BNZ launches new 1-year fixed term interest rate

The new 4.39% per annum rate aims to give customers flexibility.

Bank of New Zealand announces the introduction of a new 1-year fixed term interest of 4.39% p.a., effective 9 February 2018.

BNZ director of retail and marketing Paul Carter says this rate gives customers the flexibility to fix a competitive rate and pay off their loan faster.

“New Zealanders are still enjoying some of the lowest interest rates in a generation and the economic outlook indicates that may continue for most of 2018,” Carter says. “However, it’s not a time to be complacent. It’s a good time for people with home loans to consider their position and make sure they are making the most of the low interest rates to pay off their mortgage faster."

The rate is available for customers with a 20% deposit and is not available for some investor lending.