Kiwibank is the next main bank to move its key retail interest rates with fixed home loan rates moving down (and up), and longer term term deposit rates moving down.
On their carded fixed mortgage rate set, it has raised its six month rate by +16 bps to 4.65%, moving away from matching ASB's 4.49% rate for that short fixed term.
Going the other way, it has moved its two year rate down -10 bps to 5.19% and matching Westpac for this popular term.
It cut its three year fixed rate by -16 bps to 5.39% which is mid-pack but now not as low as BNZ or Westpac's 5.29%.
For four years fixed, Kiwibank's cut is -30 bps 5.59% but that still leaves it +20 bps above both BNZ and Westpac.
It is similar for five years, cutting their rate by -30 bps to 5.69% but that is still +20 bps above those same two rivals.
A check of the table below shows that some challenger banks can offer significantly lower rates than any main bank. Advantages of -20 to -50 bps are still possible.
On the term deposit front, Kiwibank has cut -10 bps from all its rates for terms two years to five years.
Recent wholesale swap rates have moved down by about -15 bps from the relatively stable period between May and mid-June, to the current rates in late June. In that context, Kiwibank's rate changes seem to reflect these wholesale rates shifts, perhaps even more so than competitive positioning.
Recently we reviewed Kiwibank's market share performance among the main banks and you can read that review here.
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.
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 June 29 2026 | % | % | % | % | % | % | % |
 |
4.69 | 4.65 | 5.19 | 5.29 | 5.49 | 6.39 | 6.49 |
 |
4.49 | 4.65 | 4.95 | 5.25 | 5.49 | 5.69 | 5.89 |
 |
4.69 | 4.79 | 5.09 | 5.29 | 5.29 | 5.39 | 5.49 |
| Kiwibank | 4.65 +0.16 |
4.75 | 5.19 -0.10 |
5.39 -0.16 |
5.59 -0.30 |
5.69 -0.30 |
|
 |
4.69 | 4.79 | 5.09 | 5.19 | 5.29 | 5.39 | 5.49 |
| Bank of China | 4.38 | 4.58 | 4.68 | 4.88 | 5.18 | 5.48 | 5.68 |
| China Construction Bank | 4.40 | 4.49 | 4.49 | 4.54 | 4.90 | 5.10 | 5.20 |
| Co-operative Bank | 4.59 | 4.79 | 5.15 | 5.39 | 5.65 | 5.85 | 5.99 |
| ICBC | 4.39 | 4.49 | 4.75 | 4.99 | 5.25 | 5.45 | 5.65 |
 |
4.49 | 4.69 | 4.95 | 5.19 | 5.39 | 5.55 | 5.69 |
 |
4.69 | 4.79 | 5.19 | 5.25 | 5.59 | 5.89 | 5.99 |
Fixed mortgage rates
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Daily swap rates
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