BNZ tickles interest in fixed rates
The rate was previously 5.89% - BNZ also offers an 18 months fixed "GlobalPlus" rate of 6.10% - and compares with the bank's range of floating rates between 5.74% and 6.40%.
BNZ retail director Andy Symons says it's still "a great time" to be on floating rates but "observations show that some home buyers are interested in a short-term fixed loan" and the new rate is one of the lowest in the market.
Kiwibank led the current round of rate cuts, slashing its one-year rate on April 26 to just 4.99% for those with at least 30% equity compared with its standard 5.65% one-year rate.
"BNZ continues to be one of the country's most competitive home loan banks with some of the best products and rates on offer," Symons says.
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