Westpac has cut some fixed home loan rates and raised one. These changes are effective on Wednesday, November 11.
It has taken -20 basis points (bps) from its one year carded rate, taking it to 4.99%. But that just matches its main rivals, except for Kiwibank which is still at 5.15%.
It hasn't changed its 18 month fixed rate at this time, still at 5.19%.
However, it has added +10 bps to its two year rate, taking it to 5.39% and matching Kiwibank, but it is now +4 bps higher than its other Aussie bank rivals for this term.
For three years, it has cut by -10 bps to 5.49% and this is now the lowest of the main mortgage banks. And its four and five year rates have also been cut by -10 bps and it has an even bigger advantage over its main rivals for these fixed terms too.
On the term deposit side, it has reduced its three, four and five year TD rates by -20 bps each and these rates are now generally lower than what their main rivals are offering. All other TD rates remain unchanged at this time.
You can still get lower rates from the challenger banks, especially the Chinese owned ones.
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 11, 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 | 4.99 | 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 | 4.99 -0.20 | 5.19 | 5.39 +0.10 | 5.49 -0.10 | 5.55 -0.10 | 5.59 -0.16 |
| 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 | 4.99 | 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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