BNZ has lowered some of its fixed mortgage rates as cuts continue in the wake of last month’s drop in the official cash rate (OCR).
It is lowering its one-year fixed rate 0.16% to 6.29% and its two-year fixed rate 0.10% to 5.79%, effective from today.
The bank offers the same rates to those with 20% equity and those without.
Previously there was a .60% difference in the rates.
Low equity premiums will still be applied based on the individual customers’ equity positions.
All banks have dropped home loan rates after the Reserve Bank trimmed the OCR to 5.25% last month.
Term deposit rates have also been dropping – last week BNZ lowered the rates on four of its offerings.
On Tuesday Kiwibank announced cuts to its fixed home loans and many of its term deposit rates.
