ANZ Mortgage Interest Rates: Current NZ & BNZ Rates
ANZ and BNZ are locked in a tight race for New Zealand borrowers, with both major banks now offering 1-year fixed rates of 4.49% as of April 2026. This head-to-head comparison breaks down every term, fee, and condition so you can see exactly where each lender stands.
- Fixed terms: 6 months to 5+ years
- Floating rate: 5.79%
- Flexible options available
- Fixed terms: 6 months to 5+ years
- Standard vs special rate structure
- Revolving credit facility
- 6-month: 4.49% (ANZ, BNZ, KiwiBank, Westpac)
- 1-year special: 4.49% (ANZ, BNZ)
- 2-year special: 4.89% (BNZ)
- Recent cuts: ANZ dropped 1-year by 26 bps
- BNZ matched with own reduction
- Rates responsive to RBNZ OCR decisions
ANZ Rate Types: Fixed, Variable, Flexible | Recent ANZ Change: Up to +26 basis points on fixed rates | Competitor Mentioned: BNZ home loan rates | Data current as of April 2026
| Term | ANZ Special | BNZ Special | ANZ Standard | BNZ Standard |
|---|---|---|---|---|
| 6-month | 4.49% | 4.49% | — | — |
| 1-year | 4.69% | 4.49% | — | 5.09% |
| 18-month | — | 4.79% | — | — |
| 2-year | 5.29% | 4.89% | — | — |
| 3-year | — | 5.29% | — | 5.89% |
| 4-year | — | — | — | — |
| Floating | 5.79% | 5.94% | — | — |
What interest rates does ANZ offer?
ANZ provides fixed rates across terms ranging from 6 months to 5 years, along with floating and flexible options for New Zealand borrowers. The bank’s 1-year special rate sits at 4.69% as of April 2026, though the recent rate cut to 4.49% applies to the standard offering for qualifying borrowers.
Fixed rates
The ANZ fixed rate portfolio covers every standard term length. According to Squirrel, the current special rate for 1-year fixed is 4.69%, while the 2-year special comes in at 5.29%. The 6-month rate matches the market low at 4.49%.
Variable rates
ANZ’s floating rate stands at 5.79% as of April 2026, according to verified data from Squirrel. This sits above the average floating rate of 5.66% noted by Opes Partners as of April 17, 2026.
NZ vs AU rates
ANZ operates in both New Zealand and Australia, but rates differ by market. This article focuses on New Zealand offerings.
What this means: ANZ offers a complete suite of fixed-term options, with the 6-month rate matching the lowest in the market at 4.49%. Borrowers seeking terms beyond 2 years should verify current rates directly with ANZ, as some longer-term data remains less consistently listed across aggregator sites.
Which bank is giving the lowest mortgage rate?
As of April 2026, TSB holds the absolute lowest 1-year rate at 4.39%, according to Opes Partners. Among the major banks, ANZ and BNZ are tied at 4.49% for 1-year fixed after both reduced their rates in late April.
ANZ vs BNZ
The rivalry between ANZ and BNZ has intensified. BNZ offers the lowest 2-year rate at 4.89%, compared to ANZ’s 5.29% special rate for the same term—a full 0.40% gap in BNZ’s favour.
BNZ’s 3-year special rate is 5.29%, while its standard rate climbs to 5.89%, making the special offer worth 0.60% according to Opes Partners data.
ANZ matches BNZ with a 4.49% one year rate, and cuts most other fixed rates. — Interest.co.nz
Home loan rates NZ
Beyond ANZ and BNZ, several other lenders compete aggressively. The lowest 6-month rate of 4.49% is offered by four banks: ANZ, BNZ, KiwiBank, and Westpac, as reported by Opes Partners.
Daily updated deals
Mortgage rates change frequently in response to RBNZ OCR decisions. The latest cuts came after BNZ dropped its 1-year rate to 4.49%, prompting ANZ to match with its own 26 basis point reduction, as reported by NZ Herald.
Tip: Special rates typically require 20% equity or deposit. If you’re borrowing with less than 20% down, you’ll likely face higher rates or lender’s standard terms.
What this means: TSB technically offers the lowest overall 1-year rate, but ANZ and BNZ are nearly matched at 4.49%. For 2-year fixed, BNZ holds a clear advantage at 4.89% versus ANZ’s 5.29%. The best choice depends on your preferred term length.
Will mortgage rates drop to 3% again?
Historical data shows floating rates have previously reached 8.55% versus 1-year fixed at 7.33% in prior periods, according to Opes Partners. Whether rates return to the 3% range depends on RBNZ OCR movements and broader economic conditions.
Historical context
Before the April 2026 cuts, ANZ’s 1-year rate was at 4.75% as recently as October 2025, according to Interest.co.nz. The drop to 4.49% represents a significant 26 basis point reduction.
2026-2027 forecasts
No reliable forecast guarantees a return to 3% rates. Market observers watch RBNZ decisions closely, as rates remain responsive to OCR changes.
Expert predictions
Borrowers should approach rate predictions with caution. While the direction has been downward recently, financial markets can shift rapidly based on inflation, employment, and global economic factors.
Note: Early repayment charges apply to fixed rates from both ANZ and BNZ, according to MoneyHub. If you fix and rates drop further, breaking your fixed loan may cost you.
What this means: Rate predictions are inherently uncertain. While recent cuts are real, there are no guarantees mortgage rates will drop to 3% again. Borrowers who lock in at current levels may find themselves ahead if rates rise, but could miss out if further cuts materialise.
How long should I fix my mortgage for? 2, 3, 5 or 10 years
The ideal fixing term depends on your financial situation, risk tolerance, and expectations for future rate movements. ANZ offers fixed terms spanning 6 months through 5 years and beyond.
3 vs 5 years pros cons
Going with a 3-year term gives you flexibility to re-fix sooner if rates drop further. However, if rates rise during that period, you’ll face those increases when you re-fix. A 5-year term locks in stability but sacrifices potential gains from future cuts.
BNZ’s 3-year special at 5.29% sits below its standard rate of 5.89%, making the special offer attractive if you can commit to the longer term.
Fixing term factors
Consider your employment stability, income predictability, and how much rate variation you can absorb. If your household budget would struggle with a 1% rate increase, a shorter term with lower upfront rates might suit you better.
ANZ fixed options
ANZ offers specials across multiple terms. The 1-year at 4.69% special provides short-term flexibility, while the 2-year at 5.29% offers medium-term certainty. Weigh the rate differential against your personal circumstances.
Warning: ANZ establishment fees can reach up to $500 for some rates, while BNZ fees go up to $400, according to MoneyHub. These upfront costs affect your overall borrowing expense.
What this means: There is no universally correct fixing term. Short terms (1-year) offer flexibility but require you to re-fix regularly. Longer terms (3-5 years) provide certainty but may lock you into higher rates if the market moves down. Match your term to your financial stability and rate outlook.
How to get a 4% interest rate on a mortgage?
Securing a rate at or below 4% requires a combination of factors: significant equity, strong credit history, and timing your application well. Several banks currently offer rates in this range.
Tips for lowest rates
Special rates typically require 20% equity or deposit, according to Opes Partners. Building your deposit reduces your loan-to-value ratio and opens access to better deals. Additionally, maintaining a good credit history strengthens your negotiating position.
Qualifying factors
Beyond equity, lenders consider your income stability, employment history, and debt levels. Shopping around and comparing offers from multiple banks can uncover better deals than accepting your existing lender’s initial offer.
ANZ application steps
To apply for ANZ’s lowest rates, start by checking your current equity position. Gather your income documentation, compare the available special rates, and submit an application. ANZ’s website offers calculators to estimate payments at different rate scenarios.
Tip: Use ANZ’s mortgage calculator and interest rate tools available on their website to model different scenarios before committing to a rate.
What this means: Achieving a 4% rate requires having at least 20% equity and demonstrating creditworthiness to your lender. With TSB at 4.39% and ANZ/BNZ at 4.49%, sub-4% deals exist but require meeting strict eligibility criteria. Compare offers across multiple banks before signing.
Current ANZ vs BNZ Comparison Table
The following table compares key rate and fee attributes across both major banks to help borrowers make informed decisions.
| Feature | ANZ | BNZ |
|---|---|---|
| 1-year special rate | 4.69% | 4.49% |
| 1-year standard rate | — | 5.09% |
| 2-year special rate | 5.29% | 4.89% |
| 3-year special rate | — | 5.29% |
| 3-year standard rate | — | 5.89% |
| Floating rate | 5.79% | 5.94% |
| 6-month special rate | 4.49% | 4.49% |
| 18-month special rate | — | 4.79% |
| Establishment fee | Up to $500 | Up to $400 |
The implication: BNZ generally undercuts ANZ on special rates for terms 1-year and beyond, while both match on the 6-month rate. ANZ’s floating rate is slightly lower, but fixed rates favour BNZ across most term lengths.
Understanding Fixed vs Floating
Fixed rates lock in your interest rate for the chosen term, protecting you from future increases but preventing you from benefiting if rates drop. Floating rates fluctuate with the market, offering potential savings when rates fall but exposing you to increases.
As of April 2026, average floating rates sit at 5.66% according to Opes Partners, compared to 1-year fixed average around 4.89%. The gap of approximately 0.77% makes fixed rates significantly cheaper for most borrowers currently.
Fixed Rate Upsides
- Predictable monthly payments
- Protection if rates rise
- Budget certainty for loan term
Fixed Rate Downsides
- Early repayment charges apply
- Cannot benefit if rates drop
- Less flexibility to switch deals
What this means: With fixed rates averaging nearly 0.77% below floating rates, the current market strongly favours fixing. However, the early repayment charges from both ANZ and BNZ mean breaking a fixed loan can be costly. Choose your term carefully based on your stability and outlook.
How to Apply
If you’ve decided on a rate and lender, the application process follows standard home loan procedures.
- Check your equity position—aim for at least 20% to access special rates
- Gather required documentation: income verification, identity, property details
- Use lender calculators to model monthly payments at your target rate
- Submit application directly with ANZ or BNZ, or through a mortgage broker
- Compare the final offer against other banks before accepting
- Review fees and early repayment terms before signing
What this means: A methodical approach—checking equity, comparing calculators, submitting applications—helps ensure you secure the best available rate. Don’t rush into the first offer; market competition means lenders may negotiate.
Related reading: Westpac to ANZ Transfer Time · US Dollar to NZ Dollar Rate
When evaluating ANZ mortgage interest rates against BNZ options, the ANZ home loan calculator helps forecast repayments and borrowing power accurately.
Frequently Asked Questions
What are ANZ home loan calculators for?
ANZ’s mortgage calculators help you estimate monthly payments across different rate scenarios, loan amounts, and term lengths. These tools allow you to compare fixed versus floating costs before committing to a specific rate structure.
What is ANZ floating rate?
ANZ’s current floating rate is 5.79% as of April 2026, according to Squirrel. This rate fluctuates with market conditions and RBNZ OCR decisions, unlike fixed rates which stay constant for your chosen term.
How do ANZ low equity premiums work?
Borrowers with less than 20% equity typically face higher rates or lender’s standard terms. Special rates requiring 20% equity or deposit mean borrowers with smaller deposits may not qualify for the lowest advertised rates.
What fees apply to ANZ mortgages?
ANZ establishment fees can reach up to $500 for some rates, according to MoneyHub. Additional fees may include valuation costs, legal fees, and early repayment charges if you break your fixed loan before the term ends.
Are ANZ rates different in NZ vs Australia?
Yes. ANZ operates across both New Zealand and Australian markets, and rates differ between countries based on local market conditions, RBNZ versus RBA OCR settings, and competitive dynamics in each market.
What offers does ANZ have for new home loans?
ANZ currently offers special rates across multiple fixed terms, with the 1-year special at 4.69% and 2-year special at 5.29%. The 6-month rate matches the market low at 4.49%. Borrowers with 20% equity can access these special offers.
How do ANZ and BNZ compare for 2-year fixed rates?
BNZ offers the lower 2-year special rate at 4.89%, compared to ANZ’s 5.29% special rate for the same term. This 0.40% gap makes BNZ the better choice for borrowers prioritising the 2-year term.
When did ANZ and BNZ make their recent rate cuts?
BNZ cut its 1-year rate to 4.49% first, with ANZ matching the reduction the following day by dropping its own 1-year rate by 26 basis points. These cuts occurred in late April 2026, as reported by NZ Herald and Interest.co.nz.
Do both ANZ and BNZ charge early repayment fees?
Yes. Early repayment charges apply to fixed rates from both ANZ and BNZ, according to MoneyHub. If you need to break your fixed loan before the term concludes, these charges can be substantial—factor this into your decision about which term to choose.
Which bank offers the lowest 1-year mortgage rate in NZ?
TSB currently offers the absolute lowest 1-year rate at 4.39% according to Opes Partners. Among major banks, ANZ and BNZ are tied at 4.49% after their recent cuts. However, TSB is not considered one of the “big four” main trading banks.
Out of the 6 major banks, the lowest 6 month fixed mortgage interest rate is 4.49%. This is currently offered by 4 banks. They are ANZ, BNZ, KiwiBank and Westpac. — Opes Partners
This afternoon ANZ announced a new one-year fixed rate of 4.49%, a drop of 26 basis points (bps). It comes after BNZ yesterday dropped its one-year fixed rate to the same point. — NZ Herald
Sources
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