ANZ follows Westpac with rate rises for fixed home loans, and in most cases, larger rises than Westpac made. ANZ also raises term deposit rates

ANZ New Zealand is following Westpac NZ with higher fixed home loan rates, effective Thursday.

All ANZ fixed mortgage rates from six months to three years are rising, by between 10 basis points (bps) and 26 bps.

Although the 20 bps rise for a one year fixed rate lifts it to 4.99% to match Westpac, in fact ANZ's other rises are to levels higher than Westpac's July 28 increases.

This pushes ANZ's carded rates to the highest of any bank for every fixed term. Only that 4.99% one year rate matches another bank (Westpac), otherwise they have the distinction on their own, apart from the Co-operative Bank's three year 5.69% rate.

Driving the rise are wholesale money costs. Swap rates have stayed sticky at the higher levels they rose to in mid-July. Internationally, benchmark rates have kept these rates elevated.

Banks can fund their lending from wholesale sources. Or from customer deposits. They are agnostic about where that funding comes from, so long as they meet regulator requirements of core funding and mismatch ratios. So it should be no surprise that they have also raised some term deposit rates and these rises range from 10 bps to 30 bps. These are effective Wednesday.

The larger 30 bps rises are for 18 month and two year term deposit commitments, fixed periods that savers have never shown much enthusiasm for.

ANZ's higher term deposit rates only just match Westpac's existing offers and don't really improve on those.

Other local banks are sure to follow Westpac and ANZ because they face the same pressure, and will no doubt appreciate others have gone first.

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 August 6 2026	%	%	%	%	%	%	%
	4.79 +0.10	4.99 +0.20	5.45 +0.26	5.49 +0.20	5.59 +0.10	6.39	6.49
	4.69	4.75	5.09	5.25	5.29	5.49	5.59
	4.69	4.79	5.09	5.29	5.29	5.39	5.49
Kiwibank	4.65	4.75		5.19	5.39	5.59	5.69
	4.69	4.99	5.35	5.45	5.35	5.39	5.49
Bank of China	4.38	4.58	4.68	4.88	5.18	5.48	5.68
China Construction Bank	4.35	4.49	4.49	4.64	4.90	5.10	5.20
Co-operative Bank	4.69	4.84	5.19	5.39	5.69	5.89	5.99
ICBC	4.39	4.49	4.75	4.99	5.25	5.45	5.65
	4.69	4.79	5.09	5.29	5.29	5.39	5.49
	4.69	4.79	5.19	5.25	5.59	5.89	5.99