BNZ has updated its website with new lower fixed mortgage rates.
They have lowered their six month rate to 5.75%, down 10 bps from 5.85%.
They have also reduced their two year Classic fighting rate to 5.89%, down 6 bps from 5.95%.
Their four year rate is now 6.59%, down 60 bps from 7.19%.
Their five year rate has been lowered by 41 bps to 6.99% from 7.40%.
And their seven year fixed rate is now 7.45%, down 40 bps from 7.85%.
These changes are just the latest set of reductions by banks, and the pace of reduction is accelerating.
Although none of the reductions by BNZ today are market leading, they have staked out a 'lowest rate' position among their main rivals for most of the terms.
They have the seven year fixed position on their own.
Yesterday saw further reductions in wholesale swap rates, pushed lower by expectations of ECB easing and very light US holiday trading.
See all banks' carded, or advertised, home loan rates here.
This is how the new BNZ rate compares:
| below 80% LVR | 1 yr | 18 mths | 2 yrs | 3 yrs | 5 yrs |
 |
5.95% | 6.19% | 5.99% | 6.55% | 7.40% |
 |
5.85% | 5.99% | 5.89% | 6.25% | 7.40% |
 |
5.85% | 5.99% | 5.89% | 6.25% | 6.99% |
| Kiwibank | 5.85% | 5.85%* | 6.29% | 7.20% | |
 |
5.95% | 6.14% | 6.19% | 6.25% | 7.40% |
| Co-op Bank | 5.85% | 5.85% | 5.99% | 6.25% | 6.99% |
 |
5.59% | 5.99% | 5.99% | 6.99% | |
 |
5.70% | 5.85% | 5.99% | 5.95% | 6.79% |
| TSB | 5.70% | 5.85% | 5.80% | 6.25% | 7.40% |
* only as part of their 60/40 'special' deal. Otherwise 6.19%.
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