BNZ has reduced its fixed mortgage rates for all terms from three years to seven years.
These rate reductions apply to both its Standard product offering, its FlyBuys products, as well as its Global Plus offering.
Its new three year fixed rate has reduced by 30bps to 6.15% from 6.45%. But this rate is not as low as offered by ASB or Kiwibank who stand in the market with three year rates of 6.10%
Its new four year fixed rate is 6.50%, a reduction of 35bps from 6.85%, and that takes the BNZ offering to the same level for this term as ASB and Kiwibank.
Its new five year fixed rate is now 6.90%, also a reduction of 35bps from 7.25%, and also at the same level as ASB and Kiwibank.
BNZ is the only bank to offer a seven year fixed-rate and this rate has been reduced by 35bps as well, going down to 7.55% from 7.90%.
Its variable rates, including its Total Money rate, and its fixed rates for terms 6 months to two years are unchanged in this latest round of reductions.
You can find all mortgage rates, for both banks and non-bank offerers, on our comprehensive mortgage rate table page here »
Over the last two plus weeks, all banks have repositioned their fixed rates lower, especially for their longer fixed term offerings. Those banks who were among the first to move - ANZ-National and Westpac - now find themselves with rates higher than those who moved more recently.
Competition by banks for mortgage business is strong especially as total market growth is anemic. There has been a noticeable move to attract first-home buyers with very high LVR loans. Read more about this in Gareth Vaughan's story here »