Reference
Last updated: April 2026
Current NZ interest rates for the Official Cash Rate (OCR), major bank mortgage rates, and term deposit rates. Updated monthly. All rates are indicative and sourced from the Reserve Bank of New Zealand (RBNZ) and publicly listed bank rates.
Mortgage Calculator Rate Comparison Term Deposit CalculatorThe OCR is set by the Reserve Bank of New Zealand and directly influences mortgage rates, savings rates, and the overall cost of borrowing in New Zealand.
| Date | OCR | Change |
|---|---|---|
| 9 April 2025 | 3.50% | -0.25% |
| 19 February 2025 | 3.75% | -0.50% |
| 27 November 2024 | 4.25% | -0.50% |
| 9 October 2024 | 4.75% | -0.50% |
| 14 August 2024 | 5.25% | -0.25% |
| May 2023 to July 2024 | 5.50% | Held for 14 months |
| April 2023 | 5.50% | +0.25% |
| February 2023 | 4.75% | +0.50% |
| November 2022 | 4.25% | +0.75% |
| October 2021 | 0.50% | +0.25% (first hike in cycle) |
| March 2020 | 0.25% | -0.75% (COVID emergency cut) |
These are standard advertised ("carded") rates. Most borrowers negotiate lower rates, especially with broker assistance or strong lending positions. Rates change frequently; check with individual banks for current offers.
| Bank | Floating | 6 Months | 1 Year | 18 Months | 2 Years | 3 Years | 5 Years |
|---|---|---|---|---|---|---|---|
| ANZ | 7.24% | 5.79% | 5.39% | 5.35% | 5.29% | 5.39% | 5.69% |
| ASB | 7.24% | 5.89% | 5.39% | 5.45% | 5.29% | 5.39% | 5.69% |
| BNZ | 7.24% | 5.89% | 5.39% | 5.45% | 5.29% | 5.39% | 5.69% |
| Kiwibank | 7.00% | 5.79% | 5.39% | 5.45% | 5.29% | 5.39% | 5.59% |
| Westpac | 7.24% | 5.89% | 5.39% | 5.45% | 5.29% | 5.39% | 5.79% |
Note: These are indicative carded rates as at April 2026. Actual rates offered may differ. "Special" rates, typically 0.1 to 0.3% lower, are often available for borrowers with 20%+ equity or strong lending positions. Check interest.co.nz for the latest comparison.
| Bank | 3 Months | 6 Months | 9 Months | 1 Year | 18 Months | 2 Years |
|---|---|---|---|---|---|---|
| ANZ | 3.20% | 3.30% | 3.40% | 3.50% | 3.40% | 3.35% |
| ASB | 3.10% | 3.25% | 3.35% | 3.50% | 3.35% | 3.30% |
| BNZ | 3.15% | 3.30% | 3.40% | 3.50% | 3.40% | 3.35% |
| Kiwibank | 3.25% | 3.35% | 3.45% | 3.55% | 3.45% | 3.40% |
| Westpac | 3.10% | 3.25% | 3.35% | 3.45% | 3.35% | 3.30% |
Term deposit interest is subject to Resident Withholding Tax (RWT) at your nominated rate (10.5%, 17.5%, 30%, 33%, or 39%). If you do not provide your IRD number, a default 33% rate applies. See our NZ Tax Rates reference page for RWT details.
When the RBNZ cuts the OCR, banks typically reduce both mortgage rates and savings/term deposit rates. When the OCR rises, both increase. The relationship is not 1:1; banks set their own margins and competitive positioning, but the OCR is the primary driver.
| OCR Movement | Effect on Mortgage Rates | Effect on Savings Rates |
|---|---|---|
| OCR cut | Mortgage rates fall (good for borrowers) | Savings/deposit rates fall (bad for savers) |
| OCR hold | Rates stabilise | Rates stabilise |
| OCR hike | Mortgage rates rise (bad for borrowers) | Savings/deposit rates rise (good for savers) |
| Date | Type |
|---|---|
| 28 May 2026 | OCR Review + Monetary Policy Statement |
| 9 July 2026 | OCR Review |
| 20 August 2026 | OCR Review + Monetary Policy Statement |
| 8 October 2026 | OCR Review |
| 25 November 2026 | OCR Review + Monetary Policy Statement |
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