BNZ cuts mortgage rates to 40-year low
Bank of New Zealand (BNZ) has got the jump on its competitors ahead of the expected Official Cash Rate (OCR) cut by offering the lowest mortgage rate in more than 40 years.
But there are a few catches for would-be borrowers who want to apply for the one-year fixed home loan rate offer of 4.35 percent beginning today.
People will need to have at least 20 percent equity, as well as their everyday banking and one other product with BNZ to take up the offer.
It is widely expected that the Reserve Bank will cut the OCR from three percent next week, with economists banking on at least one more decrease before the end of 2015.
The offer is stated to run until September 20.