Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


BankDirect Drops Interest Rates

Media Release
24 April, 2003

BankDirect Drops Interest Rates

Responding swiftly to today’s official cash rate announcement from the Reserve Bank, BankDirect has announced drops to both its Variable and FlexiLoan interest rate.

Old Variable / FlexiLoan Rate 7.55%
New Variable / FlexiLoan Rate 7.30%

"At 7.30% p.a. our new Variable rate is an excellent alternative to the Big Banks," says Head of BankDirect, Kevin Leith.

"BankDirect’s interest rate has been consistently 30 points less than the Big Banks, offering mortgage seekers or those seeking to refinance with significant interest savings."

The new rate takes effect immediately for new customers and on Monday 19th May for existing BankDirect mortgage holders.

In addition to lowering its Variable rate, BankDirect has cut fixed home loan interest rates to:
Old Rate New Rate
6 Months 6.75% 6.40%
1 Year 6.45% 6.30%
2 Year 6.75% 6.60%
3 Year 6.85% 6.70%
5 Year 7.25% 7.10%

These new fixed rates come into effect immediately.

* Big Banks is defined as ANZ, ASB Bank, BNZ, National Bank and Westpac


© Scoop Media

Business Headlines | Sci-Tech Headlines


I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>


Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>


Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>


Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>


Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>


Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news