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BNZ Cuts Two-Year Home Loan Rate Again

Bank of New Zealand Cuts Two-Year Home Loan Rate Again

Bank of New Zealand today announced that it is lowering its interest rate for its two-year fixed rate home loans by 0.20% to 6.79%. This is the second time in a week that Bank of New Zealand has cut its two-year fixed rate.

The new rate will be the lowest rate for two-year loans in the market. Most other major lenders are offering 6.95% on two-year loans. Some major lenders are still at 7.30%.

The latest cut, which is available from Monday, 23 February, means that Bank of New Zealand’s two-year rate has come down 0.61 points in the space of seven days. At the beginning of this week, Bank of New Zealand cut its two-year rate from 7.40% to 6.99% before following with the further cut that is being announced today.

Earlier this week Bank of New Zealand also cut the rate on all of its other fixed rate home loans for terms of three years or more.

Bank of New Zealand’s general manager of business development, Andrew Whitechurch, said the latest cut in the two-year rate underlined Bank of New Zealand’s determination to offer highly-competitive home loan rates.

“Bank of New Zealand is setting the pace for two-year fixed rate home loans,” Mr Whitechurch said. “We will continue to deliver a better deal to our home loan customers where we can.”

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