With the money markets repricing their OCR expectations after the unexpected RBNZ hold last week, and the subsequent fall back in short term swap rates, BNZ has thrown in the towel and cut its short rates back to levels that its main rivals already had.
That results in the main banks having a familiar pattern for fixed rates of two years or less.
The six month fixed rate has settled to 4.79%, except for Kiwibank who are at 4.85% and Westpac still at 4.89%.
The one year fixed rate has settled to 4.99%, except Kiwibank's 5.15% and Westpac's 5.19%.
The eighteen month fixed rate has settled to 5.29% although Westpac's recent cut has them at 5.19%.
The two year fixed rate is at 5.35% for all except Kiwibank is at 5.39% and Westpac at 5.29%.
The range in carded fixed rates between the lowest and highest among these main banks for these popular fixed terms is 3 bps to 20 bps.
It is unclear where wholesale swap rates are headed in the short term now, even if the long term trend is higher.
OCR pricing, which will have some impact on short swap rates, is for the December 9 chance of a +25 bps hike then at 80%. Indeed, Governor Breman has conceded that the next rise will be up. Despite that observation, financial markets are gun-shy about pricing all of it in, given the unexpected October 28 surprise hold.
The recent Reserve Bank of Australia (RBA) rate hike hasn't really had much of an impact on New Zealand rates.
You can still get lower rates from the challenger banks, especially the Chinese owned ones. And banks like the SBS 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 November 4, 2026 | % | % | % | % | % | % | % |
 | 4.79 | 4.99 | 5.29 -0.16 | 5.35 -0.14 | 5.59 | 6.39 | 6.49 |
 | 4.79 | 4.99 | 5.29 | 5.35 | 5.59 | 5.65 | 5.75 |
 | 4.79 -0.10 | 4.99 -0.20 | 5.29 | 5.35 | 5.59 | 5.65 | 5.75 |
| Kiwibank | 4.85 | 5.15 | 5.39 | 5.59 | 5.79 | 5.89 | |
 | 4.89 | 5.19 | 5.19 | 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 | 4.64 | 4.79 | 5.05 | 5.10 | 5.20 |
| Co-operative Bank | 4.89 | 5.19 | 5.35 | 5.49 | 5.69 | 5.89 | 5.99 |
| ICBC | 4.55 | 4.65 | 4.85 | 4.99 | 5.25 | 5.45 | 5.65 |
 | 4.79 | 4.99 | 5.29 | 5.29 | 5.59 | 5.65 | 5.75 |
 | 4.89 | 4.99 | 5.45 | 5.39 | 5.69 | 5.89 | 5.99 |
Fixed mortgage rates
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Daily swap rates
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