Kiwibank cuts. Just BNZ to go

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Kiwibank has joined with most of the other banks and cut some of its fixed rate home loan rates, with decreases in its longer term loans.

Thursday, February 2nd 2012, 9:33PM

It is dropping its two, three and five year advertised home loan rates by between 10 and 29.

Kiwibank has also ended the "limited time special" four-year rate of 5.99% and increased it 51 basis points to 6.50%.

In the past two weeks there have been reductions in fixed term home loan rates. ANZ and National started things off but they have been followed by ASB, SBS, TSB, The Co-operative Bank and Westpac.

The only bank not to move rates is BNZ.

Kiwibank's new 5.79% two-year rate matches those on offer from ANZ and National and Westpac.

However, it is one basis point higher than TSB Bank's 5.78%, the lowest advertised two-year rate by a bank. The three-year 6.10% rate matches ASB's, which is the lowest rate offered by another bank. The four-year 6.50% trails the Co-operative Bank's 6.45% but matches the next lowest rate from ASB.

At 6.90%, Kiwibank's five-year rate is joint lowest with ASB.

The changes are effective from February 3.

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