ANZ trims fixed rates, but only to levels that make them look good against their main rivals. Some challenger banks have much lower rates. ANZ also pushed through matching term deposit rate cuts

New Zealand's largest home loan lender (ANZ) has cut its fixed mortgage rates, along with matching term deposit rate cuts, for almost all fixed terms.

On the home loan front, only their one year 4.49% rate is unchanged.

That positions ANZ with rates that are as low for each term as any of the big five rivals, and lower that any of this dominant set for six months fixed and three years fixed.

But ANZ is not the lowest in most fixed terms.

For a six month fixed term, the lowest bank is Bank of China at 4.68%, -11 bps below ANZ.

For one year, the lowest fixed rate is from ICBC at 4.25%, -24 bps below ANZ.

For eighteen months fixed, the lowest is also ICBC at 4.29%, -20 bps below ANZ.

For two years, the lowest offer is in fact from ANZ at 4.49. But they are just parroting Westpac, who parroted TSB earlier

For three years, the lowest carded offer is from Bank of China at 4.78%, although that isn't materially different to ANZ;'s 4.79% or ICBC's 4.79%.

ANZ claims over 40% of their home loan customers are already ahead on payments by six months or more, and are pitching that lower rates will allow clients who switch from higher rates the option to extend that prepayment advantage.

The last time fixed rates were as low as they are now was in mid-April 2022. That was when they were moving up from earlier when rates started in the 3% range.

The RBNZ's loosened loan-to-value ratio restrictions will give banks a slightly larger playing field, but it may not be substantially larger. First home buyers who are ready to buy are already moving - they are doing more than a quarter of the mortgage transactions anyway. And it is doubtful banks will want to build their mortgage books with existing homeowners trying to raise their leverage by using their houses as an ATM. It is likely also that homeowners will stay motivated to pay down their mortgages faster than the scheduled repayments, as they have been doing for a long time now. Nothing focuses the mind in household budgeting if job security is a worry.

To compare mortgage rate offers in a way that includes the application and account fees costs (or break fee costs if you need to do that), and applying the impact of a cashback/legal fee reimbursement/ or other incentive, you can now use our new home loan comparison calculator. You can find it here. Or, for convenience, we have added it to the bottom of this article.

We sense the ability to achieve meaningful discounts from carded rates is now much harder, so the impact of the incentives offered are currently playing an outsized role. Reader-reported mortgage rates are welcome. So please record them if you have them in the comment section below, which helps us stay on top of this aspect of the home loan rates market.

And still negotiate. How flexible banks 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 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 October 17, 2025	%	%	%	%	%	%	%
ANZ	4.79 -0.10	4.49	4.49 -0.10	4.49 -0.16	4.79 -0.10	5.39 -0.10	5.39 -0.10
	4.95	4.49	4.49	4.65	4.94	5.19	5.39
	4.89	4.49	4.49	4.65	4.85	5.09	5.39
	4.85	4.49		4.69	4.99	5.39	5.59
	4.99	4.49	4.49	4.49	4.85	4.99	4.99
Bank of China	4.68 -0.30	4.28 -0.40	4.38 -0.30	4.58 -0.20	4.78 -0.10	4.95 -0.40	4.95 -0.10
China Construction Bank	4.99	4.75	4.75	4.75	4.95	5.99	5.99
Co-operative Bank (*=FHB only)	4.85	4.39*	4.59	4.69	4.94	5.19	5.39
ICBC	4.85 0.16	4.25 0.20	4.29 0.26	4.59	4.79 0.10	4.99 0.36	4.99 0.39
(*=FHB only)	4.99	3.99*	4.49	4.65	4.85	4.99	4.99
	4.99	4.49	4.75	4.49	4.89	5.19	5.39