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BNZ ends its promise

The home loan rate market has fallen into a bit of a hiatus over the past week, partly because it was a short week, and also because the Reserve Bank chose to leave the Official Cash Rate unchanged.

Wednesday, May 04th 2005

The main piece of news is that Bank of New Zealand’s Unbeatable campaign finished on Friday.

However, the bank is still selling fixed two-year home loans at 7.60% as Classic Home Loan.

The difference is, as of Friday, it has ended the “Unbeatable” promise to beat any of the other major lenders.

Its standard two-year rate is 7.80% which is the same as other banks.

Looking at what is on offer we currently have floating home loan rates ranging from a low of 7.85% (Silver Fern) to a high of 9.25% (Headstart). However the range is very tight once the outliers are taken out of the equation. Under this scenario most floating rates are between 8.45% (New Zealand Mortgage Funds) and 9.05% (Westpac).

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Top Mortgage Rates

Heartland Bank - Online 6.69
SBS FirstHome Combo 6.74
Wairarapa Building Society 6.95
Unity 6.99
Co-operative Bank - First Home Special 7.04
ICBC 7.05
China Construction Bank 7.09
BNZ - Classic 7.24
ASB Bank 7.24
ANZ Special 7.24
TSB Special 7.24
Unity First Home Buyer special 6.45
Heartland Bank - Online 6.45
TSB Special 6.75
Westpac Special 6.75
China Construction Bank 6.75
ASB Bank 6.75
ICBC 6.75
AIA - Go Home Loans 6.75
Kiwibank Special 6.79
Co-operative Bank - Owner Occ 6.79
ANZ Special 6.79
ASB Bank 6.39
Westpac Special 6.39
AIA - Go Home Loans 6.39
China Construction Bank 6.40
ICBC 6.49
SBS Bank Special 6.55
Kiwibank Special 6.55
BNZ - Classic 6.55
Co-operative Bank - Owner Occ 6.55
TSB Special 6.59
Kainga Ora 6.99
SBS FirstHome Combo 6.19
AIA - Back My Build 6.19
ANZ Blueprint to Build 7.39
Credit Union Auckland 7.70
ICBC 7.85
Heartland Bank - Online 7.99
Pepper Money Essential 8.29
Co-operative Bank - Owner Occ 8.40
Co-operative Bank - Standard 8.40
First Credit Union Standard 8.50
Kiwibank 8.50

Full Rates Table

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