BNZ cuts key 6-month rate ahead of OCR announcement

BNZ today announced it is cutting its advertised 6-month fixed home loan rate to 5.89% p.a, effective from tomorrow.    

BNZ Executive Customer Products and Services Karna Luke says over the past six months, we’ve seen a spike in customers choosing shorter terms with approximately 60% of customers choosing to float or fix for 6-month terms.   

“With more customers looking to fix for shorter terms, BNZ is actively looking for every opportunity to meet customer demand.”   

“This change will be welcome news for many of our customers who are looking to take advantage of the falling interest rate environment.”   

BNZ’s new advertised 6-month rate is the joint-lowest of the five major banks* and will be available for new and existing customers to select online and in the BNZ app from tomorrow.  

Lower interest rates have also sparked more home loan activity, with more potential buyers making enquiries and seeking home loan pre-approval.   

“For all our home loan customers, our in-house Home Loan Partners provide personalised service and can deliver a 24-hour decision on new home loan applications once we’ve received all required information and completed responsible lending checks,” says Mr Luke.  

*As at 3pm, 18 February 2025.   

The changes to BNZ’s 6-month fixed home loan rate will be effective from 19 February 2025 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.