The challenger bank, run by David Cunningham (pictured), has launched its new offer this morning, available for owner-occupiers purchasing their first property with a minimum 20% deposit.
The new rate makes The Co-operative an attractive proposition for first time buyers, as banks across the market clamour for prime borrowers.
At just 2.09%, the rate is the cheapest one year offer in the market, aside from Heartland's digital mortgage at 1.99%, a limited offer to the NZ market.
The Co-op has also slashed its six-month to two-year rates this morning as mortgage rates continue to fall.
Its one year drops to 2.29%, level with the big four, and two-year falls to 2.59%, level with ASB and BNZ.
Despite economists predicting the official cash rate will remain on hold, and a slight rise in wholesale mortgage rates in recent months, mortgage rates continue to drop.
The Reserve Bank's Funding for Lending Programme is further expected to push rates down this year.
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