Mortgage Squeeze: BNZ Joins Major Banks in Interest Rate Hikes

BNZ joins major NZ banks in raising interest rates, with two-year rates climbing above 5% as wholesale markets anticipate a Reserve Bank OCR hike.

By: AXL Media

Published: Apr 23, 2026, 6:12 AM EDT

Source: RNZ Pacific

The New Rate Structure

BNZ’s adjustment affects several key terms, reflecting a broader trend of banks pushing rates upward to stay ahead of rising wholesale costs.

Term

New Rate

Increase

1-Year Fixed