BNZ drops rates

Bank of New Zealand dropped some of its mortgage rates this afternoon after the OCR cut by the RBNZ. BNZ cut all its variable rates by 50 basis points, the same as the OCR cut. New rates will be effective for new customers on Tuesday and on September 30 for existing customers. It also dropped some of its fixed rates (effective Saturday morning, 8am): Fixed 1 year Standard/flybuys: 8.89% (down 0.3%) Fixed 2 year Classic: 8.79% (down 0.2%) Fixed Global Plus 18 month: 8.89% (down 0.3%)