Bank of New Zealand raises fixed mortgage rates as UK Nationwide cuts rates

Bank of New Zealand (BNZ) announced an increase in all its fixed‑rate home loan products effective 5 August. The two‑year fixed rate rose to 5.45%, matching the three‑ and four‑year rates, while the five‑year rate remained at 5.49%. The move leaves rival lenders ASB and Kiwibank with comparatively lower fixed‑rate offerings for the time being.

In the United Kingdom, Nationwide said it will reduce its fixed‑rate mortgage products by up to 0.19% from 4 August. The cuts apply to 2‑, 3‑ and 5‑year fixed loans for first‑time buyers, home movers and remortgagers, with the lowest new fixed rate now at 4.52%. Carlo Pileggi, head of mortgage products at Nationwide, said the reductions respond to recent falls in swap rates and aim to benefit a wide range of customers.