Kiwibank cuts mortgage rate to nine-year low

Kiwibank has today cut its six-month fixed rate mortgage to 5.40 per cent per annum from 5.75 per cent.

The bank says this is the lowest home loan rate it has offered since it opened more than nine years ago.

New Zealand's other main retail banks are currently offering six-month rates of between 5.59 per cent and 5.99 per cent per annum.

Kiwibank chief executive Paul Brock said the special rate was expected to be available until the end of this month.

"We have launched a couple of short-term specials this year and they have proved very popular attracting new business and also giving customers the chance to lock in a great rate and have some certainty in uncertain times," he said.

Kiwibank has a floating rate of 5.65 per cent.

- NZ HERALD ONLINE