BNZ has announced a market leading low two-year carded home loan rate.
The new 'special' is 5.15%.
This easily beats rates offered by their main rivals.
It is also lower than the rate offered by SBS Bank, which for more than a month has been the lowest two year rate offer in the mortgage market.
BNZ was one of the first banks to withdraw their cash incentive offers, so presumably this gives them some flexibility to push those benefits into lower rates.
The BNZ 'special' is available for customers who have at least 20% equity in the property provided as security. To be eligible, clients must have a transaction account with BNZ with their pay credited to this account.
Instead of a cash incentive, this BNZ offer comes with bonus 5,000 Fly Buys points with any new lending over $250,000.
The new 2 year 'special' rate of 5.15% is -24 bps lower than BNZ's standard rate for this term. It is also the same advantage over ANZ, ASB, Kiwibank and Westpac.
It is effective and available today but is only scheduled to last for a week. It expires Friday April 17. Today's changes and follow rate cuts by ASB late yesterday.
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 at 9am Friday, April 10, 2015:
| below 80% LVR | 1 yr | 18 mths | 2 yrs | 3 yrs | 4 yrs | 5 yrs |
 |
5.49% | 6.09% | 5.39% | 5.79% | 6.49% | 5.89% |
 |
5.59% | 5.70% | 5.39% | 5.45% | 5.99% | 5.65% |
 |
5.49% | 5.15% | 5.55% | 5.65% | 5.75% | |
 |
5.69% | 5.39% | 5.55% | 5.99% | 5.79% | |
 |
5.99% | 6.09% | 5.39% | 5.59% | 6.49% | 5.75% |
 |
5.59% | 5.49% | 5.39% | 5.59% | 5.75% | 5.79% |
 |
5.29% | 5.29% | 5.29% | 5.29% | 5.29% | |
| SBS Bank | 5.59% | 5.74% | 5.19% | 5.49% | 4.99%* | |
 |
5.70% | 5.80% | 5.35% | 5.60% | 6.40% | 5.85% |
* Members only, otherwise 5.79%
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