It’s been a pretty unsettling few weeks of back-to-back rate increases across the wholesale markets, but things seem to have finally settled over the last few days.
That’s thanks to the Reserve Bank coming out last week and encouraging the wholesale market to just cool its jets, and hoping to allay the growing concern around bank mortgage rates potentially taking off again.
At the time of writing, the best one-year rate on offer is still 4.39% with TSB and 4.49% across the major banks—but we’ve now seen all the main banks come out with increases across their medium and longer-term fixed rates.
For now, Westpac is holding out with negotiated rates sub-5% across all fixed terms, but that’s unlikely to be the case for long.
If you have access to those rates, it would make sense to jump on them sooner rather than later.
With so much movement happening in the market, we are (for the first time in a long time) seeing some pretty significant variation between the banks in terms of the rates they have on offer—so it’s a good idea to chat with a mortgage adviser for guidance on what’s best for you and your situation.
That’s all from us for this year. Have a safe and happy holiday break, and we’ll see you back here in 2026!
