23 May 2012

BNZ cuts fixed mortgage rates

4:25 pm on 23 May 2012

The Bank of New Zealand is the latest big bank to cut fixed mortgage rates.

It has cut its one, two, three, four, five and seven-year fixed rates, as well as its 18-month rate, by up to 0.5%.

The cuts bring the BNZ into line with fixed rates offered by the other main banks.

Banks have cut fixed rates accross the board in the past fortnight as the costs of borrowing on local money markets has fallen to record lows.