Key information about New Zealand Long Term Interest Rate

• New Zealand Government Bond Yield: 10 Years was reported at 4.36 % pa in Nov 2025, compared with 4.06 % pa in the previous month.
• New Zealand Long Term Interest Rate data is updated monthly, available from Jan 1985 to Nov 2025.
• The data reached an all-time high of 18.90 % pa in Mar 1986 and a record low of 0.51 % pa in Sep 2020.
• Long Term Interest Rate is reported by reported by Reserve Bank of New Zealand.

CEIC calculates monthly Long Term Interest Rate from daily 10 year Government Bond Yield. The Reserve Bank of New Zealand provides 10 year Treasury Bond Yield. Long Term Interest Rate prior to March 1985 is sourced directly from Reserve Bank of New Zealand.. The ten-year benchmark for New Zealand Government bonds with a fixed interest coupon paid semi-annually in arrears. The bonds are redeemable at par on maturity.


Related information about New Zealand Long Term Interest Rate

• In the latest reports, New Zealand Short Term Interest Rate: Month End: New Zealand: Bank Accepted Bills: 90 Days was reported at 2.45 % pa in Nov 2025.
• The cash rate (Policy Rate: Month End: New Zealand: Official Cash Rate) was set at 2.25 % pa in Nov 2025.
• New Zealand Exchange Rate against USD averaged 1.73 (USD/NZD) in Oct 2025.

The benchmark interest rate in New Zealand was last recorded at 2.25 percent. This dataset provides - New Zealand Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Non-banks and other financial institutions' assets have grown relatively steadily over the past few years, but revenue has fluctuated considerably. Despite the Reserve Bank of New Zealand (RBNZ), or Te Putea Matua, easing loan-to-value ratio (LVR) lending restrictions from June 2023, major banks still grappled with high LVR lending restrictions and tight lending standards. For this reason, households are turning to non-bank lenders for finance. Previously, official cash rates (OCR) were kept low, which curbed non-banks' expansion. Yet, to combat inflation, the RBNZ raised the OCR to a rate not seen since October 2008. Consequently, non-bank lenders were able to expand their loan portfolios by increasing their interest expenses and capitalising on higher net interest margins. Revenue is expected to rise at an annualised 14.8% to $1.76 billion over the five years through 2025-26. As interest rates have started to drop since August 2024, non-bank lenders have faced renewed pressure on their profit margins, as lower rates tend to compress the spread between lending and funding costs. For this reason, revenue is expected to drop by 1.8% in 2025-26. Additional competition in the industry, brought on by the arrival of fintech powerhouses like Revolut, has constrained profit margins. Larger non-banks and financiers have used acquisitions as a means to grow their market shares. For example, UDC Finance agreed to purchase the Bank of Queensland's New Zealand assets and loan book in February 2024, and MTF acquired Lending People in January 2023. As interest rates drop, technology will become increasingly vital in maintaining non-bank financial institutions' profitability and competitive edge. Integrating advanced technologies can streamline services, enhance efficiency, increase scalability and improve the precision of financial procedures, proving essential in preserving robust profit margins. Heightened regulatory capital requirements, which are set to continue, will impact registered banks and will provide non-bank lenders with more opportunities to garner a larger slice of the mortgage market. Overall, revenue is forecast to rise at an annualised 2.8% over the five years through 2030-31 to $2.02 billion.