BNZ is the next to shift its carded fixed home loan rates lower.
But while none of their moves create new market-leading levels, they have moved to match the lowest levels for each of their main rivals. Only challenger banks have lower carded rates.
BNZ is matching ANZ's 4.79% six month rate.
Every main bank is now offering 4.49% for one year fixed.
BNZ is now matching ASB with a 4.45% 18 month rate.
BNZ is matching 4.49% for a two year rate offered by all the main banks except Kiwibank's 4.69%.
BNZ is matching ANZ and ASB's 4.79% three year rate.
And BNZ is matching Westpac's 4.99% four and five year fixed rates.
BNZ had already cut its term deposit rates yesterday, so it is these savers who are 'paying' for these latest rate reductions.
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.
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 22, 2025 | % | % | % | % | % | % | % |
| ANZ | 4.79 | 4.49 | 4.49 | 4.49 | 4.79 | 5.39 | 5.39 |
 |
4.85 | 4.49 | 4.45 | 4.49 | 4.79 | 5.09 | 5.15 |
 |
4.79 -0.10 |
4.49 | 4.45 -0.04 |
4.49 -0.16 |
4.79 -0.06 |
4.99 -0.10 |
4.99 -0.40 |
| reader-reported rate offers | 4.75 | 4.49 | 4.43 | 4.47 | 4.75 | 4.99 | 4.99 |
 |
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 | 4.28 | 4.38 | 4.58 | 4.78 | 4.95 | 4.95 |
| China Construction Bank | 4.85 | 4.49 | 4.49 | 4.65 | 4.85 | 4.99 | 4.99 |
| Co-operative Bank (*=FHB only) | 4.85 | 4.39* | 4.49 | 4.69 | 4.94 | 4.99 | 5.39 |
| ICBC | 4.69 | 4.25 | 4.29 | 4.59 | 4.79 | 4.99 | 4.99 |
(*=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 |
Fixed mortgage rates
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Daily swap rates
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3 Comments
BNZ App this morning:
6 Months: 4.75%
1 Year: 4.49%
18 Months: 4.43%
2 Years: 4.47%
3 Years: 4.75%
4 & 5 Years: 4.99%
Rbnz may not drop ocr again until next year. The difference between the six month and one year fixed rate is quarter percent lower
The one year fixed rate gives immediate advantage and almost seems the better option
From six months to 5 years all are in a tight range
If the Chinese banks can offer 1 Year rates of 4.25% and 4.28% I assume the bank margins must work at that level, so I don't know why everyone else hasn't looked to lower their 1 year rate.
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