BNZ Cuts Two-Year Home Loan Rate Again

Monday, 23 February 2004, 9:02 am
Press Release: Bank of New Zealand

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.”

Bank of New Zealand

Be good with money

Bank of New Zealand (BNZ) has been a big part of New Zealand life for over 150 years since its foundation in 1861. The bank employs over 5,000 people and has more than 170 retail stores and 32 Partners business centres across the country.

Passionate about enabling a higher achieving New Zealand, BNZ works with personal, business, agri, and private wealth clients, helping them grow and make their goals a reality.

A subsidiary of the National Australia Bank Group of companies, BNZ is governed locally by a Board of Directors and strives to help New Zealanders be good with money.

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Website - www.bnz.co.nz
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