PHOTO: FILE
BNZ has reduced several of its home loan interest rates, continuing the downward trend following reductions by other leading banks in recent months.
All standard fixed mortgage rates were decreased except for the six-month term.
BNZ’s standard one-year fixed rate was lowered from 7.95% to 7.89%, the 18-month fixed rate from 7.75% to 7.59%, and the two-year fixed rate from 7.49% to 7.45%.
The standard three-year rate decreased from 7.39% to 7.25%, while both the four-year and five-year rates dropped from 7.35% to 7.15%.
Similarly, BNZ’s classic rates underwent significant changes, with only the six-month term remaining unchanged.
The classic home loan rates for one-year (now 7.29%), two-year (now 6.99%), 18-month (now 6.85%), three-year (now 6.65%), four-year (now 6.55%), and five-year (also now 6.55%) have been reduced.
BNZ last adjusted its rates in December, and since then, ASB and ANZ have also announced cuts. ASB has further reduced some rates, followed by Westpac.