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.