ASB blinks first, increases major mortgage rates
The era of record low interest rates looks set to come to an end.
www.nzherald.co.nzHere’s the latest on ASB mortgage rates.
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ASB has recently increased its mortgage rates by up to 20 basis points, with the one-year fixed rate moving to around 4.65% in the latest adjustment. This places ASB among the higher end of the big-five bank offers for short fixed terms.[1]
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The gains are part of a broader trend as wholesale rates rise amid ongoing market volatility, with lenders adjusting across various fixed terms from one year to five years.[3][1]
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Other NZ banks have followed the move, continuing a pattern of rate increases across several fixed-term products, though some lenders occasionally pause or adjust differently depending on funding conditions.[4][8][1][3]
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If you’re currently on a variable or short fixed term, consider reviewing loan structure, potential re-fix options, and whether a rate-lock or blended-rate approach could better weather the coming months. It may also be prudent to consult with a mortgage adviser to explore next steps given your financial circumstances.[3]
Illustration: One-year fixed rate at 4.65% vs prior levels suggests a shift in the baseline for renewals across the market, affecting projected repayments for new borrowers and those nearing renewal.[1]
Sources:
- ASB hikes mortgage rates by up to 20 basis points; one-year fixed rate to 4.65% [NZ Herald, 2026-04-27][1]
- ASB mortgage rate movements ahead of broader market trends; multiple term adjustments noted [SSBCrack News, 2026-04-28][3]
- NZ lenders broadly lifting mortgage rates in response to wholesale rate pressures [NZ Herald, 2026-04-27; 2026-04-28][4][1]
If you’d like, I can pull the exact current rates for your preferred terms (1-5 years) from ASB and neighboring banks to compare side-by-side.