ANZ and ASB share the cheapest 1-year major-bank rate at 4.65%.
Westpac and SBS Bank lead the 2-year term at 5.19%.
3 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 1.24% gap between the cheapest and priciest major-bank offers.
BNZ cut its 5 years rate by 0.30% versus 18 Jun. The widest featured-term spread is 1.24% on the 1 year market.
| Bank | Term | Change | Was | Now |
|---|---|---|---|---|
| BNZ | 5 years | ↓ 0.30% | 5.79% | 5.49% |
| ANZ | 2 years | ↓ 0.20% | 5.49% | 5.29% |
| ANZ | 3 years | ↓ 0.20% | 5.69% | 5.49% |
| BNZ | 6 months | ↑ 0.20% | 4.49% | 4.69% |
| BNZ | 4 years | ↓ 0.20% | 5.59% | 5.39% |
| Co-operative Bank | 5 years | ↓ 0.20% | 5.99% | 5.79% |
| Co-operative Bank | 3 years | ↓ 0.16% | 5.65% | 5.49% |
| Co-operative Bank | 4 years | ↓ 0.16% | 5.85% | 5.69% |
| ANZ | 1 year | ↓ 0.14% | 4.79% | 4.65% |
| BNZ | 1 year | ↑ 0.14% | 4.65% | 4.79% |
| BNZ | 18 months | ↑ 0.14% | 4.95% | 5.09% |
| BNZ | 2 years | ↑ 0.10% | 5.19% | 5.29% |
| BNZ | 3 years | ↓ 0.10% | 5.39% | 5.29% |
| Co-operative Bank | 1 year | ↓ 0.10% | 4.79% | 4.69% |
| Co-operative Bank | 2 years | ↓ 0.10% | 5.39% | 5.29% |
| Co-operative Bank | 18 months | ↓ 0.06% | 5.15% | 5.09% |
This table shows how often each bank has the lowest rate. A bank “leads” a term when its best available rate is the cheapest. The gap column shows how much more expensive a bank's average rate is compared to the leader.
| Bank | Cheapest today | Led in last 30 days | Avg gap to cheapest |
|---|---|---|---|
| Westpac | 4 of 7 terms | 20% of the time | +0.07% |
| BNZ | 3 of 7 terms | 32% of the time | +0.08% |
| SBS Bank | 3 of 7 terms | 26% of the time | +0.09% |
| ASB | 3 of 7 terms | 15% of the time | +0.14% |
| Kiwibank | 1 of 7 terms | 4% of the time | +0.24% |
| ANZ | 1 of 7 terms | 2% of the time | +0.39% |
| Co-operative Bank | 0 of 7 terms | 2% of the time | +0.17% |
| TSB | 0 of 7 terms | 0% of the time | +0.28% |
| Heartland Bank | 0 of 7 terms | 0% of the time | +1.24% |
Pick the terms that interest you and the calculator will show your personal break-even rate — the exact point where fixing short or long costs the same.
MyRefix is free and always will be. If the market monitor saved you time or sharpened a refix decision:
☕ Buy me a coffeeThis page tracks rate movements and competitive positioning across the major banks that most New Zealand borrowers compare when they refix. Use it to see what changed recently, who's been most competitive, and how wide the pricing gaps are.
If one bank is clearly leading the 1-year or 2-year term, that tells you where price pressure sits right now. If several banks are tied, it usually means pricing is clustered and the decision comes down more to your own break-even than to chasing one standout offer.
Once you find the terms you care about, run them through the MyRefix calculator to see how the repayment and break-even trade-offs look on your own mortgage. If you want a raw rate table first, head to Compare Rates.