Reference
NZ Interest Rates 2026
Last updated:
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 CalculatorOfficial Cash Rate (OCR) History
The 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 |
|---|---|---|
| 8 July 2026 | 2.50% | +0.25% |
| 27 May 2026 | 2.25% | Held |
| 8 April 2026 | 2.25% | Held |
| 18 February 2026 | 2.25% | Held |
| 26 November 2025 | 2.25% | -0.25% |
| 8 October 2025 | 2.50% | -0.50% |
| 20 August 2025 | 3.00% | -0.25% |
| 9 July 2025 | 3.25% | -0.25% |
| 28 May 2025 | 3.25% | Held |
| 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% |
| July 2023 to July 2024 | 5.50% | Held for 14 months |
| May 2023 | 5.50% | +0.25% (peak, last hike of that cycle) |
| April 2023 | 5.25% | +0.50% |
| 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) |
The Reserve Bank raised the OCR by 25 basis points to 2.50% on 8 July 2026, the first increase since May 2023. It had sat at 2.25% since November 2025, at the end of an easing cycle that cut 325 basis points from the 5.50% peak between August 2024 and November 2025. The Bank moved because inflation was forecast to stay above the 2% midpoint, with higher global oil prices feeding through, and it signalled that further tightening was possible. All five major banks lifted carded fixed mortgage rates in the weeks that followed. The next decision is the Monetary Policy Statement on 2 September 2026.
Major Bank Mortgage Rates (Indicative, April 2026)
These April 2026 rates now sit below the market. The OCR rose on 8 July 2026 and all five major banks lifted carded fixed rates through August. Use the table below for the shape of bank pricing, not for a rate to budget on, and check interest.co.nz or your bank for today's figures.
These are standard advertised ("carded") rates. Most borrowers negotiate lower rates, especially with broker assistance or strong lending positions.
| Bank | Floating | 6 Months | 1 Year | 18 Months | 2 Years | 3 Years | 5 Years |
|---|---|---|---|---|---|---|---|
| ANZ | 5.79% | 4.99% | 4.89% | 4.95% | 4.95% | 5.19% | 5.59% |
| ASB | 5.79% | 4.99% | 4.89% | 4.95% | 4.95% | 5.19% | 5.59% |
| BNZ | 5.79% | 4.99% | 4.89% | 4.95% | 4.95% | 5.19% | 5.59% |
| Kiwibank | 5.50% | 4.99% | 4.89% | 4.95% | 4.95% | 5.19% | 5.49% |
| Westpac | 5.79% | 4.99% | 4.89% | 4.95% | 4.95% | 5.19% | 5.59% |
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.
Term Deposit Rates (Indicative, April 2026)
As with the mortgage table above, these are April 2026 figures. Deposit rates follow the OCR, which rose on 8 July 2026, so current offers are likely to be higher.
| Bank | 3 Months | 6 Months | 9 Months | 1 Year | 18 Months | 2 Years |
|---|---|---|---|---|---|---|
| ANZ | 3.20% | 3.40% | 3.45% | 3.50% | 3.55% | 3.55% |
| ASB | 3.10% | 3.35% | 3.40% | 3.50% | 3.50% | 3.50% |
| BNZ | 3.15% | 3.40% | 3.45% | 3.50% | 3.55% | 3.55% |
| Kiwibank | 3.25% | 3.45% | 3.50% | 3.55% | 3.60% | 3.60% |
| Westpac | 3.10% | 3.35% | 3.40% | 3.45% | 3.50% | 3.50% |
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.
How the OCR Affects You
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) |
Upcoming RBNZ OCR Announcements (2026/27)
| Date | Type |
|---|---|
| 2 September 2026 | Monetary Policy Statement |
| 28 October 2026 | Monetary Policy Review |
| 9 December 2026 | Monetary Policy Statement |
| 17 February 2027 | Monetary Policy Statement |
The RBNZ currently holds 7 scheduled monetary policy decisions per year (4 accompanied by a full Monetary Policy Statement, 3 as shorter Monetary Policy Reviews), moving to 8 per year from 2027 when Stats NZ begins monthly CPI data.