Welcome back to our first interest rates update of 2026!
After a quiet period over the Christmas break, we’ve started to see a little bit of movement in interest rates again over the last couple of weeks.
ANZ rounded out the year with a series of hikes across a number of its longer-term fixed rates, and we’ve now had the rest of the big five lenders—with the exception of BNZ, which is still holding out slightly lower—follow suit.
The best one-year rate in market is still 4.49%, which we’re seeing across all major banks.
In the medium-term space, it’s BNZ leading the pack with a two-year rate of 4.51% and a three-year rate of 4.81%. Longer-term rates are sitting slightly higher, at 5.39% for four years and 5.45% for five.
There was a flurry of refinancing activity towards the back end of last year, with a number of the banks offering a 1.50% cashback offer on new loans in the lead-up to Christmas.
We’re now back to the standard 0.90%, and we’re not expecting to see any of those big deals again any time soon.
In the current environment, it’s always a good idea to have a chat with an expert mortgage adviser who will work with you to find the best strategy for you and your situation, and can answer any questions you may have.
Check back in again next week for the latest New Zealand interest rate news.
