Cheapest 1-Year Today
4.59%
TSB holds the lead.
Try in calculator →Wondering whether to lock in or keep it short? We'll show you exactly what rate it would take for the longer fix to be worth it.
Should you fix short or long? This tool answers that with your actual numbers.
TSB holds the cheapest 1-year major-bank rate at 4.59%. Westpac lifted its 6 months rate by 0.20% versus 4 May. The widest featured-term spread is 1.30% on the 1 year market.
TSB holds the lead.
Try in calculator →Westpac lifted its 6 months rate.
1 year has the widest gap between cheapest and priciest major-bank offers.
BNZ, Westpac, TSB and SBS Bank lead the 2-year term at 5.19%.
1 of the tracked major banks moved at least one featured fixed term in the last 7 days.
Across featured terms, borrowers face up to a 1.30% gap between the cheapest and priciest major-bank offers.
When your fixed mortgage term expires, you need to choose a new rate — this is called refixing. The most common dilemma: do you go short (e.g. 1 year) at a lower rate, or lock in a longer term (e.g. 3–5 years) for certainty?
The break-even rate is the future interest rate at which both options cost exactly the same over the comparison period. If you expect rates to stay below the break-even when you next refix, the shorter term would have cost less. If you think rates will rise above it, locking in longer gives you protection.
MyRefix calculates your personal break-even rate using your actual mortgage details — loan amount, remaining term, and the specific rates your bank is offering. It compares the total interest cost of each option and shows you exactly how much rates would need to move for the longer fix to be worthwhile.
The Reserve Bank of New Zealand sets the Official Cash Rate (OCR) seven times per year. When the OCR drops, banks typically reduce their mortgage rates — though not always by the same amount or at the same speed. When the OCR rises, mortgage rates tend to follow. Understanding where the OCR is heading can help inform your refixing decision, but nobody can predict it with certainty.
Special rates are discounted rates offered by banks to borrowers who meet specific criteria — typically 20% or more equity (less than 80% LVR) and salary credited to the bank. Standard rates are available to all borrowers regardless of equity or banking arrangements. The gap between Special and Standard is usually 0.2–0.5%, which can mean thousands of dollars over a fixed term.
Many New Zealand borrowers split their mortgage across multiple fixed terms — for example, half on a 1-year fix and half on a 3-year fix. This hedges your bet: you get some benefit from today's lower short-term rate while protecting a portion of your loan against future rate rises. Most banks allow you to split at no extra cost.
MyRefix is free and always will be. If it saved you time or helped you make a better decision:
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