BNZ cuts variable home loan rates by 0.50% following drop in OCR, customers to benefit from tomorrow

BNZ is making changes to its variable home loan rates, passing on the full OCR cut of 0.50%.

BNZ General Manager Home Lending Products James Leydon says today’s decision by the Reserve Bank to cut to the official cash rate and BNZ’s subsequent interest rate reduction will be welcome news for many New Zealand households.

“We are continually assessing our interest rates and looking for opportunities to pass on rate reductions to our customers. Customers will benefit from our latest variable rate change which is effective from tomorrow.

“BNZ will continue to move quickly in response to changes in external factors, including the Official Cash Rate and wholesale interest rates, to ensure we’re passing rate changes on to our customers as quickly possible,” says Leydon.

BNZ’s new variable home loan rates are effective from 10 October 2024
Previous rate: 8.44% p.a.    New rate: 7.94% p.a.

All home loans are subject to our lending criteria (including minimum equity requirements), terms and fees. An establishment fee of up to $150 may apply.