4.49%: BNZ announces cut to 1-year fixed home loan rate

BNZ has cut its standard 1-year fixed home loan rate to 4.49%, effective immediately for new and eligible existing customers. The bank aims to compete for borrowers seeking a balance between a competitive rate and flexibility.

This reduction could save a customer with a $500,000 mortgage over $2400 in the first year. The new rate is available for new home loans, refixes, and customers on variable rates, offering potential relief for household budgets across New Zealand.