BNZ has revealed reductions in certain fixed home loan interest rates.
The bank has lowered its one-year fixed home loan rate by 10 basis points to 4.79%.
It has also reduced its six-month rate by 20 basis points, lowering it from 5.29% to 5.09%, and cut its 18-month rate by 10 basis points to 4.79%.
The bank’s two-year rate dropped to 4.89%, while the three-year rate is at 4.99%.
James Leydon, BNZ’s general manager for home lending, said the bank is providing “rate relief to customers now” in anticipation of a likely Official Cash Rate (OCR) reduction.
“These rate reductions across key fixed terms mean customers can access more competitive borrowing costs immediately,” he said.
“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.”
ANZ has also announced cuts to some of its fixed and special home loan interest rates. The bank revealed it will lower its one-year fixed special rate by 16 basis points, reducing it to 4.79%.
ANZ said this was the lowest that rate had reached since June 2022.