OCR announcement dates NZ and what the OCR means for your mortgage

Last reviewed: 25 September 2026. OCR decisions change things quickly, so check the Reserve Bank’s announcement on the day.

Short answer

The next OCR announcement is on Wednesday 28 October 2026 at 2pm, followed by Wednesday 9 December 2026. The official cash rate is currently 2.75%, after the Reserve Bank raised it on 2 September 2026. From 2027 there will be eight scheduled decisions a year instead of seven.

OCR announcement dates

Date (2pm NZT)	Type
Wednesday 28 October 2026	Monetary Policy Review
Wednesday 9 December 2026	Monetary Policy Statement
2027 onwards	Eight decisions a year, starting in February. The Reserve Bank lists every date to February 2028 on its OCR decision dates page.

A Monetary Policy Statement comes with a full set of economic forecasts. A Review is shorter and just gives the decision and the reasons. Either one can change the rate. The Reserve Bank can also make an unscheduled change if something big happens, though that’s rare.

Where the OCR sits now

The Reserve Bank cut the OCR steadily through 2025 to 2.25%, then held it in February and May 2026. It lifted the rate to 2.5% on 8 July 2026 and to 2.75% on 2 September 2026. I update this section after each announcement.

What the OCR actually is

The official cash rate is the interest rate the Reserve Bank pays on money that banks keep with it overnight. It’s the Reserve Bank’s main tool for keeping inflation between 1% and 3%. When inflation runs too hot, it can raise the OCR to make borrowing more expensive and slow spending down. When the economy needs a lift, it can cut.

Banks don’t lend to you at the OCR. Your mortgage rate is set by each bank, based on its own cost of funding, competition and how much margin it wants. The OCR feeds into that, but it’s one input among several.

How an OCR change affects your mortgage

Floating and revolving credit. These usually move within days of an OCR change, because banks price them off short-term rates. If the OCR goes up 0.25%, expect your floating rate to follow fairly closely.

Fixed rates. These are priced off wholesale swap rates, which move on what the market expects the Reserve Bank to do over the next few years. That’s why fixed rates often shift before an OCR decision, not on the day. By the time an expected rise is announced, it’s often already priced in.

If you’re already fixed. Nothing changes until your fixed term ends. What matters is the rate you roll onto, so it’s worth looking at your options a few weeks before the fixed period finishes. I’m happy to do that review for you, including on loans I didn’t arrange.

What I’d do around an announcement

I don’t try to guess the decision, and I’d be wary of anyone who says they can. A few things are worth doing instead:

If you’re refixing soon, look at the rates on offer a couple of weeks before the announcement and again after. Banks sometimes move ahead of the decision.

Think about splitting your loan across two or three fixed terms. It spreads the risk so you’re never refixing everything at the worst possible time.

Keep some of the loan floating or on revolving credit if you want flexibility to make extra repayments. The repayment calculator shows what a rate change does to your weekly payment.

Frequently asked questions

What time is the OCR announcement?

2pm New Zealand time on the announcement day. The new rate takes effect in the market the next working day.

Does the OCR change my fixed mortgage rate?

Not while you’re fixed. Your rate stays the same until the fixed term ends. The OCR does influence the fixed rates banks offer for new and rolling-over loans.

How often does the Reserve Bank review the OCR?

Seven times a year until the end of 2026, and eight times a year from 2027, when Stats NZ starts publishing monthly inflation data.

Where can I check the latest decision?

On the Reserve Bank’s official cash rate page. For what it means for your own loan, book a free chat.

This article is general information only and isn’t personalised financial advice. Mortgage Sense is a trading name of Yatin Kainth, a Financial Adviser (FSP1007497) providing advice under the Mortgage Managers licence (North West Group Holdings Ltd, FSP682791). See the Disclosure Statement.