BNZ introduces new 1-year fixed term interest rate

Bank of New Zealand has introduced a new 1-year fixed term interest rate of 4.39% p.a, effective Friday 9 February, 2018.

BNZ Director of Retail and Marketing, Paul Carter, says this rate gives customers the flexibility to fix a competitive rate and pay off their loan more quickly.

“Our latest BNZ Financial Futures research has told us 66% of Kiwis with a mortgage look into their home loan structure and repayments regularly. This is a great opportunity for people looking for a great deal to maximise their repayments and therefore pay off their loans faster.

“New Zealanders are still enjoying some of the lowest interest rates in a generation and the economic outlook indicates that may continue for most of 2018,” Mr Carter says.

“However, it’s not a time to be complacent. It’s a good time for people with home loans to consider their position and make sure they are making the most of the low interest rates to pay off their mortgage faster,” he says.                                                      

Lending criteria, terms and fees apply. The rate is available for customers with a 20% deposit. The rate is not available for some investor lending.