in New Zealand, the Residential Tenancy Act 1986 was recently amended. One important change in the Amendment is that fixed term tenancies are now automatically converted into periodic tenancies unless notice is given between 21 and 90 days before the end of the tenancy.
Currently the major banks are offering fixed rates that are between 25% and 75% less than the floating rate, e.g. at the BNZ the standard floating rate is 5.99% and the one year fixed rate is 5.25%. At the ASB, the variable/floating rate is 5.75%, and the one year fixed rate is 5.45%. ASB also have a second mortgage rate of 8.75% (although there isn’t much information about this product and its criteria on their website). Kiwibank has a one year fixed rate of 5.25% (4.99% if you have at least 30% equity).
(Note: Interest rates are as at the time of writing).