The fall includes a 0.5% reduction to its one-year fixed rate.
The bank said the reductions were due to a fall in wholesale interest rates. The new rates will take effect from Tuesday January 9.
The BNZ's announcement comes after the US Federal Reserve last week cut rates by half a percentage point in response to concerns about a severe slowdown in the US economy.
New Zealand's Reserve Bankis due to review its benchmark rates in about two weeks time.
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