The last of the big Aussie banks raises fixed home loan rates in this cycle, and some term deposit rates. But these changes are undistinguished from its main rivals

ASB has raised its fixed home loan rates today (Thursday), basically matching Westpac who moved first on Tuesday July 28, 2026.

ASB also moved up some term deposit rates at the same time.

That just leaves Kiwibank as the only major mortgage bank yet to adjust their rates up in this cycle.

ASB's new mortgage rate levels are undistinguished from any of the banks that have already moved. And their new term deposit rates will give no-one reason to consider moving savings funds to them. The range between any of the main banks remains very tight.

As far as ASB is concerned, this is all about recovering wholesale costs. "We’re continuing to see volatility in wholesale interest rates, which have climbed over the past month. This has a direct bearing on the rates we offer on lending and deposits, in line with what is happening in markets around the world," a spokesperson said.

Globally, those benchmark interest rates have settled in at the new higher level, but the rising impulse has vanished in the past few days.

These changes leave Kiwibank with the older, lower carded rate offerings - for now at least. There are good savings if you need to make a deal right now. But don't expect this difference to last much longer.

You can still get lower rates from the challenger banks, especially the Chinese ones. And banks like the SBS Bank and TSB are not so directly affected by swap rate shifts. Their cost of funds are more influenced by what they pay depositors. So for them, the reaction of their deposit base will play a key role in how they set home loan rates.

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	4.99	5.45	5.49	5.59	6.39	6.49
	4.79 +0.10	4.99 +0.24	5.35 +0.26	5.45 +0.20	5.45 +0.16	5.49	5.59
	4.79 +0.10	4.99 +0.20	5.29 +0.20	5.45 +0.16	5.45 +0.16	5.45 +0.06	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	4.79 +0.10	4.94 +0.10	5.35 +0.16	5.45 +0.06	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