Mortgage Rates Fall as Consumer Confidence Rises
Nelson Building Society (NBS) cut its 6-month fixed home loan rate to 4.99%, making it one of the lowest rates on the market. The society also reduced its term deposit rates for 6 and 9 months, while BNZ added a +25 bps OCR rise to its Business First savings account, taking it up to 1.85%.
The latest ANZ-Roy Morgan NZ Consumer Confidence Survey showed consumer confidence lifted 8 points in July as expectations around the economic outlook improved, even if they remain net negative. Investors in the housing market are becoming increasingly cautious, however, with house prices forecast to dip only -2% by 2026.
The online retail sector is showing signs of recovery after a challenging few years, with New Zealand Post reporting that online spending grew 12% year-on-year to reach over $6 billion in the first half of 2026. However, household electricity costs have risen +177% since the 1999 'reforms', nearly twice the rate of inflation, prompting calls for changes to the electricity market.