BNZ launches new low two year market-leading fixed mortgage rate of 4.39%, just 4 bps above the lowest 1 year fixed rate

This morning, BNZ has launched a hot new low mortgage rate.

It is now offering a two year rate of 4.39%.

This is the lowest rate for this term in the market and the lowest rate ever for this fixed term from any bank.

And it is close to the 4.35% rates offered by both ASB and BNZ for a one year term, themselves lowest-ever fixed-term rates.

All rates offered at this level come with special conditions.

In BNZ's case, borrowers must have at least 20% equity in the property provided as security. And they must have a transaction account with BNZ with their salary or wages credit to the account. BNZ has made no mention of 'investor' restrictions.

The standard BNZ two year rate remains at 5.09%.

This new rate offer trumps the HSBC Premier offer of 4.49%, which along with TSB Bank's 2 year 4.49% rate, were the previous best in the market.

The poor employment growth data out of the US over the weekend saw benchmark bond yields fall in New York, and markets here are expecting swap rates to fall here today and flatten. 

Borrowers should always negotiate for lower than carded rates, especially if you have equity of 20% or greater. Talking to your bank's main rivals and knowing what they will offer is the best way to start negotiations with your bank.

See all banks advertised, or carded, residential mortgage rates here.

These new fixed mortgage rates now compare across all banks as follows:

below 80% LVR	6 mths	1 yr	18mth	2 yrs	3 yrs	5 yrs
		%	%	%	%	%
	5.19	4.49	5.09	4.65	5.25	5.49
	5.39	4.35	4.69	4.69	4.79	5.09
	4.99	4.35		4.39	5.19	5.35
	5.19	4.49		4.59	4.85	5.35
	5.30	4.99	5.15	4.64	5.19	5.65
	5.19	4.49	4.59	4.59	4.85	5.35
	5.39	4.49		4.49	4.49	5.29
	4.99	4.49	4.69	4.55	4.79	5.29
	5.29	4.55	4.69	4.49	4.79	5.50