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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.
AI summary
BNZ has cut its 1-year fixed home loan rate to 4.49% for new and eligible existing customers. The bank is competing for new customers and responding to strong demand for this term.
For a $500,000 mortgage, this reduction could save a homeowner over $2400 in the first year. The new rate is available to new buyers, those moving from another bank, or existing BNZ customers refixing or on a variable rate, helping to ease tight household budgets.
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