BNZ has introduced a 4.69% “special” one-year carded home loan interest rate, matching both its rival ASB and its own existing two-year “special” rate.
BNZ has also cut its standard and FlyBuys fixed-term home loan rates by as much as 20 basis points.
The bank’s new six-month rate is 5.59%, down 20 basis points, its one-year rate is 5.19%, down 10 basis points, its standard and FlyBuys two-year rate is 5.09%, down 20 basis points, its three-year rate is 5.19%, down 10 basis points, its four-year rate is 5.55%, down 10 basis points, its five-year rate is 5.65%, down 5.75%. BNZ’s seven-year rate is unchanged at 5.99%.
In terms of the one-year special it’s available for customers with at least 20% equity in their property or a deposit of at least 20%, and borrowers must also have a BNZ transaction account where their salary or wages are paid.
ASB’s one-year “special” is available to customers with at least 20% equity, their salary or wages credited to a main ASB transaction account, and one other ASB product.
The only bank with a lower carded one-year rate than ASB and BNZ is HSBC with 4.49%. However this is only available to HSBC’s “premier” customers. To qualify borrowers must have a deposit or equity of at least 20%, or 30% in the case of new residential investment lending on Auckland housing, and have their salary credited to an HSBC transaction account. Premier customers qualify if they have either a minimum combined home loan of $500,000, or $100,000 in savings and investments with HSBC.