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BNZ leads market in reducing fixed housing rates

Bank of New Zealand continues to lead market in reducing fixed housing rates

Bank of New Zealand continues to lead the market in cutting fixed term home loan rates and today announced that it is lowering its two-year and three-year fixed rates to 6.69% and 6.89% respectively.

The new rates, available from today, are even lower for two-year and three-year loans than National, ASB, ANZ, HSBC, and Westpac, who are offering between 6.80% and 7.15% on two-year fixed rate home loans, and between 6.99% and 7.50% on three-year fixed rate home loans.

Since 13 February 2004, Bank of New Zealand has cut its two-year and three-year rates by 0.71%.

Bank of New Zealand’s general manager for personal financial services, Blair Vernon, says Bank of New Zealand has been leading the market in bringing the lowest two-year and three-year fixed rate home loans of any major bank.

“Our aim continues to be to bring customers the lowest possible two and three-year rates direct to customers. With wholesale rates decreasing recently, we saw an opportunity to pass savings directly on to home loan customers,” says Mr Vernon.

“Customers can be assured of market-leading rates directly from Bank of New Zealand,” he said.

Other new rates that will apply from today (with the old rates in brackets) are:

4 years: 7.20% (7.60%) 5 years: 7.20% (7.65%) 7 years: 7.30% (7.75%)

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