18 March 2005
Bank of New Zealand remains ‘Unbeatable’ despite variable interest rate rise
Bank of New Zealand has announced an increase in its variable interest rate following a similar increase by other major lenders. Bank of New Zealand’s variable rate has risen by 0.25 per cent to 9.00 per cent, effective yesterday.
The increase comes after the Reserve Bank announced a 0.25 per cent increase in the official cash rate late last week. Since then, other major lenders, including Westpac and ASB have raised their variable home loan rates.
Bank of New Zealand’s General Manager for Business Development and Strategy, Andrew Whitechurch, says the good news for home loan buyers is that the Bank’s ‘Unbeatable’ two-year fixed rate of 7.60 per cent pa on its Classic Home Loan remains unchanged.
“Bank of New Zealand’s ‘Unbeatable’ two-year rate remains at 7.60 per cent pa. That’s at least 0.20 per cent pa lower than the two-year rate currently advertised by the other four big banks, and is proof that Bank of New Zealand continues to offer consumers some of the best rates on the market.”
The Bank’s remaining fixed interest rates are also unchanged. Less than 30 per cent of Bank of New Zealand mortgage customers are on a variable interest rate.