BNZ is the latest bank to push through home loan rate cuts.
Their website this morning shows cuts to most Classic fixed rates.
They are matching ASB and Westpac with a 3.05% one year fixed rate, choosing not to match ANZ and Kiwibank at 2.99%.
And they are matching ASB and Westpac for all rates from two years to five years fixed, and that includes the 2.99% level for two years.
At the same time, BNZ have cut their term deposit rates for almost all terms.
BNZ's move lower completes the current cycle of home loan rate cuts by themain banks, a cycle that was started by Kiwibank.
No main bank is taking on HSBC who made steeper reductions yesterday.
HSBC's one year fixed becomes 2.80%, a fall of -15 bps, matching China Construction Bank and almost matching the market-leading 2.79% rate from the Bank of China.
Their new eighteen month rate becomes 2.85% which is a reduction of -10 bps and becomes the market-leading rate for this term.
And their new two year rate becomes 2.89%, a fall of -20 bps but not quite matching China Construction Bank's 2.85% rate for this term.
They also cut their six month fixed rate by -15 bps to 3.49%.
All these rates are for their Premier offer which comes with minimum conditions.
BNZ's new rates are effective today. But HSBC's won't be available until Thursday, May 21.
Here is the full snapshot of the advertised lowest fixed-term rates on offer from the key retail banks at this time.
|Fixed, below 80% LVR||6 mths||1 yr||18 mth||2 yrs||3 yrs||4 yrs||5 yrs|
|as at May 15, 2020||%||%||%||%||%||%||%|
|Bank of China||3.89||2.79||2.89||2.89||3.19||3.79||3.89|
|China Construction Bank||4.70||2.80||2.85||3.19||3.30||3.45|
In addition to the above table, BNZ has a unique fixed seven year rate of 5.20%.