Westpac has changed all its fixed home loan rates today, most about +20 bps high across the board.
But they have launched a spring special rate of 5.29% which is a -16 bps reduction. This level gives them a good rate advantage over all their main rivals.
At the same time they have raise most of their one year and longer term deposit rates by between +10 bps and +25 bps with the largest increases for the longest terms. However their two year TD rate is unchanged at 4.30%. All their TD rates for terms shorter than a year are also unchanged.
Globally, the benchmark interest rates have settled in at the new higher level, but the rising impulse has vanished in the past few days.
You can still get lower rates from the challenger banks, especially the Chinese ones. And banks like the SBS Bank and TSB are not so directly affected by swap rate shifts. Their cost of funds are more influenced by what they pay depositors. So for them, the reaction of their deposit base will play a key role in how they set home loan rates.
To compare mortgage rate offers in a way that includes the application and account fees costs, (or break fee costs if you need to do that), and applying the impact of a cashback/legal fee reimbursement, or other incentives, you can use our home loan comparison calculator. You can find it here. Or, for convenience, we have added it to the bottom of this article.
Negotiate, even with your mortgage broker. How flexible banks may be will depend on the strength of your financials.
One other useful way to make sense of the changed home loan rates is to use our full-function mortgage calculator which is here.
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.
Here is the 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 September 16, 2026 | % | % | % | % | % | % | % |
 | 4.79 | 4.99 | 5.45 | 5.49 | 5.59 | 6.39 | 6.49 |
 | 4.79 | 4.99 | 5.35 | 5.45 | 5.45 | 5.49 | 5.59 |
 | 4.79 | 4.99 | 5.29 | 5.45 | 5.45 | 5.45 | 5.49 |
| Kiwibank | 4.75 | 4.95 | 5.39 | 5.49 | 5.59 | 5.69 | |
 | 4.89 +0.14 | 5.19 +0.20 | 5.45 +0.10 | 5.29 -0.16 | 5.59 +0.20 | 5.65 +0.26 | 5.75 +0.26 |
| Bank of China | 4.58 | 4.68 | 4.83 | 5.08 | 5.18 | 5.48 | 5.68 |
| China Construction Bank | 4.35 | 4.49 | 4.49 | 4.64 | 4.90 | 5.10 | 5.20 |
| Co-operative Bank | 4.79 | 4.99 | 5.29 | 5.45 | 5.69 | 5.89 | 5.99 |
| ICBC | 4.55 | 4.65 | 4.85 | 4.99 | 4.99 | 5.45 | 5.65 |
 | 4.79 | 4.99 | 5.29 | 5.44 | 5.44 | 5.49 | 5.49 |
 | 4.79 | 4.85 | 5.35 | 5.49 | 5.69 | 5.89 | 5.99 |
Fixed mortgage rates
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Daily swap rates
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