On the eve of the Reserve Bank's last Official Cash Rate (OCR) review of the year, ANZ NZ has announced cuts to fixed-term home loan rates of up to 26 basis points.
ANZ says cuts to its carded, or advertised, fixed-term home loan rates take effect Wednesday, November 27, when the Reserve Bank is expected to reduce the OCR from 4.75%.
ANZ's biggest cuts are 26 points shaved off its six-month rates, and 20 basis points reduced from its one-year and 18-month rates.
The bank's also cutting term deposit rates by up to 25 basis points.
See all banks' carded mortgage rates here.
See all banks' carded term deposit rates for one to nine months here, and for one to five years here.
But carded rates are one thing. Actual off-card rates are often lower.
Competition is pointed at present. And to avoid queering the pitch, a lot of home loan rate activity is going on 'off-card'.
We have cleared the table below of these reader-reported mortgage rates, because they are so fluid. We need to be reporting current rates from readers. Let us know what you are seeing.
Almost all banks will have some flexibility in their rate offers. So the carded rates are just the start. Negotiate. How flexible they may be will depend on the strength of your financials.
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. Break fees will be minimal in a rising market. But they become important in a falling market, like now. Don't forget, when you sign up for a fixed rate you are signing a contract. You have been given the right to break it in legislation but the bank has the right to reclaim its costs when you do so. This is NOT evidence of banks making it hard to switch (as some borrowers, and sadly some journalists seem to think).
Here is the updated snapshot of the lowest advertised fixed-term mortgage rates on offer from the key retail banks at the moment. It will probably change after the Reserve Bank's Monetary Policy Statement and OCR changes on Wednesday.
| Fixed, below 80% LVR | 6 mths | 1 yr | 18 mth | 2 yrs | 3 yrs | 4 yrs | 5 yrs |
| as at November 27 2024 | % | % | % | % | % | % | % |
| ANZ | 6.24 -0.26 |
5.79 -0.50 |
5.59 -0.20 |
5.59 -0.10 |
5.59 -0.10 |
6.19 | 6.19 |
| current reader-reported rates | 6.19 | 5.74 | |||||
 |
6.39 | 5.99 | 5.79 | 5.69 | 5.69 | 5.79 | 5.79 |
| current reader-reported rates | 6.29 | 5.79 | 5.59 | 5.59 | 5.59 | 5.69 | 5.69 |
 |
5.99 | 5.95 | 5.89 | 5.69 | 5.69 | 5.59 | 5.59 |
| current reader-reported rates | 5.99 | 5.79 | 5.69 | 5.65 | 5.59 | 555 | 5.55 |
 |
6.49 | 5.79 | 5.69 | 5.69 | 5.69 | 5.69 | |
| current reader-reported rates | |||||||
 |
6.45 | 5.99 | 5.89 | 5.65 | 5.65 | 5.59 | 5.59 |
| current reader-reported rates | |||||||
| Bank of China | 6.65 | 5.99 | 5.79 | 5.69 | 5.69 | 5.49 | 5.49 |
| China Construction Bank | 6.50 | 5.99 | 5.79 | 5.69 | 5.69 | 6.40 | 6.40 |
| Co-operative Bank | 6.39 | 5.99 | 5.89 | 5.75 | 5.69 | 5.69 | 5.69 |
| Heartland Bank | 5.65 | 5.59 | 5.55 | 5.55 | |||
| ICBC | 6.39 | 5.99 | 5.79 | 5.65 | 5.59 | 5.49 | 5.49 |
 |
6.60 | 6.15 | 5.79 | 5.69 | 5.69 | 5.69 | 5.69 |
 |
6.45 | 5.69 | 5.89 | 5.69 | 5.69 | 5.69 | 5.69 |
Fixed mortgage rates
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Daily swap rates
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