[Updated with revised Westpac fixed rates in the table below.]
ASB has announced cuts to their fixed rate mortgage card. But they are actually only matching ANZ's recent reductions.
We will no doubt be getting more fixed rate changes later in the day, or the week, after the dust settles on the Official Cash Rate cut fallout which will come after 2pm and the Reserve Bank's Monetary Policy Review.
But the more important changes to fixed rates are happening 'in the shadows' and away from the rate cards.
Customers with a home loan can see updated offers from their bank in their bank app. And these often offer significant discounts from the rate cards published.
Banks do this to retain their existing clients. The power of the low-friction app is strong, and it is very easy to just 'accept' the app offer, especially when it looks so much better than the rate card. Savvy price-setting psychology is being used here. These advantages make it very hard for other banks to get the opportunity to compete.
This is probably why home loan rate cards are now coalescing around rate levels for each term that are little different between institutions. The 'real action' is off-card.
So we are asking readers to help shine a light on this opaque practice. Please note actual bank-app offers in the comment stream below and we will add them to our table. This should give borrowers a stronger view of where the mortgage rate market really is.
Back to ASB, they also cut their term deposit offers Wednesday as well, largely matching ANZ, but there are some minor variances.
Almost all banks will have some flexibility in their rate offers. So the carded rates are just the start. Negotiate. How flexible they may be will depend on the strength of your financials.
One useful way to make sense of the changed home loan rates is to use our full-function mortgage calculator which is 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. Break fees will be minimal in a rising market. But they become important in a falling market, like now. Don't forget, when you sign up for a fixed rate you are signing a contract. You have been given the right to break it in legislation but the bank has the right to reclaim its costs when you do so. This is NOT evidence of banks making it hard to switch (as some borrowers, and sadly some journalists seem to think).
Here is the updated snapshot of the lowest advertised fixed-term mortgage rates on offer from the key retail banks at the moment. (Be aware that the reader-reported rates are unofficial and may be quite fuzzy themselves.)
| Fixed, below 80% LVR | 6 mths | 1 yr | 18 mth | 2 yrs | 3 yrs | 4 yrs | 5 yrs |
| as at October 9, 2024, 10:00am | % | % | % | % | % | % | % |
| ANZ | 6.75 | 6.19 | 5.89 | 5.69 | 5.69 | 6.19 | 6.19 |
| current reader-reported rates | 6.69 | 5.59 | 5.69 | 5.59 | |||
 |
6.75 -0.10 |
6.19 -0.16 |
5.89 -0.10 |
5.69 -0.10 |
5.69 -0.10 |
5.69 | 5.69 |
| current reader-reported rates | 6.65 | 6.09 | 5.75 | 5.65 | 5.59 | 5.59 | 5.59 |
 |
6.75 | 6.19 | 5.89 | 5.79 | 5.79 | 5.69 | 5.69 |
| current reader-reported rates | 6.05 | 5.75 | |||||
 |
6.85 | 6.29 | 5.79 | 5.79 | 5.69 | 5.69 | |
| current reader-reported rates | 5.94 | 5.44 | |||||
 |
6.75 -0.10 |
6.19 -0.10 |
5.89 -0.10 |
5.69 -0.10 |
5.69 -0.10 |
5.59 -0.10 |
5.59 -0.10 |
| current reader-reported rates | 6.75 | 6.19 | 5.89 | 5.69 | 5.69 | ||
| Bank of China | 6.75 | 6.25 | 5.95 | 5.75 | 5.75 | 5.65 | 5.65 |
| China Construction Bank | 6.89 | 6.45 | 5.99 | 5.99 | 5.89 | 6.40 | 6.40 |
| Co-operative Bank | 6.75 | 6.19 | 5.99 | 5.75 | 5.69 | 5.69 | 5.69 |
| Heartland Bank | 6.19 | 5.89 | 5.69 | 5.69 | |||
| ICBC | 6.69 | 6.15 | 5.85 | 5.69 | 5.69 | 5.69 | 5.69 |
 |
6.75 | 6.35 | 5.89 | 5.69 | 5.69 | 5.69 | 5.69 |
 |
6.85 | 6.29 | 6.09 | 5.79 | 5.79 | 5.69 | 5.69 |
Fixed mortgage rates
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Daily swap rates
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