BNZ positions itself for the competitive spring real estate season with sharp offerings for 18 month and 2 years fixed, even as it raises most other rates

Spring is bringing changes to home loan rates. Last week it was Westpac and TSB. And these involved some cuts to competitive levels, even though most changes were rises.

Today, BNZ has chimed in with its own changes.

It has moved its six and twelve month fixed rates up, mirroring Westpac. TSB's recent rate cut for the 12 month term has positioned them below all the main banks now.

But BNZ has retained its very competitive 18 month carded rate at 5.29%. And it has cut its two year rate, although not by as much as Westpac did.

It's three, four and five year carded rates are all increased, and to the same levels Westpac went to earlier.

BNZ did not announce any changes to their term deposit offers at the same time.

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

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 September 22, 2026	%	%	%	%	%	%	%
	4.79	4.99	5.45	5.49	5.59	6.39	6.49
	4.79	4.99	5.35	5.45	5.45	5.49	5.59
	4.89 +0.10	5.19 +0.20	5.29	5.35 -0.10	5.59 +0.10	5.65 +0.20	5.75 +0.26
Kiwibank	4.75	4.95		5.39	5.49	5.59	5.69
	4.89	5.19	5.45	5.29	5.59	5.65	5.75
Bank of China	4.58	4.68	4.83	5.08	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	4.99	5.29	5.45	5.69	5.89	5.99
ICBC	4.55	4.65	4.85	4.99	4.99	5.45	5.65
	4.79	4.99	5.29	5.44	5.44	5.49	5.49
	4.79	4.85	5.35	5.49	5.69	5.89	5.99