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4.49%: BNZ announces cut to 1-year fixed home loan rate
Bank of New Zealand (BNZ) has cut its standard advertised 1-year fixed home loan rate, ahead of OCR decision.
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BNZ has announced a significant cut to its 1-year fixed home loan rate, now at 4.49%. This new rate is effective immediately for new customers and eligible existing customers who are refixing or on a variable rate.
The bank is competing for customers seeking a balance between a competitive rate and flexibility. For a typical $500,000 mortgage, this reduction could result in savings of over $2400 in the first year, providing relief for household budgets.
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