BNZ has followed ANZ and adopted 3.69% as its key fighting rate for home loans as their one year fixed offer.
This is a cut of 16 basis points and represents the market leading rate position for carded rates.
And it sets these two majors at 10 bps below Kiwibank for this term, and 16 bps below both ASB and Westpac.
BNZ has cut all their Standard rates for residential owner-occupiers, and for residential investors (which are at a premium of +25 bps to Standard rates).
However, there are only four other BNZ-best rate changes. Their six month rate got a trim of -20 bps to an noncompetitive 4.79%. (In fact, this level is 100 bps higher than the equivalent offer from the Cooperative Bank.)
Their two year Classic special is unchanged at 3.75%, similar to its key rivals.
Their three year Classic special is now down to 3.99%, a rate five other banks already offer, and above the 3.89% level offered by two challenger banks
BNZ also has a unique seven year fixed rate and this has been cut by -25 bps to 5.70%, a full 55 bps higher than their carded standard five year rate.
At the same time, BNZ has cut all its term deposit rate offers out to three years by between -5 and -20 bps with the popular 6 month rate by the full -20 bps and the one year rate also cut by -20 bps.
Classic 'special' rates are only available to customers with 20% equity or more and who have a transaction account into which wages or salaries are direct credited.
Update: TSB has advised that their Price Match Promise will end today. Update II: TSB has reduced most of its 'special' rates from its original card, many of which are higher than the 'Price Match Promise' rates. The current rates are now reflected in the table below. It has also cut its floating rate by -40 bps to 5.29%. And it has established new Standard rates which are 80 bps above their current 'specials'.
Update II: Westpac has also chimed in late today with similar reductions for its 'specials', meeting the competitive challenge.
Here is the full snapshot of the advertised fixed-term rates on offer from the key retail banks.
|Fixed, below 80% LVR||6 mths||1 yr||18 mth||2 yrs||3 yrs||4 yrs||5 yrs|
|as at August 13, 2019||%||%||%||%||%||%||%|
|China Construction Bank||4.70||4.85||3.65||3.90||4.95||4.95|
In addition to the above table, BNZ has reduced its unique fixed seven year rate by -25 bps tof 5.70%.