Here are the changes the main banks have made to retail interest rates on Friday, July 3, 2026

Here are the changes the main banks have made to retail interest rates on Friday, July 3, 2026, so far.

For home loans:

Heritage Bank has reduced its fixed home loan rates by between -5 bps and -15 bps for fixed terms of 2, 3 and 5 years.

For savings accounts:

There are no changes to report today.

For term deposits:

Westpac has reduced both its standard in-branch/telephone and online term deposit rates for all rate terms from 12 months to  36 months. The one year and eighteen month rates are down by -25 bps, their two year rate is down by -50 bps, and their three year rate is down by -60 bps. But they have not yet decreased their 'specials' leaving both their 8 month and 1 year 'specials' at levels that still exceed 5%.

Heritage Bank cut -15 bps from its 7 month rate, to 5.35%. And they cut -15 bps from their one year rate, now at 5.20%.