BNZ changes home lending rates

Media release
For immediate release
Thursday 13 August, 2009
BNZ changes home lending rates

BNZ has today announced a reduction in the TotalMoney variable housing rate making it the lowest variable home loan rate available in the market.

In addition, the variable rate for Standard, GlobalPlus, Fly Buys and Rapid Repay home loan products has been cut by 15 basis points.

Further to market conditions, the following increases have been made to the fixed housing rates:
Classic - 18 month term
Standard/Fly Buys – 3, 4, 5 and 7 year terms
Global Plus – 3, 4, 5 and 7 year terms

Changes to the fixed and variable rates will be effective for new customers from 13 August.

Chris Bayliss, Director, Retail, at BNZ says: “Historically New Zealanders have favoured the security of fixed interest rates, however as current market conditions are likely to continue until late 2010, we want to give customers the option of competitively low variable rates - particularly, given the flexibility that such products can provide.

“With TotalMoney offering the lowest variable home loan rate in New Zealand, this will allow individuals the opportunity to pay off the principle on their mortgage as quickly as possible without incurring additional penalties,” he continues.

For all changes see the tables below.

Product/Current Rate/New Rate/Change
Standard Variable/6.45/6.30/-0.15
TotalMoney/5.99/5.85/-0.14
GlobalPlus Variable/6.45/6.30/-0.15
Fly Buys Variable/6.45/6.30/-0.15
Rapid Repay/6.45/6.30/-0.15

Product/Fixed term/Current rate/New rate/Change
Classic/18 months/5.99%/6.09%/0.10%
Standard/Fly Buys /3 yr/6.99%/7.45%/0.46%
4 yr/7.50%/7.95%/0.45%
5 yr/7.99%/8.30%/0.31%
7 yr/8.50%/8.80%/0.30%
GlobalPlus /3 yr/7.09%/7.55%/0.46%
4 yr/7.60%/8.05%/0.45%
5 yr/8.09%/8.40%/0.31%
7 yr/8.60%/8.90%/0.30%

ENDS

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