Kiwibank has cut its fixed home loan and term deposit rates across the board.
Last Wednesday, the Reserve Bank dropped the official cash rate by 25 basis points to 5.25%, prompting a flurry of changes to mortgage rates at major banks.
Kiwibank's announcement today follows cuts to its variable home loan rates last week.
The bank's one-year special rate - for those with minimum 20% equity - will drop from 6.75% per annum to 6.45% per annum, effective tomorrow. Standard fixed rates have also seen reductions, with the one-year standard rate decreasing from 7.65% per annum to 7.35% per annum.
Meanwhile, fixed two-year loans will see a 35 basis point drop.
Additionally, along with mortgage rate cuts, Kiwibank has also reduced its term deposit rates by between 0.10% and 0.35%. The six-month rate for deposits of $10,000 or more has decreased from 5.90% to 5.80%, while the one-year rate has dropped from 5.65% to 5.45%.
It follows announcements from other big banks that they would also be dropping some fixed and variable home loan rates.
Yesterday BNZ dropped its fixed mortgage rates, while on Monday ANZ also cut some of its rates.
Kiwibank last made changes to their fixed rates on August 6.
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