BNZ has introduced a 4.95% one-year home loan interest rate, which is the lowest one-year rate advertised by a bank.
The rate, effective from today, through BNZ's "Classic" home loan product range, is available to borrowers with at least 20% equity in their property.
The new rate undercuts the previous lowest advertised one-year fixed rate of 4.99% from a range of banks including the Co-operative Bank, SBS Bank, HSBC and Kiwibank.
HSBC's offer is to its "Premier customers" who must have minimum combined home loans of NZ$500,000 or NZ$100,000 in savings and investments with HSBC.
See all advertised bank home loan interest rates here.
BNZ separately advertises a 5.25% one-year fixed rate through its "Standard & Fly Buys" and "GlobalPlus" home loans.
Meanwhile, BNZ has also cut two term deposit rates for minimum deposits of NZ$5,000.
It has dropped its three-month rate by 75 basis points to 3.25% and its one-year rate by 20 basis points to 4.20%. See all advertised term deposit rates here.
This positions the BNZ's mortgage rates among the New Zealand banks as follows:
| 1 yr | 2 yrs | 3 yrs | 4 yrs | 5 yrs | |
 |
5.19% | 5.45% | 5.80% | 6.10% | 6.30% |
 |
5.19% | 5.45% | 5.75% | 5.95% | 6.25% |
| BNZ | 4.95% | 5.40% | 5.80% | 6.10% | 6.30% |
| Kiwibank | 4.99% | 5.25% | 5.65% | 5.99% | 5.99% |
 |
5.09% | 5.40% | 5.90% | 6.15% | 6.25% |
| Co-op Bank | 4.99% | 5.35% | 5.75% | 5.99% | |
| HSBC Premier | 4.99% | 4.99% | 4.99% | 5.50% | 5.75% |
| SBS / HBS | 4.99% | 4.99% | 5.65% | 5.99% | |
 |
5.25% | 5.30% | 5.75% | 6.10% | 6.30% |
TSB Bank still has a low rate Special 15 month offer of 4.95%.
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