BNZ raises mortgage rates for two fixed terms and trims one Classic rate

BNZ has raised fixed mortgage rates for eighteen months, three and four year fixed terms, and dropped their Classic two year rate this morning.

It has cut its Classic 2 year rate by 15 bps to 5.40% from 5.55%. This makes it the lowest 2 year rate by a main bank, and only beaten by TSB's 5.30% special for this same term.

However, all the other changes were increases.

Its Classic 4 year rate has risen 31 bps to 6.20% from 5.89%. BNZ have now withdrawn this offer.

Its Classic 18 month rate has risen 15 bps to 5.70% from 5.55%. BNZ have now withdrawn this offer.

Its Standard, FlyBuys and GlobalPlus three year rate has risen 15 bps to 5.90% from 5.75%.

Its Standard, FlyBuys and GlobalPlus four year rate has risen 10 bps to 6.20% from 6.10%.

None of the increased rates are market-leading.

Among banks, the lowest rate for 6 months is now SBS's 4.99%.

The lowest bank rate for one year fixed is the 4.99% special at Westpac.

For an 18 month fixed term, ANZ National are the lowest at 5.49%

For a two year fixed term, TSB has a 5.30% special rate.

For a three year term, SBS/HBS have a rate of 5.65%.

The Cooperative Bank has the lowest 4 year rate at 6.05%.

SBS/HBS has the lowest 5 year fixed rate at 5.99%.

BNZ is the only bank offering a carded fixed seven year rate and that is unchanged at 6.99%.

You can find all current home loan rate offers here »

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