BNZ lowers variable mortgage rates again

BNZ has announced a further lowering of their variable mortgage rates. Their standard rate has been reduced by 0.31% to 5.99% and their Total Money rate is down by 0.26% to 5.59% These reductions follow those announced on August 12, 2009 of about 0.15% Today's changes are effective immediately for new borrowers, but don't come into effect for existing customers until October 2, 2009 (although curiously, existing customers do benefit immediately if they have one of their revolving credit products - Rapid Repay, or Mortgage One). BNZ now have the market's lowest variable rate at 5.59%. They have trumped Westpac's Choices rate of 5.69% which was lowered earlier this week. According to spokesperson Chris Bayliss, BNZ has reduced its variable rate by 4.90% over the past year. A full listing of all mortgage rates on offer in New Zealand can be found here >>> BNZ did not change its fixed rates at this time. Main bank variable rates are currently in an 0.86% range as follows: BNZ - Total Money .......... 5.59% Westpac - Choices .......... 5.69% ASB - Standard .............. 5.75% Kiwibank - Standard ........ 5.79% HSBC - Premier ............... 6.30% SBS - Standard .............. 6.30% TSB Bank - Standard ....... 6.39% ANZ - Standard .............. 6.45% National Bank - Standard .. 6.45%