New Zealand · data to Oct 2026
How are interest rates?
OK.
The official cash rate is 2.75%. Borrowers are paying more than a few years ago, and savers are earning more.
For context: 2.75% is lower than 66% of all 442 figures since 1990.
RBNZ official cash rate
The Reserve Bank's main interest rate, which sets the tone for loans and savings
The strip under the chart shows the verdict each period would get by today's rules:Good OK Bad
See the latest numbers
| Period | Value | Verdict |
|---|---|---|
| Oct 2026 | 2.75% | OK |
| Sep 2026 | 2.75% | OK |
| Aug 2026 | 2.50% | OK |
| Jul 2026 | 2.50% | OK |
| Jun 2026 | 2.25% | Good |
| May 2026 | 2.25% | Good |
| Apr 2026 | 2.25% | Good |
| Mar 2026 | 2.25% | Good |
| Feb 2026 | 2.25% | Good |
| Jan 2026 | 2.25% | Good |
| Dec 2025 | 2.25% | Good |
| Nov 2025 | 2.25% | Good |
Source: RBNZ, Official cash rate, end of month (overnight cash rate before March 1999), via the BIS central bank policy rates · Series BIS WS_CBPOL M.NZ · Latest Oct 2026
How we judged this
What we test: The latest figure (RBNZ official cash rate). Right now that's 2.75%.
- Good if under 2.50%
- OK if from 2.50% to under 4.00%applies now
- Bad if anything the rules above don’t cover
Rules are checked from the top. The first one that fits decides the verdict.
About this data
- Measure
- RBNZ official cash rate
- Latest
- 2.75% (Oct 2026)
- Published
- Monthly, by RBNZ
- Verdict counts for
- Equal weight with the others in the overall verdict
Judged from a borrower's point of view. Savers see it the other way round.
Shows the rate at the end of each month. The official cash rate began in March 1999; from 1990 until then, this is the overnight cash rate the Reserve Bank targeted.
Most New Zealand home loans are fixed for one or two years, so changes in the cash rate reach households within a year or two.