BNZ matches Westpac with a rate cut to its six month fixed home loan rate, but it raises its four and five year fixed rates in response to fast-rising wholesale costs

BNZ is the next major bank to change home loan interest rates.

But none of their shifts result in market-leading levels.

Their new six month fixed rate has been cut by -20 bps to 4.49% which matches an early reduction by Westpac, and to the lowest level of any bank for that short fixed term.

They have left their competitive 12 and 18 months unchanged at the lowest level of all the main banks.

And for two years and three years fixed these BNZ rates are also unchanged, and also at the lowest of any main bank.

However, they have raised their four year rate by +26 bps, taking it to 5.55%. And they raised their five year rate by +40 bps to 5.69%. Neither of these levels are matching their main rivals at low comparative rates.

The likely reason for the shifts can be seen in the wholesale swap rate charts below. Four and five year swap rates are now back to March 2025 levels. And back then, four and five year fixed home loan rates were in the 5.79% to 5.99% range. This says today's new higher rates are more competitive than then - and it probably also indicates that most other banks will be raising these longer rates soon too, under similar cost pressures. If you are thinking of locking in longer fixed home loan rates, now might be a good time to consider that.

Similar pressures may apply to the three year fixed rate costs.

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.

Negotiate. How flexible banks may be will depend on the strength of your financials.

One other 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 3, 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
	4.49 -0.20	4.49	4.64	4.69	5.09	5.55 +0.26	5.69 +0.40
	4.59	4.49		4.69	5.15	5.49	5.29
	4.49	4.49	4.69	4.89	5.15	5.39	5.49
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