Business

BNZ follows other banks with rate cut

19:09 pm on 19 January 2009

BNZ has dropped its floating interest rate on home loans on Monday after three other banks lowered theirs last week.

BNZ lowered its standard variable rate from 8.19% to 7.49%.

Kiwibank, ASB and Westpac dropped their floating interest rates last week. Kiwibank's rate - 6.99% - is the lowest floating rate of any bank since May 2004.