Kiwibank raises interest on all but the shortest term mortgage rates

Tuesday, 24 March 2026

Kiwibank has announced its latest rate changes.

Home loan and term deposit rates at a major New Zealand bank are set to shift on Tuesday, with some mortgage costs rising while short-term rates drop.

The changes by Kiwibank affect both 'Special' and 'Standard' home loan products. The one-year fixed Special rate will increase from 4.49% to 4.59%, while the one-year Standard rate rises to 5.49%. Long-term fixed rates for three, four, and five years are also increasing by 0.10%.

In contrast, the six-month fixed Special rate is decreasing from 5.39% to 4.49%. Special rates require a minimum of 20% equity. Variable, offset, and revolving rates remain unchanged at 5.75% and 5.80% respectively.

Customers with savings will see increases across all term deposit categories for balances of $1000 or more. The one-year term deposit rate will rise by 0.20% to 3.75%.

The largest increases for depositors are in the three, four, and five-year terms, which are all rising by 0.30%. The five-year term deposit rate will reach 4.70%.

The new rates are effective from today, March 24.