ASB, the bank with the second largest home loan portfolio, has had to cut its two year fixed rate back to match the cut that ANZ initiated earlier in the week. It has clearly decided not to match the BNZ cut to a lower 5.39%, down another -6 bp.
With this ASB retracement, that leaves Kiwibank as the main bank with the highest two year fixed rate offer. But among these main banks, Kiwibank has an especially attractive one year fixed rate, so they will probably focus on that. ASB also cut its one year rate, but not down to the Kiwibank level.
In addition to the main bank moves lower, there have been a few moves up and down by challenger banks this week. That has resulted in shifting positions for banks with the lowest fixed mortgage offers.
TSB is now the bank with the most competitive fixed rate mortgage card. It still has a 4.85% one year rate offer which is -40 bps lower than today's 'new' ASB offer.
And TSB is now the only bank with offers below 6% for fixed terms of four or five years.
Local wholesale rates are currently heavily influenced by the international bond market trends. They had been falling, but earlier today they started rising again in New York on better international trade data. So far the shifts are minor, but worth keeping an eye on.
One useful way to make sense of these changed home loan rates is to use our full-function mortgage calculator which is also below. (Term deposit rates can be assessed using this calculator).
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. But break fees should be minimal in a rising market.
Here is the updated 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 July 8, 2022 | % | % | % | % | % | % | % |
| ANZ | 5.35 | 5.35 | 5.65 | 5.45 | 5.99 | 6.85 | 6.95 |
 |
5.35 | 5.25 -0.10 |
5.65 | 5.45 -0.35 |
5.99 | 6.85 | 6.95 |
 |
4.99 | 5.35 | 5.59 | 5.39 | 5.99 | 6.09 | 6.19 |
 |
5.45 | 5.19 | 5.69 | 5.89 | 6.05 | 6.29 | |
 |
5.35 | 5.35 | 5.59 | 5.45 | 5.99 | 6.29 | 6.39 |
| Bank of China | 4.99 | 5.39 | 5.49 | 5.80 | 6.05 | 6.15 | |
| China Construction Bank | 5.35 | 5.35 | 5.65 | 5.80 | 5.99 | 6.85 | 6.85 |
| Co-operative Bank [*FHB special] | 5.09 | 4.99* | 5.39 | 5.39 | 5.89 | 6.19 | 6.29 |
| Heartland Bank | 4.90 | 5.29 | 5.59 | ||||
| HSBC | 5.29 | 5.19 | 5.55 | 5.69 | 5.89 | 6.59 | 6.69 |
| ICBC | 4.99 | 4.99 | 5.39 | 5.49 | 5.89 | 6.09 | 6.19 |
 |
4.95 | 5.15 | 5.35 | 5.59 | 5.69 | 6.09 | 6.25 |
 |
4.85 | 4.85 | 5.35 | 5.35 | 5.65 | 5.89 | 5.99 |
Fixed mortgage rates
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Daily swap rates
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