BNZ has lowered its longer-term mortgage rates.
The bank said today it was lowering its standard three-year term 10 basis points to 4.99%.
Its four-year term was lowered 36 basis points to 5.19% and five-year term 40 basis points to 5.29%.
A low equity interest rate premium would apply to those with less than 20% equity.
Last week Westpac also lowered longer-term mortgage rates.
The moves followed last week’s decision by the Reserve Bank to hold the official cash rate at 2.25%.
The central bank forecast that the OCR would likely rise at the end of the year, or early next year.
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