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:
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.