16 August 2004
Media release – for immediate use
Bank of New Zealand bucks trend with home loan rate cut
Home loan customers – here’s some welcome relief. Bank of New Zealand is reducing its tailored and standard one-year fixed term home loan rate from 7.50% per annum to 7.25% per annum from today.
Bank of New Zealand’s public relations manager, Zaman Toleafoa, says the bank is bucking the trend in the home loan lending market.
“Home loan customers have been increasingly feeling the pinch with recent interest rates rises. We’re pleased to be able to offer this reduced one-year rate, direct to customers,” says Mr Toleafoa.
As at today, Bank of New Zealand has the lowest one-year rate of the major banks, and no other major bank has a lower two-year home loan rate.
“We’re encouraging customers to fix their home loans for up to two-years. Our one-year and two-year fixed rate home loans provide the incentive for customers to do just that.”