30 |
6.59 | 6.69 |
![]() |
6.99 | 7.19 | 6.99 | 6.79 | 6.49 | 6.49 | 6.49 |
Fixed mortgage rates
Select chart tabs
Daily swap rates
Select chart tabs






We welcome your comments below. If you are not already registered, please register to comment
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.