Kiwibank cuts its fixed home loan rates, the last of the majors to move lower in this rate cycle. It now has the lowest fixed six month rate, but me-too for other fixed terms

Kiwibank has now announced its latest fixed home loan rates, and most of them are not market-leading.

But their six month fixed rate is.

At 4.75% it is lower than any other bank for that term.

And their shift to a carded rate of 4.49% for two years completes the main bank transition to that rate for all 12 and 24 month fixed rates.

Kiwibank does not offer an 18 month rate, so ASB and BNZ, who have adopted 4.45% for that term, are the two main banks with a rate lower than the 12 or 24 month carded levels.

This is where these fixed rates have now landed:

Kiwibank did not announce matching term deposit rates changes at this time.

In an unusual situation, it is now the challenger banks who offer lower rates. Usually these institutions struggle to have a rate 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.

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 23, 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
	4.75 -0.10	4.49		4.49 -0.20	4.85 -0.14	5.19 -0.20	5.59 -0.20
	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