Kiwibank is making changes to some of its fixed mortgage rates from today.
In a statement, Kiwibank said its six-month special rate would drop from 4.85% to 4.79%.
The one-year fixed special rate dropped 16 basis points from 5.15% to 4.99% — which brought it in line with what the other major banks including Westpac, ANZ, ASB and BNZ were offering for this term.
The two-year special rate remained unchanged, and the three-, four-, and five-year fixed special rates all dropped four basis points to 5.55%, 5.75% and 5.85% respectively.
The standard rates - for those with less than 20% equity - over the same terms were also adjusted.
Yesterday, Westpac announced a cut to most of its fixed home loan rates, including its one-year special to 4.99%, while raising its two-year rate to 5.39%.
The bank said the changes would keep it competitive, offering some of the lowest longer-term rates among major banks.
Despite the cuts, Westpac economists still expected interest rates to rise over the next year.
"Our economists still think interest rates are heading upwards over the next year. We encourage anyone who’s worried about making ends meet in the future to get in touch," said Westpac NZ managing director of product, sustainability and marketing Sarah Hearn.
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