Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

BNZ has best two-year fixed interest rate

9 August 2004

Media release – for immediate use

Bank of New Zealand has best two-year fixed interest rate in the market despite rates rise

Bank of New Zealand has announced an increase in its variable, six-month, and one-year fixed rate home loans from today. Bank of New Zealand’s variable rate will increase by 0.25% to 8.25%, its six-month rate from 7.10% to 7.35%, and one-year rate from 7.25% to 7.50%.

The bank’s remaining fixed interest rates are unchanged.

The increases reflect a rise in the cost of borrowing for the bank. The Reserve Bank raised the official cash rate from 5.75% to 6.00% on Thursday 29 July 2004. Westpac were the first to increase their variable interest rate after the official cash rate rise, with ASB following suit. Westpac and ASB have moved to 8.35% and 8.25% respectively.

Bank of New Zealand’s general manager for business development and strategy, Andrew Whitechurch, says that despite the rates increase, Bank of New Zealand’s two-year fixed rate remains the most competitive of the major lenders.

“We’re recommending that in the current economic climate, customers fix for two years. We’ve intentionally left our two-year fixed rate unchanged, so with the most competitive two-year fixed rate on the market, it’s an easy choice for customers to make.”

Bank of New Zealand’s two-year rate is 7.40%, at least 0.10% lower than any of the other major banks.

- ends -

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Mycoplasma Bovis: More Properties Positive

One of the latest infected properties is in the Hastings district, the other three are within a farming enterprise in Winton. The suspect property is near Ashburton. More>>

ALSO:

Manawatū Gorge Alternative: More Work Needed To Choose Route

“We are currently working closely and in partnership with local councils and other stakeholders to make the right long-term decision. It’s vital we have strong support on the new route as it will represent a very significant long-term investment and it will need to serve the region and the country for decades to come.” More>>

ALSO:

RBNZ: Super Fund Chief To Be New Reserve Bank Governor

Adrian Orr has been appointed as Reserve Bank Governor effective from 27 March 2018, Finance Minister Grant Robertson says. More>>

ALSO:

ScoopPro: Helping PR Professionals Get More Out Of Scoop

Scoop.co.nz has been a fixture of New Zealand’s news and Public Relations infrastructure for over 18 years. However, without the financial assistance of those using Scoop in a professional context in key sectors such as Public Relations and media, Scoop will not be able to continue this service... More>>

Insurance: 2017 Worst Year On Record For Weather-Related Losses

The Insurance Council of New Zealand (ICNZ) announced today that 2017 has been the most expensive year on record for weather-related losses, with a total insured-losses value of more than $242 million. More>>

ALSO: