As per the news reports, ahead of an expected fall in the OCR, effective from Wednesday, BNZ has dropped its fixed home loan rate 10 basis points to 4.79%.

The news does not end here, it also has cut its six-month rate by 20 basis points from 5.29% to 5.09% and 18-month rate by 10 basis points to 4.79%.

The 2-year and 3-year rates also dropped to 4.89% and 4.99% respectively.

Apart from all these drops, those with less than 20% equity will now pay a lower interest rate premium.
With all this, it has become easier for customers to access more competitive costs immediately, said James Leydon, General Manager for home lending at BNZ. These new rates are now available for both existing and new customers.

Earlier this week, ANZ also announced a drop in some of its fixed home loan interest rate. Where on Tuesday, they cut its one-year fixed rate to 4.79%, its 6-month fixed rate to 5.14% and its 2-year fixed rate to 4.89%.

All these changes are giving a good opportunity for home buyers and investors. If you are looking for a home in Auckland, you can check our homes for sale section.