BNZ Cuts Three-Year Home Loan Rate

12 March 2004

Media statement - for immediate use

Bank of New Zealand Cuts Three-Year Home Loan Rate

Bank of New Zealand today announced that it is lowering its three-year fixed rate home loans by 0.51% to 6.99%

The new rate, available from Monday 15 March 2004, will be the lowest rate for three-year loans in the market. Most other lenders are offering 7.50% on three-year loans.

On that basis, on a $150,000 home loan, Bank of New Zealand’s three-year rate offers savings of more than $750 per annum in interest payments relative to National, ANZ, ASB and Westpac.

The latest cut, means Bank of New Zealand will have the lowest two-year and three-year fixed rates of any major lender. On 20 February, Bank of New Zealand cut its two-year fixed rate to 6.79%.

Bank of New Zealand’s general manager of business development, Andrew Whitechurch, says the latest cut in the three-year rate is indicative of Bank of New Zealand’s determination to offer highly-competitive home loan rates.

“Bank of New Zealand set the pace for the two-year fixed home loans. Now we’re offering a market-leading home loan rate for three-year fixed home loans as well,” says Mr Whitechurch.

“We remain committed to delivering a better deal to our home loan customers where we can,” he said.

ENDS

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