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BNZ has effectively raised mortgage rates for short-term fixed periods by withdrawing 'special' offers and reverting to standard rates

Posted in News November 29, 2012 - 08:08am, David Chaston

BNZ has withdrawn its 4.95% fixed mortgage rate 'specials'.

The bank's 4.95% rate, which matched similar offers from other major banks, applied to its 'Classic home loan' product.

The only 'Classic' rate remaining is now for two years fixed.

At the same time, BNZ has reduced its Standard and 'Fly Buys' six month rate to 5.25% from 5.75%, a reduction of 50 bps.

BNZ's one year 'Standard' fixed rate remains at 5.25%.

The lowest six month fixed rate remains the one offered by Kiwibank at 4.85% - its "pre Christmas Special". HSBC also offer a 4.85% six month rate as part of its 'Premier' package.

ANZ, SBS, and Westpac all continue to offer a six month  and a one year fixed rate at 4.95%. Resimac also offers a 4.95% rate for a fixed one-year term.

All rates from all institutions can be found in our comprehensive table, here »

 

 

We welcome your help to improve our coverage of this issue. Any examples or experiences to relate? Any links to other news, data or research to shed more light on this? Any insight or views on what might happen next or what should happen next? Any errors to correct?

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2 Comments

by Freddie B | 29 Nov 12, 10:59am

Strange move?

Strange move?

by Caylibgirl | 29 Nov 12, 12:36pm

I negotiated with BNZ on my

I negotiated with BNZ on my mortgage last week thanks to Kiwibanks special. Their initial response was "we can only offer the board rates of 4.95 for either 6mth or 12mth, which one do you want". My reply of "Neither, I want a special rate" got me 2 minutes on hold and a reply of "oh okay then". Pity the follow up paper work didn't match the negotiations.