While lenders are cutting their floating rates 25 basis points in response to yesterday's OCR cut, BNZ has gone even further.
Its has the rate on its offset home loan product, TotalMoney, by 40 points. It says the cut is deliberately greater than the decrease in the OCR.
"The Reserve Bank has indicated another rate cut is on the cards and we're boldly anticipating that change with this competitive rate cut," BNZ Director of Retail and Marketing Craig Herbison says.
"A floating rate of 6.34% will give customers coming off fixed term rates the chance to pause and consider if floating is now the best option for them," Herbison said.
