(Updated with changes from Westpac and the Co-operative Bank in the table below, which sets a new low benchmark for a 6 month home loan.)
Following ANZ's lead, and Kiwibank's follow, BNZ has now pushed the boat out a little further, dropping its 18 month fixed rate to 4.95%, the lowest home loan rate for any term in the current market.
BNZ also cut its 6 month fixed rate to match ANZ, and its 1 year fixed rate to match ANZ, Kiwibank, and the Bank of China (who was the first to go sub-5% for one year).
This sets a pattern among banks of basically matching their rivals, and occasionally testing new lows.
Wholesale swap rates fell from the beginning of April until April 10, all related to global financial (tariff/trade) instability, but since then seem to have found a level they are comfortable with.
So far, BNZ has not set its term deposit rates any lower than they already are. Savers are likely to be the first to face cuts if banks feel the need to cut home loan rates further.
If you are a borrower, 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 April 16, 2025 | % | % | % | % | % | % | % |
| ANZ | 5.49 | 4.99 | 4.99 | 4.99 | 5.29 | 5.99 | 5.99 |
 |
5.79 | 5.25 | 5.19 | 4.99 | 5.35 | 5.59 | 5.69 |
 |
5.49 -0.30 |
4.99 -0.30 |
4.95 -0.24 |
4.99 | 5.29 | 5.69 | 5.79 |
 |
5.65 | 4.99 | 4.99 | 5.59 | 5.79 | 5.89 | |
 |
5.59 -0.30 |
4.99 -0.30 |
4.99 -0.20 |
4.99 | 5.19 -0.20 |
5.39 | 5.39 |
| Bank of China | 5.65 | 4.99 | 4.99 | 4.99 | 5.15 | 5.35 | 5.35 |
| China Construction Bank | 5.89 | 5.29 | 5.19 | 4.99 | 5.29 | 5.99 | 5.99 |
| Co-operative Bank (*=FHB only) | 5.39 -0.30 |
4.89* -0.20 |
5.09 -0.20 |
5.09 -0.10 |
5.39 -0.10 |
5.59 -0.20 |
5.69 -0.20 |
| Heartland Bank (no new business) | 5.89 | ||||||
| ICBC | 5.89 | 5.05 | 5.19 | 4.99 | 5.39 | 5.49 | 5.49 |
 |
5.95 | 5.39 | 5.25 | 5.29 | 5.35 | 5.69 | 5.69 |
 |
5.89 | 5.19 | 5.49 | 4.99 | 5.39 | 5.79 | 5.89 |
Fixed mortgage rates
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Daily swap rates
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Comprehensive Mortgage Calculator
6 Comments
I have a relative waiting for 4.99%/3yrs...
Tell him to take 6 months at 5.49%, then he will get his 4.99% for 3 years.
Does anyone else have issues seeing BNZ's mortgage rates in these tables? They are never visible to me. They always just appear as an empty pink box, with no new rate, but a basis-points calculation. I only have this issue with BNZ, no other bank.
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Thanks that worked a treat - Cheers!
The only lower rates I'm getting in the BNZ app are:
3 years - 5.24%
4 years - 5.45%
5 years - 5.59%
6 months through 2 years as per the carded rates above.
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