BNZ raises rates

The BNZ has raised a number of its fixed mortgage rates.

The changes take effect as from today.

They apply to the bank’s fixed term rates under the “Classic” brand. These are only available to buyers with a 20 % deposit or more. They also cover Standard and Fly Buy loans. 

The changes cover fixed-term levels from six months to two years. Longer terms are unaffected. 

For example, the new two-year Classic rate is 5.59%.  It had been 5.39%. The two year Standard and Fly Buy rate is 6.19%.

BNZ announced the changes without comment. 

However, the two-year rule echoes repeated comment that inflation and base interest rates are heading upwards but should plateau within a couple of years.

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