ASB and Kiwibank have lowered their six‑month mortgage rates today, while increasing several other fixed home loan and term deposit rates as rising wholesale interest costs continue to put pressure on banks.
Kiwibank’s new headline special sits at 4.49% for a one‑year fixed term (minimum 20% equity), with widespread adjustments across its home‑loan card.
The bank's two‑, three‑, four‑ and five‑year fixed terms all rose by 10 or 20 basis points on both special and standard rates.
It had lifted term deposit rates for two, three, four and five-year terms.
ASB also trimmed its six-month rate down to 4.59%, while raising its one‑ to three‑year fixed home loans by 10 to 20 basis points, and raised term deposit rates across nine‑month to five‑year terms, including a 35‑basis‑point increase to its two‑year term deposit.
ASB said longer‑term wholesale interest rates had risen by more than 50 basis points since the Reserve Bank’s November 2025 OCR announcement, increasing the cost of providing fixed lending.
"Today’s changes reflect the reality of our higher wholesale interest rate environment," said ASB executive general manager for personal banking Adam Boyd.
"While this upward movement is good news for savers — with our two‑year term deposit now starting from 4.00% — we know homeowners are watching rates closely."
Last week, ANZ cut its six‑month fixed special home loan rate by 0.20 percentage points to 4.49% — its lowest level since March 2022 — while lifting its two, three, four and five-year rates.
BNZ also adjusted its rates last week, lowering its six‑month home loan rate by 0.20 percentage points to 4.49% while raising its longer‑term options.
Westpac also recently increased most of its standard and special home loan rates, and also cut its six-month offering.
The Reserve Bank's Monetary Policy Committee will next review the official cash rate on February 18, the first decision under new Governor Anna Breman.
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