Home loans - salary going into BNZ account

I see in the small print that classic fixed rates are only available if you have a BNZ transactional account with your salary or wages credited to it.

Does this only apply when you setup the home loan or does it need to be for the life of the loan? i.e. as long as there is money to pay the loan from a bnz account does it matter if my salary goes into another bank account?


I’d think this is a pretty standard clause. My business recently got merchant facilities with BNZ and one of their requirements is the business banks with BNZ. While they didn’t say it was a requirement that I as the owner of the company also personally banks with BNZ, it was implied in a discussion that they preferred this.

Why is this I wonder? Obviously, banking is quite competitive and the banks want to maximise their per client revenue… But I think there is also a secondary reason which they probably won’t admit and that’s cross colateralisation (IE: Security / guarantors on one loan guanteeing all other obligations) and insight into the clients wider financial affairs for good or bad as part of upfront and ongoing “risk assessment”. In other words keep all your **** in order or else…

It’s also strongly indicated on the BNZ careers website they expect their staff to do their transaction banking with the BNZ and it’s indicated they want all their lending business as well. [1]


  1. https://www.bnzcareers.co.nz/pdfs/BNZ%20Benefits-Book.pdf

Hi lenore2509, the terms of this product do require your wages/salary to continue to be credited to a transactional account with us when you have a classic fixed rate - not just during the sign-up process. Happy to organise a chat with one of our home loan specialists if you’d like to know more.