Bank drops fixed mortgage rates again

The BNZ is dropping a number of its fixed home loan rates.

The change comes a week after the Reserve Bank cut the Official Cash Rate by 25 basis points to 3%.

BNZ said rates for loans covering 1 year through to 5 years would fall, while its standard 6 month fixed rate remained the same.

Its 1-year, 18 month and 2-year rates have dropped to 4.75%, while the 3-year rate becomes 4.95%.