BNZ drops all standard rates for terms 18 months to 7 years reflecting a flattening bias in home loan fixed rates

BNZ has reduced most of its standard fixed home loan rates.

At the same time it has reduced term deposit rates.

On the mortgage front, the BNZ changes are:

- 18 months fixed Standard rate falls to 6.09%, down -16 bps from 6.25%,

- 2 years fixed Standard rate falls -20 bps to 6.19% from 6.39%,

- 3 years fixed Standard rate is reduced by -20 bps to 6.39% from 6.59%,

- 4 years fixed Standard rate is down further, by -30 bps to 6.49%

- 5 years fixed Standard rate has an even larger cut, by -40 bps, to 6.59% from 6.99%, and

- 7 years fixed Standard rate also sees a -40 bps reduction to 6.89% from 7.29%. BNZ is the only bank to offer a seven year fixed rate

There are no changes to BNZ's Classic rates which are their flagship fighting rates. Nor are their Standard 6 month and one year rates changed.

None of these BNZ changes are market-leading and are overshadowed by Kiwibank's hot five year sub-6% rate which takes effect today.

See all banks' carded, or advertised, home loan rates here.

The current non-rate incentive offers are here.

This is how the updated mortgage rates compares as at 8:00 am Monday, November 10, 2014:

below 80% LVR	1 yr	18 mths	2 yrs	3 yrs	5 yrs
	5.69%	6.25%	5.75%	6.09%	6.99%
	5.70%	6.30%	5.75%	6.19%	6.99%
	5.89%	6.09%	5.75%	6.09%	6.59%
	5.69%		5.75%	6.09%	5.99%
	6.09%	6.30%	5.75%	6.19%	6.49%
Co-op Bank	5.70%	5.75%	5.75%	6.09%	6.75%
	5.39%		5.75%	5.99%	6.99%
SBS Bank	5.59%	5.74%	5.49%	5.69%	6.19%
	5.70%	6.05%	5.70%	6.20%	6.85%

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