ANZ has raised their two year fixed mortgage rate by +20 bps, most others by +10 bps, resulting in the most expensive rate card in the home loan market at present

New Zealand's largest home loan lender is the next to raise mortgage rates.

They have upped most fixed rates by +10 bps, effective Thursday, April 16.

This follows a general move up in wholesale swap rates from the start of April, and more generally from the start of March.

While they haven't raised their six month rate, they have raised their 2 year rate by +20 bps (interestingly, one of the more popular fixed terms at present).

It's been three weeks since a major bank last moved rates up (Kiwibank), four weeks since ANZ's last move.

Now ANZ has the highest rate card of any bank. They will be hoping their rivals follow them, especially because the gap between them and the lowest major for any term is now as much as 24 bps (ASB has a 4.75% 18 month rate, compared to ANZ's new 4.99% rate for the same term.)

The new bank rate cards are now focused on refinance activity, less on new house purchase activity, as the real estate market shifts into winter mode.

ANZ has also raised its term deposit rate card at the same time, +10 bps for all term offers 18 months and longer. But savers have never been attracted to those terms, so the cost to the bank is unlikely to be high for these new offers. (The home loan increase are in the heart of the borrowers choices however.)

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 April 16, 2026	%	%	%	%	%	%	%
ANZ	4.49	4.69 +0.10	4.99 +0.10	5.29 +0.20	5.49 +0.10	6.19 +0.10	6.29 +0.10
	4.49	4.59	4.75	5.09	5.39	5.55	5.69
	4.49	4.59	4.79	4.89	5.29	5.59	5.79
	4.49	4.59		5.09	5.45	5.79	5.89
	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	4.40	4.49	4.49	4.54	4.90	5.10	5.20
Co-operative Bank	4.59	4.59	4.89	5.15	5.39	5.75	5.89
ICBC	4.39	4.49	4.65	4.89	5.15	5.45	5.65
	4.49	4.59	4.85	5.09	5.29	5.55	5.69
	4.59	4.39	4.99	4.89	5.29	5.55	5.69