Fixed or floating? Compare terms and refix
Your repayment at every fixed term and floating, using the dated average of the five big banks’ advertised rates, plus a split loan builder for loans in parts.
Rates as at 10 November 2026
The short answer
As at 10 November 2026, the average advertised rate is 6.31% floating, 5.06% for 1 year, 5.35% for 2 years and 5.93% for 5 years. On $500,000 over 30 years, that is $3,098.13 a month floating against $2,702.48 a month fixed for 1 year.
| Term | Average rate | Each month | Change | Interest over the term | Owed at the end |
|---|---|---|---|---|---|
| Floating | 6.31%6.25% to 6.39% | $3,098.13 | Same | $31,384 | $494,207 |
| 6 months | 4.82%4.79% to 4.89% | $2,629.38 | -$468.75 | $12,012 | $496,236 |
| 1 year | 5.06%4.99% to 5.19% | $2,702.48 | -$395.65 | $25,132 | $492,703 |
| 18 months | 5.27%5.19% to 5.29% | $2,767.22 | -$330.91 | $39,132 | $489,322 |
| 2 years | 5.35%5.29% to 5.39% | $2,792.07 | -$306.06 | $52,784 | $485,774 |
| 3 years | 5.59% | $2,867.25 | -$230.88 | $82,184 | $478,963 |
| 4 years | 5.83%5.65% to 6.39% | $2,943.33 | -$154.80 | $113,560 | $472,281 |
| 5 years | 5.93%5.75% to 6.49% | $2,975.29 | -$122.84 | $143,385 | $464,867 |
Each rate is the average of the lowest advertised rate at ANZ, ASB, BNZ, Westpac and Kiwibank for that term, as at 10 November 2026, with the range between banks underneath. Floating is shown over 12 months. Interest and the amount owed are for the length of each term, assuming the rate holds. When you refix, the new repayment is worked out on the balance left, over the years left, at the new rate.
Split loan builder
Many loans are split into parts on different terms, so not all of the loan refixes at once. Set up to three parts; each starts at the average rate for its term.
| Part 1: $250,000 at 5.06%, 1 year | $1,351.24 |
| Part 2: $250,000 at 5.35%, 2 years | $1,396.04 |
| Blended rate | 5.21% |
| Total interest if the rates never changed | $489,013 |
| Each month | $2,747.28 |
Each part is worked out separately over the same term, as Sorted advises. Each fixed part comes up for refixing on its own date, when its repayment is worked out again.
What happens when you refix
When a fixed term ends, the bank works out a new repayment on the balance left, over the years left, at the new rate. If rates have gone up, so does your repayment.
Calculators, including ours, assume a rate stays the same for the rest of the loan. Nobody knows future rates: a short term refixes sooner at whatever rates are then, and a long term holds today’s rate for longer.
The Official Cash Rate
The OCR is 2.75%. The Reserve Bank held it on 28 October 2026, by a 4 to 3 vote, after raising it from 2.50% on 2 September 2026. The next decision is reported for 9 December 2026 (from search reports of the Reserve Bank’s event page; we could not read rbnz.govt.nz to confirm it).
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