BNZ back below 4%
The lender has cut 30 basis points from its classic two year rate, taking it below the 4% marker. The major lender joins Sovereign, Westpac, ASB, and KiwiBank offering a two year term below 4%, as rates continue to edge down this year.
Investors will not be able to access the sub 4% rate from BNZ, however. It is only applicable to residential owner-occupiers. Investors will pay an additional 25 basis points, after a second rate card for investors was introduced in October. Advisers say BNZ has enforced higher rates for investors for several months.
The 3.99% offer is open to owner-occupiers with at least 20% equity in their home. According to marketing materials, the offer is open to customers with an account and one other product with the bank.
Competition is heating up once more after a short-lived price war in November and December. Last year, ANZ cut its fixed one year rate to 3.95%, prompting falls across the market to levels not seen since the 1940s.
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