New rates align with RBNZ move
BNZ is the latest major bank to adjust its consumer lending rates in response to the Reserve Bank of New Zealand’s 25 basis point cut to the official cash rate (OCR), effective April 16.
According to the bank’s updated rate sheet, BNZ will lower a range of variable and fixed home loan rates for both new and existing customers:
Updated BNZ home loan rates (effective 16 April)
|
Loan Product |
New Rate (p.a.) |
|---|---|
|
Standard Variable Rate Loans |
6.69% |
|
Total Money Variable Rate Loans |
6.79% |
|
Mortgage One / Rapid Repay |
6.79% |
Fixed term rates (residential owner-occupied and investor loans)
|
Term |
Rate (p.a.) |
|---|---|
|
6 Months |
5.79% |
|
1 Year |
5.29% |
|
18 Months |
5.19% |
|
2 Years |
4.99% |
|
3 Years |
5.29% |
|
4 Years |
5.69% |
|
5 Years |
5.79% |
A low equity premium will apply to any lending with a loan-to-value ratio (LVR) over 80%.
BNZ is also continuing its green home loan top-up offer at 1.00% p.a. for 3 years, available to eligible borrowers with at least 20% equity and a top-up amount capped at $80,000.
In personal lending, BNZ’s advanced personal loan (variable) rate is set at 12.90%, while personal overdrafts carry a rate of 13.70% p.a.
Credit card purchase and cash rates
|
Card |
Purchase Rate |
Cash Advance Rate |
|---|---|---|
|
BNZ Advantage Classic |
20.95% |
22.95% |
|
BNZ Advantage Visa Platinum |
18.95% |
18.95% |
|
Lite Visa |
13.45% |
22.95% |
BNZ’s rate adjustments align with similar moves by other major banks, including Westpac NZ and Kiwibank, who are also passing on the full 25bp OCR reduction to support households and stimulate borrowing amid economic uncertainty.
What fixed term are you considering in today’s rate environment? Share your thoughts below.
