BNZ today announced it is cutting its Standard advertised 1-year fixed home loan rate to 4.49% p.a.

Executive Customer Products & Services, Karna Luke, says BNZ is continuing to compete hard for new home loan customers by offering attractive rates.

“We’re seeing strong customer demand for our 1-year fixed term as borrowers look for the right balance between securing a competitive rate and maintaining flexibility in an evolving rate environment,” he says.

“This 26-basis point cut provides meaningful savings for both new and existing customers. For someone moving from our current average 1-year rate of 5.19% p.a. with a $500,000 mortgage over a 25-year term, this new rate could save over $2,400 across the 12-month fixed period.

“At 4.49%, this is a nearly 40% drop from the February 2024 peak of 7.35% for the 1-year fixed term - providing real relief for households.

“New customers can access the rate immediately, as can existing customers who are about to refix or are on variable rates.

“We know household budgets remain tight for many New Zealanders, and these changes will help reduce mortgage payments, whether you’re buying your first home, moving from another bank, or refixing an existing BNZ home loan,” Luke says.

Note:

BNZ lending criteria (including minimum equity requirements), and terms apply. Rates subject to change. Up to $150 establishment fee and early repayment charges may apply.

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