Reducing the interest
Smart home loans are ones that save you money and time. And with many
BNZ home loans, you can pay off your loan years earlier, which means you
could save thousands in interest. How? We make it easy for you to pay
as much as you can as frequently as you can.
Tailored repayment option
The secret of our Tailored repayment option is the small, automatic increases to your repayment amount each year, as well as being able to make repayments fortnightly or weekly.
Annual built-in increases are a feature of the Tailored option and are automatic. These in-built increases do not incur an early repayment fee that some lenders charge when extra repayments are made or when you increase your repayments. If you don’t want your repayments to increase in any particular year, you can request for them not to.
The difference between paying fortnightly/weekly as opposed to monthly can lead to significant extra savings each year. For example, 12 monthly repayments of $1,000 is $12,000 a year, whereas 26 fortnightly repayments of $500 is $13,000 a year. By paying an extra $1,000, you’re reducing the principal and the interest payable as a result. Additionally, the more regular repayments are made, the faster the principal balance is reduced, meaning the daily interest adds up to less each month.
It's easy to apply for a BNZ home
loan today.
BNZ home loans are not available through brokers.
Our home lending criteria and an establishment fee apply. A Low Equity or Low Doc interest rate premium may apply. Not available for business purposes or packaged offers.
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