Kiwibank cuts mortgage rate to five-year low

Kiwibank has cut its one-year fixed rate to 5.99 per cent, the lowest one-year rate it has offered since August 2003.

Kiwibank has also reduced all other fixed home loan rates with its six-month rate at 6.49 per cent and all other fixed term rates at 6.99 per cent.

Kiwibank chief executive Sam Knowles said the home loan market is very competitive and the bank is determined to have the best rates available.

"We have always prided ourselves on having home loan interest rates that are slow to rise and fast to fall."