Kiwibank has pushed a key home loan rate lower. It's fixed one year carded offer is now 5.79%, the lowest fixed one year rate in the market at this time.
Kiwibank also cut its six month fixed rate, but at 6.49 it is not market leading.
Update: Heartland Bank has now also chopped rates, grabbing back the market-leading positions.
The last time a one year carded rate was this low was in February 2023, by Heartland Bank.
Now the lowest carded rate offers come from the following banks:
For six months, it is ASB, the Cooperative Bank and ICBC, all at 6.39%.
For one year it is this latest Heartland Bank 5.65% rate.
For 18 months, Heartland Bank's 5.69% is the lowest offer.
For two years fixed, Heartland's 5.59% is the lowest at the moment.
For three years, Heartland is offering 5.55%, out on its own.
For four and five years, Bank of China and ICBC's 5.49% are also the lowest.
But carded rates are one thing. Actual off-card rates are often lower.
Competition is pointed at present. And to avoid queering the pitch, a lot of home loan rate activity is going on 'off-card'.
We have cleared the table below of these reader-reported mortgage rates, because they are so fluid. We need to be reporting current rates from readers. Let us know what you are seeing.
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 29, 2024 | % | % | % | % | % | % | % |
| ANZ | 6.50 | 5.99 | 5.79 | 5.69 | 5.69 | 6.19 | 6.19 |
| current reader-reported rates | 6.29 | 5.59r | 5.79 | ||||
 |
6.39 | 5.99 | 5.79 | 5.69 | 5.69 | 5.79 | 5.79 |
| current reader-reported rates | 6.29 | 5.89 | 5.65 | 5.59 | 5.59 | 5.69 | 5.69 |
 |
6.49 | 5.99 | 5.89 | 5.69 | 5.69 | 5.59 | 5.59 |
| current reader-reported rates | 6.29 | 5.59 | 5.69 | 5.65 | 5.59 | 5.55 | 5.55 |
 |
6.49 -0.16 |
5.79 -0.20 |
5.69 | 5.69 | 5.69 | 5.69 | |
| current reader-reported rates | |||||||
 |
6.45 | 5.99 | 5.89 | 5.65 | 5.65 | 5.59 | 5.59 |
| current reader-reported rates | 6.39 | 5.79 | 5.79 | ||||
| Bank of China | 6.65 | 5.99 | 5.79 | 5.69 | 5.69 | 5.49 | 5.49 |
| China Construction Bank | 6.50 | 5.99 | 5.79 | 5.69 | 5.69 | 6.40 | 6.40 |
| Co-operative Bank revised | 6.39 | 5.99 | 5.89 | 5.75 | 5.69 | 5.69 | 5.69 |
| Heartland Bank | 5.65 -0.34 |
5.59 -0.10 |
5.55 -0.04 |
5.55 -0.14 |
|||
| ICBC | 6.39 | 5.99 | 5.79 | 5.65 | 5.59 | 5.49 | 5.49 |
 |
6.60 | 6.15 | 5.79 | 5.69 | 5.69 | 5.69 | 5.69 |
 |
6.45 | 5.99 | 5.99 | 5.69 | 5.69 | 5.69 | 5.69 |
Fixed mortgage rates
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Daily swap rates
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