BNZ Cuts Fixed And Variable Home Loan Rates Ahead Of OCR Announcement

BNZ is pleased to announce cuts to its fixed home loan rates across every term as well as its variable home loan rates in anticipation of tomorrow’s expected OCR cut.

BNZ General Manager Home Lending James Leydon says tomorrow’s OCR cut is widely expected, which has given us the confidence to pass on these savings to customers ahead of the Reserve Bank’s announcement.

“We know many of our customers are looking beyond the very short-term fixed rates as the interest rate environment evolves. By cutting our fixed rates across all terms, we’re giving customers more choice and the ability to lock in a competitive rate for a longer period,” he says.

“Lower interest rates should also help relieve some pressure on household budgets by making borrowing more affordable.

“We are starting to see the impact of lower interest rates with increasing activity in the housing market. The number of customers applying for home loans with BNZ in the six months to April 2025 has increased 20% compared to the same time last year.

“Our home loan team is working hard to process the increasing number of applications within normal timeframes, with priority given to customers with the earliest settlement dates.

“For customers that come to BNZ direct, our in-house Home Loan Partners continue to offer fast, personalised service, providing decisions within 24 hours for eligible applications once all required information is received and lending checks are complete.

“We also understand that for those moments that really matter, like buying a home, many customers want the opportunity to talk to our bankers face-to-face. That’s why all our branches are now open five days a week – to be there when and where our customers need us,” Leydon says.

Further details below:

Fixed home loan rates

Effective Tuesday 27 May 2025

Variable home loan rates

Effective Wednesday 4 June 2025

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. BNZ standard variable rate includes Private Bank Line of Credit – Secured.

© Scoop Media