After Westpac and ANZ lowering their 2-year rate to match BNZ's previous cut, it looks like BNZ have responded with yet another rival leading 2-year term.
Their new 2-year rate effective of today is 3.49%, -5bps lower than their previous cut and -.6bps lower than Kiwibank's 1-year rate.
BNZ does have a higher requirement for their special rates than the other banks.
While all banks require clients to have at least 20% equity in the property as security and salary or wages credited to their transaction account, BNZ goes further and also requires clients to have "one other product" with them.
There's no doubt that most of the rivals will match BNZ's latest cut but will any of them at the reign and go lower?