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BNZ Cuts Fixed Home Loan Rates Across Multiple Terms Ahead Of OCR Announcement
BNZ today cut fixed home loan rates across multiple terms in anticipation of next week's expected OCR cut.
BNZ General Manager Home Lending James Leydon says the bank is delivering rate relief to customers now.
"These rate reductions across key fixed terms mean customers can access more competitive borrowing costs immediately.”
"We know household budgets remain tight for many New Zealanders, and today’s changes will help reduce monthly mortgage payments for those refinancing.
“The new rates are available for new customers as well as existing customers who are in their rollover period or currently on variable rates,” Leydon says.
Fixed home loan rates
| Term | Current | Proposed | Differential |
| 6 months | 5.29% p.a. | 5.09% p.a. | -0.20% p.a. |
| 12 months | 4.89% p.a. | 4.79% p.a. | -0.10% p.a. |
| 18 months | 4.89% p.a. | 4.79% p.a. | -0.10% p.a. |
| 2 years | 4.95% p.a. | 4.89% p.a. | -0.06% p.a. |
| 3 years | 5.09% p.a. | 4.99% p.a. | -0.10% p.a. |
**Effective 7am Wednesday 13 August
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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