BNZ is the next to raise fixed mortgage rates, but they do it differently to Westpac, holding advantages in some terms. BNZ did not raise term deposit rates at the same time, as Westpac did

BNZ is the next major bank to raise fixed mortgage rates.

They follow Westpac's initial foray in the latest round responding to the recent rise in wholesale rates.

But BNZ's shifts reveal some competitive positioning, especially in the one to three year segments.

BNZ did not move its one year rate up as Westpac did, and it stays matching Kiwibank at this popular fixed term.

They did add a few minor bps to their eighteen month fixed rate, but it stays at a very competitive level among the major banks.

BNZ raised its two year rate by +20 bps, but that only brings it up to levels that ANZ and Kiwibank currently have and is now -30 bps below the new Westpac level. The two year fixed term is now among the most popular of the fixed rate terms for borrowers.

BNZ's three, four and five year rate hikes match or exceed the Westpac ones, and Westpac maintains its relative advantages among these..

One thing BNZ didn't do that Westpac did, is to raise their term deposit rates at the same time.

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 March 18, 2026	%	%	%	%	%	%	%
ANZ	4.49	4.49	4.69	4.89	5.19	5.89	5.99
	4.59	4.59	4.75	4.95	5.19	5.55	5.69
	4.49	4.49	4.69 +0.05	4.89 +0.20	5.29 +0.30	5.49 +0.30	5.69 +0.40
	4.49	4.49		4.89	5.25	5.69	5.79
	4.49	4.59	4.85	5.19	5.29	5.39	5.59
Bank of China	4.38	4.48	4.48	4.58	4.88	5.28	5.28
China Construction Bank	4.69	4.49	4.49	4.54	4.90	5.10	5.20
Co-operative Bank	4.49	4.49	4.69	4.89	5.19	5.55	5.69
ICBC	4.39	4.39	4.49	4.59	4.99	5.09	5.19
	4.69	4.49	4.69	4.89	5.15	5.55	5.69
	4.59	4.39	4.75	4.69	4.99	5.19	5.29