BNZ cuts 6-month home loan interest rate

BNZ has today announced it is cutting its popular standard 6-month fixed home loan rate to 5.99% p.a, giving it the lowest advertised 6-month rate of the five major banks*.

BNZ General Manager Home Lending James Leydon says this change supports New Zealanders’ demand for shorter term fixed rates in a falling interest rate environment.

“Customers are paying close attention to interest rates and we’re currently seeing over 90% of customers taking out home loans on fixed terms of 12 months or less as they look to make the most of the drop in interest rates.

“We’re always looking to pass on rate reductions to our customers. Today’s rate cut will hopefully provide some welcome interest relief to customers which could help with cashflow as we head into the festive season,” he says.

BNZ has also cut its standard 1-year fixed home loan rate to 5.95%.

BNZ’s new standard 6-month and 1-year fixed home loan rates will be available from 21 November 2024 for both new and existing customers.

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.

*At as 7am 21 November 2024