BNZ is the next to raise fixed home loan rates, but theirs are notable because they undercut the recent ANZ, Westpac and Kiwibank hiking levels

Another major bank has announced retail rate rises. BNZ has raised its one year, 18 month, and two year fixed home loan rates by between +6 bps and +10 bps.

They have also raised their term deposit rates for terms 9 months and longer - in fact taking their five year TD rate to 4.90% and just shy of 5% - and up there with the Rabobank equivalent.

The BNZ home loan rate changes are notable for their modestness. While their one year rise was only +6 bps, it only takes it up to Kiwibank's recent change, and only ASB now has a lower rate among the big banks for that term - and ASB hasn't yet announced their change for this round.

BNZ's 18 month rate now matches ASB's existing rate, the lowest among the big banks.

And BNZ's new two year rate does the same, which leaves it with a notable 20 bps advantage over the ANZ and Kiwibank two year rates, a 10 bps advantage over Westpac.

It has been a while since we have had this sort of competitive rate variation and tension between the big banks for the key terms borrowers prefer.

ASB's upcoming rate changes will be interesting.

This review of how these retail rates compare with recent wholesale rate changes might be useful.

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 incentives, 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, (even with your mortgage broker). 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 23, 2026	%	%	%	%	%	%	%
ANZ	4.49	4.69	4.99	5.29	5.49	6.19	6.29
	4.49	4.59	4.85	5.09	5.39	5.55	5.69
	4.49	4.65 +0.06	4.85 +0.06	5.09 +0.10	5.29	5.59	5.79
	4.49	4.65		5.29	5.55	5.89	5.99
	4.49	4.69	4.99	5.19	5.29	5.39	5.59
Bank of China	4.38	4.48	4.68	4.78	5.08	5.38	5.58
China Construction Bank	4.40	4.49	4.49	4.54	4.90	5.10	5.20
Co-operative Bank	4.59	4.65	4.99	5.29	5.49	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	4.49	4.99	5.09	5.29	5.55	5.69