It is a sign of the times that home loan interest rates have not been moving much recently.
Wholesale rates have stabilised in a market that is getting confusing global signals and seems have decided to 'wait and see' until things settle and actual economic data shows more clearly what is happening.
Those wholesale rates are shifting a bit more at the long end, which will allow banks more options to lower longer rate offers.
And today (Monday) Kiwibank did that, trimming its three, four and five year rates. But to be fair, only to levels other banks have already arrived at.
Kiwibank also took the opportunity to cut some key short term deposit rates. Again, the trimmings were minor, leaving them with a 4.05% six month TD rate offer. That is currently similar to ANZ but with a small +5 bps premium to its other main rivals.
We seem to be in a flat period where few retail rate changes are imminent. The ones we get will be just about competitive positioning.
The next big local influence on retail rate offers will come at the end of the month with the RBNZ MPS on May 28, 2025. Until then we will be in the hands of international factors.
If you are a borrower, still 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.
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.
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 May 5, 2025 | % | % | % | % | % | % | % |
| ANZ | 5.49 | 4.99 | 4.99 | 4.99 | 5.29 | 5.99 | 5.99 |
 |
5.59 | 4.99 | 4.99 | 4.99 | 5.35 | 5.59 | 5.69 |
 |
5.49 | 4.99 | 4.95 | 4.99 | 5.29 | 5.69 | 5.79 |
 |
5.49 |
4.99 | 4.99 | 5.35 -0.24 |
5.59 -0.20 |
5.79 -0.10 |
|
 |
5.59 | 4.99 | 4.99 | 4.99 | 5.19 | 5.39 | 5.39 |
| Bank of China | 5.65 | 4.99 | 4.99 | 4.99 | 5.15 | 5.35 | 5.35 |
| China Construction Bank | 5.49 | 4.99 | 4.99 | 4.99 | 5.29 | 5.99 | 5.99 |
| Co-operative Bank (*=FHB only) | 5.39 | 4.89* | 5.09 | 4.99 | 5.39 | 5.59 | 5.69 |
| Heartland Bank (no new business) | 5.89 | ||||||
| ICBC | 5.49 | 4.99 | 4.99 | 4.99 | 5.39 | 5.49 | 5.49 |
 |
5.55 | 4.99 | 4.99 | 4.99 | 5.35 | 5.69 | 5.69 |
 |
5.49 | 4.99 | 5.09 | 4.99 | 5.39 | 5.79 | 5.89 |
Fixed mortgage rates
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Daily swap rates
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