Kiwibank cuts floating home loan rate to 5.99pc

Kiwibank has cut half a per cent off its variable home loan rate, bringing it down to an historic low of 5.99 per cent, the bank says.

Chief executive Sam Knowles described the present interest rate market as "extraordinary", with the bank's variable rate falling from a high of 10.20 per cent to 5.99 per cent in five months.

"There are strong indications that there will be a further cut in the official cash rate next month, so we are cutting our variable rate in anticipation of this."

- NZPA