BNZ has reduced its fixed mortgage rates this morning by 10 bps and 20 bps for terms of three, four and five years, according to data released on its website.
These changes bring BNZ rates for these terms into line with the other big banks.
The BNZ fixed three-year rate is now 5.80%, down 10 bps from 5.90%.
Its four-year rate falls by the same amount to 6.10% from 6.20%.
However the five-year rate is now 6.30%, a fall of 20 bps from 6.50%.
These rates apply to both the BNZ Standard & FlyBuys product, as well as the GlobalPlus product.
There is no change to any other BNZ rate, including BNZ's unique seven-year fixed rate, which remains at 6.99%.
The rate changes announced today are:
| Fixed term ... | Old rate | change | New rate |
| % | % | % | |
| 3 years | 5.90 | -0.10 | 5.80 |
| 4 years | 6.10 | -0.10 | 6.10 |
| 5 years | 6.50 | -0.20 | 6.30 |
This positions the BNZ rates among the New Zealand banks as follows:
| 1 yr | 2 yrs | 3 yrs | 4 yrs | 5 yrs | |
| ANZ | 5.19% | 5.45% | 5.80% | 6.10% | 6.30% |
| ASB | 5.45% | 5.45% | 5.75% | 5.95% | 6.25% |
| BNZ | 5.25% | 5.40% | 5.80% | 6.10% | 6.30% |
| Kiwibank | 5.25% | 5.25% | 5.65% | 5.99% | 5.99% |
| Westpac | 5.19% | 5.40% | 5.90% | 6.15% | 6.25% |
| Co-op Bank | 5.25% | 5.35% | 5.75% | 5.99% | |
| HSBC Premier | 4.99% | 4.99% | 4.99% | 5.50% | 5.75% |
| SBS / HBS | 5.25% | 5.30% | 5.65% | 5.99% | |
| TSB Bank | 5.25% | 5.30% | 5.90% | 6.10% | 6.50% |
Kiwibank has one lower rate; it has a six month fixed rate of 4.79%.
TSB Bank also has a lower rate; it has a Special 15 month offer of 4.95%.
All the latest mortgage rate offers for all institutions are here »
-------------------------------------------------------------------------------------------------------
Mortgage choices involve making a significant financial decision so it often pays to get professional advice. A Roost mortgage broker can be contacted by following this link »
-------------------------------------------------------------------------------------------------------
We welcome your comments below. If you are not already registered, please register to comment.
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.