Westpac is the next to move its mortgage rate card up, with two exceptions. They won't be the last as a new rate hiking cycle gets underway

Westpac has followed ASB by hiking longer carded fixed mortgage rates, although not to as high levels as both ANZ and ASB.

But they have also raised their 18 month to three year rates as well.

Of all the Red Bank's moves up, the two year 4.89% is notable (+14 bps) because it is now the highest by any bank for that fixed term.

Also notable is their cut to their six month fixed rate, down -20 bps to 4.49%, the lowest for that short fixed term of any of the big banks.

Given the unsettled nature of the global money markets, with rising risk premiums, these increases are not too surprising.

And there is pressure from Australia as well with a strong labour market and much higher inflation pressures. It is widely expected that the Reserve Bank of Australia will hike its policy rate on Tuesday next week by +25 bps and financial market positioning ahead of that spills over to New Zealand money costs.

So expect the other banks to move their rates up soon, perhaps even ASB again.

You can get a sense of the impending pressures by watching our swap rate chart below.

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 February 2, 2026	%	%	%	%	%	%	%
ANZ	4.69	4.49	4.69	4.69	5.09	5.69	5.69
	4.65	4.49	4.65	4.75	5.09	5.55	5.69
	4.69	4.49	4.64	4.69	5.09	5.29	5.29
	4.59	4.49		4.69	5.15	5.49	5.29
	4.49 -0.20	4.49	4.69 +0.10	4.89 +0.14	5.15 +0.16	5.39 +0.16	5.49 +0.20
Bank of China	4.38	4.48	4.48	4.58	4.88	5.28	5.28
China Construction Bank	4.79	4.49	4.49	4.54	4.90	5.10	5.20
Co-operative Bank	4.65	4.49	4.69	4.79	5.09	5.29	5.49
ICBC	4.69	4.39	4.49	4.59	4.99	5.09	5.19
	4.69	4.49	4.69	4.69	5.09	5.29	5.29
	4.69	4.49	4.75	4.69	5.09	5.29	5.49