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Wizard cuts rates to new benchmark

Wizard cuts rates to new benchmark

Wizard Home Loans has cut its variable interest rates making its Rate Breaker the lowest basic variable rate in the country at 6.80%.*

Head of Wizard New Zealand, John Grant said, “Our Rate Beaker variable product has always lead competition and stood for the best rate-for-features trade off. With today’s reduction we have driven it under the benchmark of 7%.”

Wizard has slashed its one-year fixed rate from 6.5% to 6.3% as well as reducing its entire Wizard variable product range by a quarter of one per cent, presenting borrowers with tremendous opportunities for savings.

Borrowers on an average loan size of $180,000 stand to save $40 net per month with this rate cut.

“Today’s rate reduction means that borrowers will have more money in their household budget each month and are in a strong position to pay off their home loan faster,” said Grant Mr Grant urged borrowers to utilise the benefit of today’s cut by maintaining repayments at the existing levels and paying off their loan quicker.

The rate cut saving may appear to be small, but over the long term is significant.

For example, if a borrower has a loan of $180,000 over 25 years, and choses to keep their loan repayments at existing levels, they will reduce the period of the loan by just under 2 years and save more than $20,000.

“Our experience shows that borrowers tend to use most of the interest rate savings on lifestyle spending rather than the prudent use of the funds to increase their own personal wealth in the longer term.

“The best way to achieve this is to apply the surplus created by the fall in interest rates against their home loans. Our people are ready to show how easy this is.” Ends

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