BNZ announced it would offer 4.99% for a special six month mortgage rate as part of its "out of the box" package, which requires borrowers to take out two other products (such as credit cards or insurance) and have a 20% deposit. (Updated with information that it's the lowest mortgage rate in at least 45 years) The offer will be valid from February 21 to March 6. This would be the cheapest rate in the market, undercutting Kiwibank's 5.69% for one year. To see a full list of mortgage rates, click here. Reserve Bank records show the lowest mortgage rate since it began collecting records was an average variable mortgage rate of 5.65% in August 1964. The RBNZ's records for average variable rates extend back to February 1964. The banks records of average fixed mortgage rates extend back to November 1991. The previous record low average 6 month fixed mortgage rate was 5.63% in November 2001. We welcome any readers' recollections or pointers of sources of interest rates pre 1964. BNZ later said it briefly offered a 4.99% 6 month rate back in November 2001, but we don't know of any rates lower than that in recent history. We stand to be corrected.
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