Everything under 3% – BNZ unveils new home loan rates

Bank of New Zealand (BNZ) announced its new Classic rates today, with all rates, from one year to five years now below three per cent.

Announcing the change, BNZ Chief Customer Officer, Paul Carter, says, “We’re making bold moves with our new Classic home loan rates, with cuts of up to 60 basis points almost right across the board. These are BNZ’s lowest advertised rates, and not one is above three per cent. That means our customers will be able to lock in on low rates for longer.”

From 25 May 2020, BNZ’s Classic home loan rates will be:

• 2.79% p.a. fixed for 1 year (-26bps)
• 2.99% p.a. fixed for 18 months (-6bps)
• 2.99% p.a. fixed for 2 years (unchanged)
• 2.99% p.a. fixed for 3 years (-40bps)
• 2.99% p.a. fixed for 4 years (-50bps)
• 2.99% p.a. fixed for 5 years (-60pbs).

“The home loan market is extremely competitive, and that means there are great deals around. Our focus is always on our customers, and at the beginning of the COVID-19 crisis, we acted decisively to cut rates and pass on savings to them, these moves today will help extend that and provide more support, more stability, and more certainty during these uncertain times,” says Carter.

Full details and criteria can be found on the BNZ website.