Market leader Bluestone, incorporating its white label program “Select” in conjunction with NZFSG / Loan Market, has announced a drop in their rates by up to 40 basis points, effective Monday September 16. This makes them the first non-bank to reduce their rates in line with the cash rate drop last month.
The announcement in August by the Reserve Bank that cash rates were dropping to 1% has led a number of banks to lower their rates and pass those savings on to their new customers, but until now, non-bank lenders have kept their rates the same.
Bluestone is the first non-bank to drop its rates, cementing its position as a market leader in New Zealand.
Starting at 4.59% Bluestone’s floating rates are the lowest in the market, even when compared to traditional banks. This rate drop will make them an even stronger competitor as they lead the charge for non-banks.
Peter Wood, Bluestone’s Managing Director for New Zealand, stated,“Bluestone always strives to be on the front foot, to create a market leading position. We’re excited to be the first non-bank to pass on these savings to our customers. It shows our commitment to blazing the trail for non-bank lenders in New Zealand.”
