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

 

BNZ’s history making mortgage rate delivers confidence

12 November 2018

Bank of New Zealand is offering customers a two-year home loan rate not seen in at least a quarter of a century.

BNZ’s new 3.99% rate will be on offer from Tuesday 13 November and is available on the bank’s Two Year Classic rate.

“The new two-year fixed rate highlights BNZ’s commitment to help more New Zealanders realise their home ownership ambitions,” says BNZ General Manager, Retail Network Logan Munro.

In terms of the historic nature of the new rate, BNZ’s Chief Economist, Tony Alexander says “Sustained low inflation, the effectiveness of the Reserve Bank’s LVR rules and the recent cooling in the New Zealand housing market in spite of still strong economic growth have combined to provide a unique set of interest rate conditions that lenders can take advantage of.”

“The new low rate, fixed for two years, is a real bonus for both current and aspiring home owners who can have the confidence of locking in an interest rate not seen in BNZ’s proud history,” says Mr Munro.

“The security and comfort the two-year fixed rate will provide borrowers is especially important for new home owners who’ll be able to plan their budgets knowing their mortgage rate won’t change for at least 24 months.

“The new rate comes at a good time for home owners and new buyers as the spring home buying season is getting into full swing,” says Mr Munro.

The new rate is available to residential owner occupiers with at least 20% equity, and is available until the end of November. “Anyone considering buying their first home or changing their home lending arrangements should get in touch, so we can discuss the best options for them,” says Mr Munro.

BNZ’s home lending team is available on 0800ASKBNZ, online at bnz.co.nz, through a BNZ branch or customers can contact a BNZ mobile mortgage manager.

Ends


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Stats NZ: Falling Prices In June Quarter Amid COVID-19 Uncertainty

The consumers price index (CPI) fell 0.5 percent in the June 2020 quarter as the COVID-19 global pandemic saw cheaper petrol and falling hotel and motel prices, Stats NZ said today. It was the first fall in quarterly inflation since the December 2015 ... More>>

Transport: International Arrivals In May Lowest In 61 Years

The number of people that arrived in New Zealand in May 2020 was the lowest for any month since May 1959, because of COVID-19-related border and travel restrictions, Stats NZ said today. There were 5,600 arrivals in May 2020 compared with 4,700 in ... More>>

ALSO:

It’s All In The Genomes: New Study Reveals Scale Of Havelock North Campylobacteriosis Outbreak

When the campylobacteria outbreak hit Havelock North in 2016, no-one fully understood how widely it affected the local communities. Gene-sequencing technology used by scientists has shown the true scale of the outbreak. The joint study from ESR, Massey ... More>>

ALSO:

Tiwai Point: Rio Tinto Announces Plans To Close Tiwai Point Smelter

Rio Tinto has just announced that it will wind down New Zealand Aluminium Smelters - the Tiwai Point smelter - saying the business is no longer viable. More>>

ALSO:

Freight: New Report On Auckland Port Relocation

The Government has released a major new report on the options for relocating the Port of Auckland’s freight operations while deferring any decision on the issue. More>>

ALSO:


XE Data Update: RBNZ Official Cash Rate Decision

The RBNZ will keep the Official Cash Rate (OCR) at 0.25%. T he key points in the RBNZ statement are: RBNZ keeps the OCR unchanged at 0.25% Maintain the LSAP (large scale asset purchase) at NZD$60 billion. Committee prepared to use additional monetary ... More>>

ALSO:

Electricity: Kiwis Ignore Promise Of Cheaper Power

Electric Kiwi and Flick Electric Co are joint winners of Canstar Blue’s award for Most Satisfied Customers | Electricity Providers From putting on an extra layer – rather than turning on a heater – to turning off lights and choosing the energy-saving ... More>>

ALSO:


ASB: Regional Economic Scoreboard Q1 2020

ASB NZ Regional Economic Scoreboard Gisborne still the place to be It has been Gisborne’s year, and the region comes out tops on our regional rankings for the fourth successive quarter. Like everywhere, question marks are about the COVID-19 impact on the future. ... More>>

RNZ: Economic Activity And Business Confidence Bouncing Back

Two surveys from ANZ show business confidence and economic activity have rebounded, but uncertainty about the future remains extreme. More>>

ALSO:

NIWA: The Climate Record That Keeps Getting Broken

Among the multitude of New Zealand climate statistics there is one record that continues to be broken month after month. Since January 2017 there has not been one month that recorded a below average nationwide temperature, according to NIWA’s seven station ... More>>

ALSO:

Govt: Extended Loan Scheme Keeps Business Afloat

Small businesses are getting greater certainty about access to finance with an extension to the interest-free cashflow loan scheme to the end of the year. The Small Business Cashflow Loan Scheme has already been extended once, to 24 July. Revenue and Small ... More>>

ALSO:

Science: 2019 Prime Minister’s Science Prizes Announced

The 2019 Prime Minister’s Science Prizes have been announced in a digital livestream event today. The Prizes recognise the impact of science on New Zealanders’ lives, celebrate the achievements of current scientists and encourage scientists of the ... More>>

ALSO:

Stardome Observatory: Young Kiwi Astro-Photographer Shoots For The Stars

Matariki by Josh Kirkley. The stars are aligning for up-and-coming Auckland-based astro-photographer Josh Kirkley (Kāi Tahu). During lockdown, one of his images was picked up by NASA and shared on the space agency’s Instagram to its 59.2 million ... More>>


DCANZ: Time For EU To Commit To A Level Playing Field For Trade

The Dairy Companies Association of New Zealand (DCANZ) has welcomed New Zealand Trade Minister David Parker’s statement that it is unacceptable for New Zealand exporters to continue facing an ‘unlevel playing field’ in the EU. Details leaked ... More>>

ALSO:

New Zealand Government: Supporting Kiwi Businesses To Resolve Rent Disputes

The Government will legislate to ensure businesses that suffered as a result of the COVID-19 response will get help to resolve disputes over commercial rent issues, Justice Minister Andrew Little announced today. More>>

ALSO: