BNZ passes on full OCR cut to its standard variable home loan rate

BNZ is cutting its standard variable home loan rate, passing on the full OCR cut of 50-basis points.

This follows BNZ’s 50-basis point cut to its standard 6-month fixed home loan rate last week to 5.99%.

BNZ Executive Customer, Products and Services Karna Luke says while a 50-basis point cut to the OCR was widely expected, today’s announcement will be welcome news for many New Zealand households and businesses.

“With Christmas approaching and many households managing their budgets carefully, lower interest rates should help make a difference for New Zealanders.”

BNZ will also make changes to its Total Money, Rapid Repay and Mortgage One rates. BNZ’s Rapid Save rate will decrease by 45 basis points to 3.75% effective from 29 November 2024.

The changes to BNZ’s variable home loan rates will be effective from 11 December 2024 for both new and existing customers.

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.