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 |
|---|---|---|
| 2 September 2026 | 2.75% | +0.25% |
| 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 2.75% at its Monetary Policy Statement on 2 September 2026. That followed a 25 basis point rise to 2.50% on 8 July 2026, the first increase since May 2023. The OCR 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 said annual inflation had risen to 4.1% in the June 2026 quarter, driven by higher fuel prices, and that gradually removing monetary stimulus is appropriate. ASB and Westpac lifted their floating rates on 9 and 10 September. The next decision is the Monetary Policy Review on 28 October 2026.
Major Bank Mortgage Rates (September 2026)
These are the advertised home loan rates each bank published on 21 September 2026, read from the bank's own rates page or the rate feed that page loads. Fixed rates are the lowest advertised rate for borrowers with at least 20% equity, which ANZ, Westpac and Kiwibank call a special rate. With less than 20% equity, ANZ, Westpac and Kiwibank charge their standard rate instead, about 0.6 to 0.9 percentage points higher, and ASB and BNZ add a low equity margin. Most borrowers can negotiate below these, especially through a broker.
| Bank | Floating | 6 Months | 1 Year | 18 Months | 2 Years | 3 Years | 5 Years |
|---|---|---|---|---|---|---|---|
| ANZ | 6.29% | 4.79% | 4.99% | 5.45% | 5.49% | 5.59% | 6.49%* |
| ASB | 6.29% | 4.79% | 4.99% | 5.35% | 5.45% | 5.45% | 5.59% |
| BNZ | 6.34% | 4.79% | 4.99% | 5.29% | 5.45% | 5.45% | 5.49% |
| Kiwibank | 6.25% | 4.75% | 4.95% | Not offered | 5.39% | 5.49% | 5.69% |
| Westpac | 6.39% | 4.89% | 5.19% | 5.45% | 5.29% | 5.59% | 5.75% |
Note: Rates as published on 21 September 2026. ANZ's rates are dated 6 August 2026, and ANZ offers no special rate on 5 years, so its 5 year figure (*) is the standard rate. ASB's floating rate took effect on 9 September for new lending and 10 September for existing loans. BNZ's rate feed was last updated on 17 September 2026. Kiwibank's feed marked every home loan rate as having a change pending, so check Kiwibank before relying on its row. Banks change these often, so confirm the rate with the bank before you commit.
Term Deposit Rates (Indicative, April 2026)
These term deposit rates are April 2026 figures and have not been refreshed. Deposit rates follow the OCR, which has risen twice since, on 8 July and 2 September 2026, so current offers are likely to be higher. Check your bank for today's rate.
| 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 |
|---|---|
| 28 October 2026 | Monetary Policy Review |
| 9 December 2026 | Monetary Policy Statement |
| 10 February 2027 | Monetary Policy Review |
| 17 March 2027 | Monetary Policy Statement |
| 5 May 2027 | Monetary Policy Review |
| 16 June 2027 | Monetary Policy Statement |
The RBNZ held 7 scheduled monetary policy decisions in 2026 and moves to 8 a year from 2027, alternating a full Monetary Policy Statement with a shorter Monetary Policy Review, when Stats NZ begins publishing a monthly CPI.