Banks start home loan war again

BNZ is offering two and three year rates at 7.55% under the Classic Home Loan banner.

Its standard rates for these two terms are 7.80% each.

One of the key differences are that cheap rates have no other offers or incentives attached while the higher ones include Global Home Loans which attract loyalty card reward points.

Besides offering some lower rates BNZ is also promising to beat rates offered by the other big banks. However it is explicitly excluding ASB Bank’s online subsidiary.

Bank of New Zealand general manager of marketing, distribution, and strategy, Andrew Whitechurch says the three-year offer is being made because of “shifts in the interest rate cycle.”

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