BNZ: Two-Year Fixed Rate Reels in Business

Tuesday, 9 March 2004, 9:31 am
Press Release: Bank of New Zealand

Two-Year Fixed Rate Reels in Business for Bank of New Zealand

Bank of New Zealand said today that its two-year fixed rate for home loans is turning out to be a big winner with customers in the home loan market this year.

Bank of New Zealand’s general manager of personal financial services, Blair Vernon, said Bank of New Zealand had introduced the two-year fixed rate – effective from 23 February – to ensure Bank of New Zealand was setting the trend in the two-year fixed rate market. At about the same time as it introduced the 6.79% two year rate, Bank of New Zealand cut its other fixed home loan rates for terms of three years or more.

No other major bank has a two-year rate as low as 6.79%. National, ANZ, and ASB are currently offering 6.95%. Westpac is currently at 7.15%. On that basis, on a $300,000 home loan, Bank of New Zealand’s two-year rate offers savings of more than $450 per annum in interest payments relative to National, ANZ, and ASB, and more than $1,000 relative to Westpac

Mr Vernon said the two-year rate had attracted substantial new business for Bank of New Zealand.

“Over half of customers taking out new loans with us in the last two weeks have taken a portion of their loan on the two-year fixed rate. People recognise a good deal when they see one, and this is a good deal, especially when the overall trend in interest rates recently has been upwards.”

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.

CONTACT BANK OF NEW ZEALAND

Website - www.bnz.co.nz
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