It has introduced a 4.95% one-year home loan interest rate, which, as you can see here, is the lowest one-year rate offered by a bank.
BNZ's new rate is for its "Classic" product which is the one that it uses as its hero, or special, rates. It is advertising a 5.25% rate for its "Standard and Fly Buys" and GobalPlus" products.
The Classic, one-year rate has conditions on it. It is only available to borrowers with at least 20% equity in their property.
The new rate is slightly better than the one-year rates offered by banks including The Co-operative Bank, SBS, HSBC and Kiwibank.
To see how it stacks up click here where we have sorted the one-year rates from lowest to highest.
As usual we have to note that the HSBC rate has conditions on it other than LVR limits. It is available to its Premier customers who must have minimum combined home loans of $500,000 or $100,000 in savings and investments with the banks.
