The Red Bank hikes some fixed home loan rates by +30 bps citing recent swap rate movements. The have also raised some longer term TD rates by a similar amount

Westpac is making a comprehensive set of retail interest rate changes in response to fast moving rises in wholesale money costs.

Both fixed home loan rates are going up, and some term deposit rates are going up too.

But not all.

The Red Bank has added +30 bps to all its fixed rates for two year and longer, but cut its six month rate by -20 bps. Its one year and eighteen month rates are unchanged.

On the term deposit front, rates for an 18 month deposit are up +10 bps, and for two to five years they are up +30 bps.

Westpac has made a big deal about how much wholesale swap rates have shifted since November 25, 2025, pre the last OCR change (which was a -25 bps cut).

… more soon

To compare mortgage rate offers in a way that includes the application and account fees costs (or break fee costs if you need to do that), and applying the impact of a cashback/legal fee reimbursement, or other incentive, you can now use our new home loan comparison calculator. You can find it here. Or, for convenience, we have added it to the bottom of this article.

We sense the ability to achieve meaningful discounts from carded rates is now much harder, so the impact of the incentives offered are currently playing an outsized role. Reader-reported mortgage rates are welcome. So please record them if you have them in the comment section below, which helps us stay on top of this aspect of the home loan rates market.

And still negotiate. How flexible banks may be will depend on the strength of your financials.

One useful way to make sense of the changed home loan rates is to use our full-function mortgage calculator which is here.

And if you already have a fixed term mortgage that is not up for renewal at this time, our break fee calculator may help you assess your options. Break fees will be minimal in a rising market. But they become important in a falling market, like now.

Here is the snapshot of the lowest advertised fixed-term mortgage rates on offer from the key retail banks at the moment.

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2 years %
6 months %
1 year %
18 months %
3 years %
4 years %
5 years %

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1 year %
2 years %
3 years %
4 years %
5 years %
7 years %
10 years %