Corrected:
BNZ has introduced two new low home loan rates for 18 month fixed terms.
The Classic rate is now 5.19% and sits beside the existing 2-year fixed Classic rate of 5.40%.
At the same time, BNZ has added an 18 month fixed rate for its GlobalPlus product of 5.50%.
The 18 month Classic rates is available to everyone, unlike their 2 year Classic offer which requires a minimum of 20% equity by the borrower.
The Classic product requires customers to have at least 20% equity in their home.
This latest offer ends on March 8, 2013.
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This rate compares as follows:
| 1 year | 18 mths | 2 years | |
| ANZ | 5.25% | 5.49% | 5.39% |
| ASB | 5.45% | 5.45% | 5.45% |
| BNZ | 5.25% | 5.19% | 5.40%+ |
| Co-op Bank | 5.25% | 5.35% | |
| HSBC Premier | 5.25% | 5.39% | |
| Kiwibank | 5.25% | 5.25% | |
| SBS / HSB | 5.25% | 5.30% | |
| TSB* | 5.25% | 5.40% | 5.30% |
| Westpac | 5.25% | 5.40% | 5.40% |
* TSB also has a 15 month Special of 4.95%, still the second lowest rate on offer in the New Zealand mortgage market. Kiwibank has the lowest fixed rate, 4.79% for six months fixed.
+ This is a Classic rate that requires a minimim 20% equity.
(This update corrects the minimum equity conditions applying to BNZ's Classic rates.)
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