Major banks joins others in lowering interest rates
BNZ has joined other major banks in trimming its fixed retail home loan rates, reducing interest rates on its classic home loans by 16 to 30 basis points, RNZ reported.
The popular two-year fixed rate saw the largest decrease, dropping to 6.49%.
Comparison with other banks
Kiwibank’s adjustments brought its rates in line with BNZ. Both banks now offer a three-year fixed rate of 6.39%.
Westpac and ANZ also recently reduced their rates, following a decline in wholesale interest rates after the Reserve Bank’s monetary policy statement.
Details of BNZ rate changes
BNZ’s six-month rate dropped to 7.05%, the one-year rate fell to 6.85%, and the 18-month rate is now 6.65%, RNZ reported.
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