What would Kiwis talk about at barbecues and worry about at night if we didn’t have a mortgage rate to refix? Seriously though, the New Zealand obsession with short-term fixed mortgage rates is something of a cultural quirk. Banks have also made the point that there isn’t much demand here for longer terms – although that seems a bit self-fulfilling. Some people may recall that local banks did offer seven-year fixed rate terms a few years ago – but they weren’t popular. We Kiwis are hooked on short- and mid-term fixed rates and are kind of stuck with them.

Source: New Zealand Herald January 07, 2026 05:33 UTC