ANZ doesn't hold back with its latest fixed mortgage rate increases, raising all two years and longer. But they did also raise TD rates at the same time, even if it was for terms savers avoid

ANZ  is the next major to change fixed home loan rates - and they haven't held back.

They have matched their rivals with a -20 bps cut to their six month fixed rate.

But they have raised all their fixed rates for terms two to five years. The changes are +20 bps, except for 5 years where it is +30 bps. And these are now among the highest rates in the current market. They will be hoping that Kiwibank follows them when this last of the big bank follow.

As a consequence, only ANZ's 6 and 12 month fixed rates are the lowest of these five main bank offers.

At the same time, ANZ has raised its term deposit rate offer by +10 bps to 30 bps for all terms two years and longer. (A small +5 bps tweak has also been applied to their one year TD rate.)

Earlier in the day, BNZ followed Westpac and ASB with rate changes, both of whom made changes last week.

Kiwibank will be the last to move in this cycle.

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 indicated that most other banks will be raising these longer rates because of the cost pressures. If you are thinking of locking in longer fixed home loan rates, now might be a good time to consider that. Fast. 

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 4, 2026	%	%	%	%	%	%	%
ANZ	4.49 -0.20	4.49	4.69	4.89 +.0.20	5.19 +0.20	5.89 +0.20	5.99 +0.30
	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