BNZ has announced a cut to some of its fixed home loan rates ahead of next week’s official cash rate decision.
Effective from 7am today, the bank has dropped its one-year fixed home loan rate 10 basis points to 4.79%.
It has also cut its six-month rate by 20 basis points from 5.29% to 5.09% and its 18-month rate by 10 basis points to 4.79%.
The two- and three-year rates dropped to 4.89% and 4.99% respectively.
Those with less than 20% equity will pay a low equity interest rate premium.
BNZ general manager for home lending James Leydon said the bank was delivering “rate relief to customers now”, ahead of an expected fall in the OCR.
The morning’s headlines in 90 seconds, including the legal fight to get a New Zealand woman and her child out of US immigration detention, sliding house prices, and Taylor Swift’s big reveal. (Source: 1News)
“These rate reductions across key fixed terms mean customers can access more competitive borrowing costs immediately,” he said.
“We know household budgets remain tight for many New Zealanders, and today’s changes will help reduce monthly mortgage payments for those refinancing.
“The new rates are available for new customers as well as existing customers who are in their rollover period or currently on variable rates,” Leydon said.
BNZ’s dropped its one-year and 18-month fixed home loan rates to 4.79%. (Source: 1News)
Earlier this week, ANZ also announced it would drop some of its fixed and special home loan interest rates.
Effective on Tuesday, the bank cut its one-year fixed rate special to 4.79%, the lowest the rate has been since June 2022.
Standard rates were also adjusted at ANZ.
