BNZ offers lowest variable rate in NZ

Media release
For immediate release
Thursday 17 September, 2009

BNZ offers lowest variable rate in NZ

BNZ has today announced a 0.26 reduction in the TotalMoney variable housing rate making it the lowest variable home loan rate available in the market at 5.59.

Further to this, the variable rate for Standard, GlobalPlus, Fly Buys, Rapid Repay home loan products has been cut by 31 basis points, and a 30 basis point reduction has been made to the Mortgage One home loan offering.

For existing customers, changes to the Rapid Repay and Mortgage One products will be effective from 19 September, and changes to the Total Money, Standard, GlobalPlus and Fly Buys home loans will be effective from 2 October.

Chris Bayliss, Director, Retail, at BNZ says: “Over the past year we’ve reduced our variable loan rates by 4.90% to ensure that we offer New Zealanders competitive rates which will enable them to reduce the principle on their loan at a quicker rate.”

For all changes see the table below.

Product/Current Rate/New Rate/Change/Effective date for
Existing customers

TotalMoney/5.85/5.59/-0.26/2 October 2009
Standard Variable/6.30/5.99/-0.31/2 October 2009
GlobalPlus Variable/6.30/5.99/-0.31/2 October 2009
Fly Buys Variable/6.30/5.99/-0.31/2 October 2009
Rapid Repay/6.30/5.99/-0.31/18 September 2009
Mortgage One/6.70/6.40/-0.30/18 September 2009

ENDS

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