BNZ has joined the other major banks who have cut their home loan rates. Photo: RNZ / Marika Khabazi
Another day, another bank cutting home loan rates.
BNZ said it was cutting a range of its fixed terms on Tuesday - matching the 4.99 percent for two years now offered also by ANZ, Westpac and ASB.
BNZ is also cutting its 18-month rate by 20 basis points to 5.39 percent, its one-year by 26 to 5.29 percent, and its three-year by 30 to 5.29 percent.
- Learn more: Is 4.99% home loan rate as good as it gets?
Someone who fixed a year ago for one year at the market peak of 7.3 percent could access significant savings if they refixed now.
It could cut the repayments on a 30-year $500,000 loan from $791 to $619.
Commentators expect some rate movement is still to come, as the official cash rate is cut further, but the drops are likely to be smaller than what has been seen so far.
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