Kiwibank has announced further decreases to its fixed home loan and term deposit rates.
Effective from today, Kiwibank said it was lowering its six-month, one, two, three, four and five-year fixed loans.
A one-year loan for those with 20% equity was moving from 6.45% to 6.29%, while a two-year loan moved from 5.99% to 5.79%.
It’s three-year fixed loan was lowered from 5.89% to 5.79%, while its four and five-year terms went from 5.89% to 5.69%.
The six-month term dropped from 6.89% to 6.85%.
Changes were also made to the standard rates for those without 20% equity.
The bank was also lowering its nine-month and one, two, three, four and five-year term deposit rates.
They have been lowered by between 0.10% and 0.30%.
All banks have been lowering mortgage and term deposit rates in the wake of the Reserve Bank’s decision last month to cut the official cash rate by 25 basis points to 5.25%.