BNZ drops rates

by Maya Breen17 Mar 2016
BNZ has made cuts to its home loan interest rates across a range of products today, in response to the official cash rate cut announcement from the Reserve Bank last week.

BNZ dropped the rate on its floating home loan product, Total Money, by 10 basis points from 5.79% to 5.69%. In addition cuts of 10 basis points were made on four other mortgage products Rapid Repay, Mortgage One, Standard/Fly Buys Variable and HomeAdvantage.  

The bank's two year fixed rate Classic special rate has dropped by 10 basis points from 4.49% to 4.39%. 

BNZ has also dropped a range of interest rates on its standard fixed term home loan products, dropping its three and four year rates by 26 basis points to 4.99% and its five and seven year rates by 20 basis points to 5.15% and 5.55%, respectively. 

"Our decision to cut our floating interest rates by 10 basis points is based on a number of factors in a very competitive market. Interest rates are currently at an historic low so it's a great time for customers to consider their options," BNZ said in a statement to NZ Adviser.  

Interest rate changes to BNZ products to date are outlined in the table below.
 
TotalMoney 5.79% -10 bps 5.69%
Rapid Repay 5.85% -10 bps 5.75%
Mortgage One 6.40% -10 bps 6.30%
Standard/ Fly Buys Variable 5.79% -10 bps 5.69%
HomeAdvantage 5.79% -10 bps 5.69%
2 Year Fixed Rate Classic Special 4.49% -10 bps 4.39%
2 Year Fixed - Standard/ Fly Buys 4.99% -10 bps 4.89%
3 Year Fixed - Standard/ Fly Buys 5.25% -26 bps 4.99%
4 Year Fixed - Standard/ Fly Buys 5.25% -26 bps 4.99%
5 Year Fixed - Standard/ Fly Buys 5.35% -20 bps 5.15%
7 Year Fixed - Standard/ Fly Buys 5.75% -20 bps 5.55%

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