Most of the home loan rate action on Wednesday has been on the floating rate front.
And as at the end of December, 12% of all housing loans were on floating rates, 43% due to roll in less than six months. That is more than half of all loans
Borrowers have positioned themselves to jump on lower fixed rates as soon as they come through. But they haven't yet. In fact swap rates are little changed so far in 2025, so their wait continues.
In the floating rate cut rush, one bank has cut fixed rates today, Westpac. These cuts are effective from Friday, March 21, 2025.
But they also ended their unique 4.99% three year 'special' so there are no sub-5% rates currently.
But their new 5.39% three year rate is still market-leading. And they made cuts to their four and five year rates too taking them to market-leading positions now.
Update: Now ANZ has cut fixed rates today, and launched a 4.99% two year rate. They now have market-leading rates out to 3 year fixed terms.
At the same time, ANZ made significant cuts to term deposit rates.
The reader-reported mortgage rates are fluid but may be less frequent now, so please record them if you have them. We need you to record them in the comment section below, which helps us stay on top of this fast-changing corner of the home loan rates market.
And still 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.
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.
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 February 20, 2025 | % | % | % | % | % | % | % |
| ANZ | 5.89 -0.10 |
5.29 -0.28 |
5.19 -0.20 |
4.99 -0.45 |
5.29 -0.30 |
5.99 -0.20 |
5.99 -0.20 |
| current reader-reported rates | 5.79 | 5.29 | 5.12 | 4.99 | 5.29 | 5.49 | 5.59 |
 |
5.89 | 5.49 | 5.19 | 5.29 | 5.59 | 5.79 | 5.79 |
| current reader-reported rates | |||||||
 |
5.89 -0.10 |
5.55 | 5.39 | 5.29 | 5.59 | 5.69 | 5.79 |
| current reader-reported rates | |||||||
 |
5.99 | 5.55 | 5.29 | 5.59 | 5.79 | 5.89 | |
| current reader-reported rates | 5.19 | ||||||
 |
5.99 | 5.49 -0.05 |
5.29 -0.05 |
5.29 | 5.39 +0.40 |
5.39 -0.10 |
5.39 -0.20 |
| current reader-reported rates | 5.89 | 4.99 | |||||
| Bank of China | 5.85 | 5.49 | 5.35 | 5.25 | 5.49 | 5.49 | 5.49 |
| China Construction Bank | 5.99 | 5.57 | 5.39 | 5.44 | 5.59 | 6.40 | 6.40 |
| Co-operative Bank (*=FHB only) | 5.99 | 5.49* | 5.49 | 5.49 | 5.69 | 5.79 | 5.79 |
| Heartland Bank | 5.49 | 5.39 | 5.39 | 5.45 | |||
| ICBC | 5.99 | 5.55 | 5.39 | 5.59 | 5.59 | 5.59 | 5.59 |
 |
6.09 | 5.69 | 5.49 | 5.49 | 5.59 | 5.79 | 5.79 |
 |
5.89 | 5.35 | 5.49 | 5.29 | 5.59 | 5.79 | 5.89 |
Fixed mortgage rates
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48 Comments
I just locked in the 4.99% 3 year rate today as it’s still available in the app, but I have an appointment tomorrow morning to negotiate rates to see if I can beat it. You can change your mind within 3 days I believe, so wouldn’t hurt locking it in today, then negotiating it further with them.
We have been locking in 3 years in dribs and drabs over the past three months. There doesn't seem to have been much movement in these terms - from a mid point have gone down then back up 20 points each way. Managed to lock some at 5.29%. We are conservative and never seem to hit the lows - a gift I guess..
That is 3 of you. The general consensus at that time was that Trump was going to cause inflation etc. And even you were saying that at 3% OCR (which is a while off IMO) we would only get about 5% rates, yet we are close to that already with 3.75% OCR and probably more banks to cut soon.
Anyway it doesn’t matter that much to me - a month of floating or 6 months of 6.95% (the rate at that time) wouldn’t have worked out that much better. But I’m pleased I didn’t go longer! Zwifter fixed for 2 years and was certain it was a good deal based on comments here.
Hmm, would be interesting to tally up his correct predictions to see if you are right. I suspect not.
At the end of the day none of us have access to the amount of data that the likes of the RBNZ or bank economists have, so any kind of prediction here is not really worth much weight. But I have noticed that the more pessimistic predictions tend to be wrong. Even when times aren’t great, the pessimists were predicting unemployment to be 5% or more ages ago, the US banks to be bankrupt, NZ to be full of mortgagee sales, our banks to collapse, etc, so the optimists were actually closer to reality.
It seems to be part of the NZ psyche to be pessimistic. If we could get over that I reckon we’d do a lot better.
Westpac today were fantastic to deal with at the Tauranga branch, I highly recommend this bank they have always been good to me.
Leonie Coffman from Tauranga branch was extreamly good at her job and the process was quick and easy.
I wasn't able to get 4.79% but could get 4.99% but got a little cash back instead, i borrowed a extra $25,000 it was approved fast at the appointment.
I have a loan at 2.99% that has one year left to run, and 1 loan at 4.99% roll over and one new loan today at 4.99% 3 years, (same house mortgage but split loans) with a little cash back as of today, after a appointment with the bank.
Very happy with the outcome and looking forward to replacing my 24 year old carpet.
p.s im on a very very low income, benefit only $520 a week as i broke my leg and needed surgery , but my mortgage is less than $200,000. I have a strong credit rating well above average which may of helped, 890 on clearscore
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