A new home loan rate cut means 4.99 percent is no longer the cheapest available in the market.
BNZ on Wednesday cut a number of its fixed rates, including its 18-month rate to 4.95 percent.
It is also offering 4.99 percent for one and two years.
“We know many of our customers are looking beyond the very short-term fixed rates as the interest rate environment evolves,” BNZ general manager of home lending James Leydon said.
“By offering a market-leading 18-month option, we’re giving customers more choice and the ability to lock in a competitive rate for a longer period.”
Westpac also made cuts on Wednesday, offering a 4.99 percent rate for one year and 5.19 percent for three years.
Head of consumer lending Jo McGregor said it was the first time the bank had offered a one-year fix below 5 percent since 2022.
On Monday, ANZ cut a number of its fixed home loan rates, taking its special one-year and 18-month rates to 4.99 percent.
Kiwibank said on Tuesday it was also cutting its one-year special to 4.99 percent.
There are forecasts that the economic disruption caused by US tariffs could mean interest rates drop lower than they otherwise might have been.
The Reserve Bank cut the OCR by 25 basis points to 3.50 percent on 9 April.
