As of late February 2026, New Zealand's mortgage market was shifting even though the OCR remained at 2.25%. Wholesale rates, lender funding costs and expectations about future OCR decisions were affecting fixed mortgage rates differently across terms.
Key updates
- Longer terms moved more: the Reserve Bank reported that advertised fixed rates for terms of two years and longer had increased by around 35 to 60 basis points since its November 2025 statement.
- Borrowers were fixing for longer: the share of new mortgage lending fixed for at least one year increased from around 40% in November to around 70% in December.
- A large refix wave was approaching: close to 40% of fixed mortgage lending was estimated to be due to refix in the first half of 2026.
- Competition remained relevant: lender offers could include pricing or cashback differences, but the conditions and total cost still needed to be compared.
What to compare at refix
- The repayment at each fixed term, not just the percentage rate
- Cashback conditions and any amount that may need to be repaid if you refinance again
- Break costs, application fees and legal costs
- Whether the proposed structure still suits your cash flow and future plans
- The lender's current servicing and credit criteria
Rates and offers change frequently. Check live lender pricing before making a decision and read the conditions that apply to any incentive.
— The Homelend team