Major bank cuts fixed home loan rates
Effective from 7am today, the bank has dropped its one-year fixed home loan rate 10 basis points to 4.79%.
It has also cut its six-month rate by 20 basis points from 5.29% to 5.09% and its 18-month rate by 10 basis points to 4.79%.
The two-and three-year rates dropped to 4.89% and 4.99% respectively.
Those with less than 20% equity will pay a low equity interest rate premium.
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BNZ general manager for home lending James Leydon said the bank was delivering "rate relief to customers now", ahead of an expected fall in the OCR.
"These rate reductions across key fixed terms mean customers can access more competitive borrowing costs immediately," he said.
"We know household budgets remain tight for many New Zealanders, and today's changes will help reduce monthly mortgage payments for those refinancing.
"The new rates are available for new customers as well as existing customers who are in their rollover period or currently on variable rates," Leydon said.
Earlier this week, ANZ also announced it would drop some of its fixed and special home loan interest rates.
Effective on Tuesday, the bank cut its one-year fixed rate special to 4.79%, the lowest the rate has been since June 2022.
Standard rates were also adjusted at ANZ.
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Walmart Leads Firearms Investment Surge KiwiSaver investment in companies producing and selling firearms has more than doubled, with a 110% increase. This is despite heightened awareness amongst the New Zealand public about the dangers of weapons proliferation in the wake of the Christchurch Mosque shootings. The most dramatic individual company increase involves Walmart, where New Zealand KiwiSaver investment reached $115.8 million – representing a massive 144% increase over the year and 40% growth in just six months. While primarily a general merchandise retailer, Walmart sells shotguns, rifles, ammunition, and firearm components like scopes at stores across the United States. Walmart has made progress in the wake of widespread concern over mass shootings in the US. They have raised the minimum age for firearm purchases to 21, stopped selling handguns and certain rifles like the AR-15, and no longer offer ammunition for military-style weapons. However, they continue to sell other weapons alongside food, clothing and hardware items. Alternative Options Available Despite the concerning trends, the research identifies hope for values-based investors. Mindful Money has identified 36 weapons-free funds from 13 different KiwiSaver providers, offering alternatives for New Zealanders who want their retirement savings aligned with their ethical values. Barry Coates concluded: 'New Zealanders have options. When they use Mindful Money to see weapons in their KiwiSaver, they can also find a weapons-free option. Analysis shows that returns from ethical funds have been comparable or higher than conventional funds.' Take Action New Zealanders concerned about weapons investments can check their specific KiwiSaver fund using Mindful Money's free Fund Checker tool available at The tool provides detailed analysis of individual fund holdings, and the Fund Finder suggests alternatives for those seeking investments aligned with their values. New Zealanders should also raise their concerns with our government. New Zealand governments, including National, have been leaders internationally in calling for respect for human rights for Palestinians in the past and a two state approach. Our government needs to join the countries calling for stronger measures to stop the killings and start the process towards a long term just solution. Notes About Mindful Money Mindful Money is a New Zealand charity with a mission to make money a force for good. The organisation provides independent research, analysis, and tools to help New Zealanders align their investments with their values. Mindful Money's free and easy-to-use database provides transparency about where funds are invested, supported by public education and engagement with the finance sector. KiwiSaver and Managed funds data: Mindful Money sources portfolio data from the Companies Office Disclose Register, and then undertakes detailed research of indirect investment in external funds, to reveal a full 'look-through' picture of fund holdings. The holdings are matched with Mindful Money's global database of companies of concern – the high priority issues that annual surveysshow New Zealanders want to avoid in their investments. The analysis covers 407 KiwiSaver funds and 562 Managed investment funds. The draft results are shared with fund managers for their review prior to publication. Total KiwiSaver Weapons Investment Breakdown: Total weapons investments: $392.4 million (up 40.9% year-on-year, up 22.1% in just six months) Military weapons: $199.7 million (up 35% over past year, 18.9% increase in managed funds) Firearms companies: $156.1 million (more than doubled in past year with 110% increase) Controversial weapons: $21.1 million (up 2.9%) Nuclear weapons: $11.7 million (down 12.6%) List of Weapons companies supporting the conflict in Gaza and level of New Zealand investment Companies supplying weapons or components used by the Israeli military in Gaza NZ investment ($ million) at 31 March 2025 BAE Systems: mobile artillery system. There is evidence this system has been used to fire shells containing white phosphorus into Gaza. 2.7 Boeing: the largest supplier of weapons to Israel, particularly of missile guidance systems, as well as bombs and aircraft. 13.8 Elbit Systems: supplies weapons and surveillance systems, including drones. 1.9 General Dynamics: makes artillery ammunition, large bombs and warheads which may contain depleted uranium. 3.7 Honeywell: makes components for missiles and drones. 7.9 L3Harris Technologies: manufactures components that are integrated into multiple weapons systems. Also makes weapons with depleted uranium (no evidence these have been supplied to Israel). 2.5 Leonardo: makes guns for navy ships. In October 2023, these guns were used to fire into Gaza. 0.4 Lockheed Martin: the world's largest defence contractor. Makes the F-35 fighter jet and missiles which have been used in Gaza. 5.0 Northrup Gruman: provides missile delivery systems for helicopters and laser weapon delivery systems for fighter jets. 4.3 Oshkosh: makes trucks used by the Israel Defence Force. 0.9 Rheinmetall: supplies tank shells to Israel 9.6 Rolls-Royce Holdings plc: its German subsidiary, MTU, makes specialist engines for Israeli battle tanks. 8.0 RTX Corp: (formerly called Raytheon), makes missiles, sensors and communications kits. 9.3 Textron: supplies a range of aircraft to Israel 0.9 Woodward: makes components used in positioning systems. 1.1 TOTAL $71.9 million Caterpillar: Armoured D9 bulldozers produced by Caterpillar have been crucial for Israel's ground invasion of the Gaza Strip, accompanying combat troops and paving their way by clearing roads and demolishing buildings. 81.3 Amphenol: Amphenol's products are crucial components in US military and aerospace systems. Their Israeli subsidiary, Amphenol Bar-Tec, is a dominant supplier in the Israeli military connector market. 98.6 Other companies involved in the Gaza conflict $179.9 million Primary source for companies supplying the conflict in Gaza: American Friends Service Committee, a Quaker organisation, and the UK-based Action on Armed Violence (AOVC). The above listing shows companies supplying Israel's military. Hamas reportedly gets most of its weapons from Iran, transported through Egypt and smuggled into Gaza through tunnels. There appears to be no direct financing from New Zealand investors towards weapons used by Hamas.
