This morning, BNZ has dropped its three year Classic home loan rate by -30 bps.
Their new rate is 5.29%, down from 5.59%.
This new rate matches the three year rate from HSBC for their Premier product.
No other rates were changed by BNZ.
The new rate is effective immediately.
This new rate is a "one week Special only" according to an update received from BNZ this afternoon. It expires on Friday, March February 13, 2015.
It has opened up a 26 bps advantage over Kiwibank, a 30 bps advantage over ASB, a 50 bps advantage over ANZ and a 60 bps advantage over the best rate from Westpac for the same term.
Only SBS Bank has a lower rate in the market over any term - 5.19% for 2 years.
BNZ's Classic product is available to customers who have at least 20% equity in the property provided as security. To be eligible, customers must have a transaction account with BNZ with their salary credited to the account.
See all banks' carded, or advertised, home loan rates here.
The current non-rate incentive offers are here.
This is how mortgage rates from the banks compare on Friday, March 6, 2015:
| below 80% LVR | 1 yr | 18 mths | 2 yrs | 3 yrs | 4 yrs | 5 yrs |
 |
5.39% | 6.09% | 5.39% | 5.79% | 6.49% | 5.89% |
 |
5.59% | 5.70% | 5.39% | 5.59% | 5.99% | 5.75% |
 |
5.69% | 6.09% | 5.39% | 5.29% | 6.49% | 5.79% |
 |
5.69% | 5.39% | 5.55% | 5.99% | 5.79% | |
 |
5.99% | 6.09% | 5.39% | 5.89% | 6.49% | 5.99% |
 |
5.59% | 5.49% | 5.39% | 5.59% | 5.89% | 5.89% |
 |
5.29% | 5.29% | 5.29% | 5.29% | 5.29% | |
| SBS Bank | 5.59% | 5.74% | 5.19% | 5.49% | 5.79% | |
 |
5.70% | 5.80% | 5.35% | 5.60% | 6.40% | 5.85% |
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Mortgage choices involve making a significant financial decision so it often pays to get professional advice. An AMP360 mortgage broker can be contacted by following this link »
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