Another large bank hikes most fixed home loan rates, cuts its six month one, and makes wide changes to term deposit rates, adding to the tightening credit conditions. BNZ and TSB follow

We now have ASB's pre-Christmas rate hike for fixed home loan rates, basically matching their main rivals.

That just leaves BNZ and Kiwibank to move, plus a few challenger banks.

(Update: both BNZ and TSB have also raised their rates in a similar manner today. Details in the table below.)

But the resulting six month rate from ASB is now the equal low with the Co-operative Bank, and lower than its main rivals.

Like ANZ, ASB has hiked their 18 month rate whereas Westpac didn't. And ASB has gone for a marginally steeper curve for their 2-5 year fixed rates.

ASB has also changed its term deposit rates, and brought a steeper curve to these as well. It has cut rates for 3 month and shorter, and raised them for 6 months and longer. To be fair their six month rate rise was only +5 bps, the same for one year. You have to get to a three year term to get their largest hike, of +35 bps

Making these changes within a week of Christmas Day probably means they will garner relatively little attention. But Anna Breman, the new RBNZ Governor is watching, uncomfortable that financial conditions are tightening for retail rates. She has implied that the last RBNZ MPS didn't warrant this reaction. But hey, if 'everyone else is doing it', why not, seems to be the banks' position.

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 use our 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 here.

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 December 19, 2025	%	%	%	%	%	%	%
ANZ	4.69 -0.10	4.49	4.69 +0.20	4.69 +0.20	5.09 +0.30	5.69 +0.30	5.69 +0.30
	4.65 -0.20	4.49	4.65 +0.20	4.75 +0.26	5.09 +0.30	5.39 +0.30	5.45 +0.30
	4.69 -0.10	4.49	4.64 +0.19	4.69 +0.20	5.09 +0.30	5.29 +0.30	5.29 +0.30
	4.75	4.49		4.49	4.85	5.19	5.39
	4.69 -0.20	4.49	4.45	4.75 +0.30	5.05 +0.30	5.29 +0.30	5.29 +0.30
Bank of China	4.68	4.28	4.38	4.58	4.78	4.95	4.95
China Construction Bank	4.79	4.49	4.49	4.49	4.79	4.99	4.99
Co-operative Bank	4.65 -0.14	4.45	4.49	4.79 +0.30	5.09 +0.30	5.29 +0.30	5.49 +0.30
ICBC	4.69	4.25	4.29	4.59	4.79	4.99	4.99
	4.99	4.49	4.49	4.65	4.85	4.99	4.99
	4.69 -0.30	4.49 +0.10	4.75	4.69 +0.20	5.09 +0.20	5.29 +0.10	5.49 +0.10