BNZ has made its first rate changes for 2010 to its Classic, GlobalPlus and Standard, Fly Buys products yesterday. It has followed the trend of late by many other lenders and cut its long-term fixed rates of two-years or more.
Its rate cuts from both GlobalPlus and Standard, Fly Buys products were: two-year rates dropped 10 pts, three-year rates dropped 20 pts, four-year dropped 31 pts and its five-year rates were cut by 26 pts. BNZ has also introduced a three-year rate of 7.50% to its Classic Home Loans.
Southern Cross Building Society has reduced its three-year rate only to 7.69% from 7.80% and PSIS has cut its two-year rate by 5pts to 7.10%, which is now in line with a few of our big banks.
The other big mover yesterday was CBS Canterbury with rate cuts across the board. Its more impressive move was cutting its floating rate by 46 basis points to a very competitive 5.99%. The biggest cut went to its three-year fixed rate which fell by 50 points to 7.75%. The remainder of its terms were reduced by between 20 and 35 points.
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