BNZ has raised two of its special rates and cut four of its standard rates, effective today.
The two year special has increased 10bps to 4.49% and the three year special is up 15bps to 4.64%.
Cuts across its standard fixed rates include the 18 month rate dropping 10bps from 5.09% to 4.99%; the four year rate has been cut 15 bps from 5.40% to 5.25%; the five year rate now sits 5.35% from 5.50%; and the seven year rate is now at 5.75%.
BNZ director of retail and marketing craig Herbison told NZ Advise
r these new rates across a range of terms offer customers the flexibility to fix a competitive rate.
“New Zealanders have been enjoying some of the lowest interest rates in a generation for almost six months. Our customers have been asking us about locking down rates for a longer-term, to help them pay off their home loan faster, which is why we've announced these changes.”
These offers start Tuesday 1 March 2016. Customers are required to have a minimum of 20% equity, their everyday banking and one other product with BNZ. Lending criteria, terms and fees apply.