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

Bank of New Zealand (BNZ) has cut its standard 1-year fixed home loan rate to 4.49% p.a., effective immediately. The bank is competing strongly for new customers and responding to high demand for shorter fixed terms.

This new rate is available for new home loans and for existing BNZ customers who are refixing or on variable rates. This reduction could save a customer with a $500,000 mortgage over $2,400 in interest over 12 months.