For the second time in a week, ASB, one of New Zealand's big Australian-owned banks, has lowered some mortgage rates, while ANZ has also made some adjustments.
It follows the Reserve Bank holding the OCR at 5.5% last week.
Last week ASB lowered its 18-month mortgage rate from 7.15% to 6.89%.
Now it's dropped its one-year mortgage rate by 10 basis points to 7.29%. It's also trimmed its two-year rate four basis points to 6.85%.
ANZ also today dropped its one-year (7.39% to 7.24%), 18-month (7.15% to 6.89%), two-year (6.89% to 6.79%) and three-year (6.75% to 6.65%) rates.
Those are "special" rates for those with 20% equity - the non-special rates have also come down by a similar amount.
ASB also lifted its six-month term deposit rate to 6.05% — a five basis point hike — while ANZ dropped its term one, two and three-year and 18-month term deposit rates by 10 basis points.
"We regularly review our rates, and the reduction to some of our key mortgage terms in part reflects how swap rates have responded to the Reserve Bank's decision to hold the Official Cash Rate at 5.50%," ABS's executive general manager of personal banking Adam Boyd said.
"We know that the rising cost of living is affecting our customers, and alleviating a bit of pressure will be welcome news for homeowners in the current environment."
ANZ said its changes were in response to a recent decrease in retail swap rates.
"Interest rates will continue to be reviewed in response to international and local market conditions. When reviewing interest rates we consider a range of factors, including the impact on customers, the underlying cost of funds (including wholesale rate movements) and competitor activity."
Last week the central bank said the OCR was likely to remain at a restrictive level for a "sustained period of time" to return inflation to the 1 to 3 per cent target.
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