BNZ has raised the interest rate penalty for residential investors who use either of their revolving credit products, but it makes no changes for owner occupiers

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BNZ has moved to increase interest rates for investors in residential property.

It has raised revolving credit interest rates by +15 bps for the two products it offers these types of borrowers.

With this new change in place, it has pushed up the penalty for investors to +25 bps

The new rates apply from March 18, 2019 and change as follows:

 Residential
owner-occupier
Residential
Investor
changeResidential
Investor
 currentprevious new
 %%%%
Mortgage One6.506.60+0.156.75
Rapid Repay5.956.05+0.156.20

There is no change for residential owner occupiers who use either of these revolving credit products.

BNZ’s Mortgage One product is a true interest-only option where the line of credit limit stays unchanged over the term of the loan. They charge $25 per month as an account fee for this option.

BNZ’s Rapid Repay product is a traditional revolving credit option, where the available limit reduces each month in the same way a table mortgage reduces. They charge $3.50 per month for this option

You can see other bank’s fees and interest rates for revolving credit products here.

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