BNZ drops their 2 year rate

BNZ drops their 2 year rate

Hand holding mobile phone, with MortgageRates.co.nz rates table displayed

As of this morning, BNZ has announced their new two year fixed rate of 3.54%, making them the lowest amongst their rivals. This new rate is even lower than Kiwibank's one year, 3.55%.

This cut follows the Chinese Construction Bank drop to 3.19% and is possibly the first of many more cuts to come as we enter spring.

CCB and HSBC are still the lowest in the market, but their presence in the New Zealand market is not the biggest. This cut by BNZ does make them the most attractive amongst the big five banks, but with the OCR cut still to be expected, this might be the first of many more cuts yet to come.

How does this impact me?