Westpac is cutting its two year fixed rate to match that of rival ASB.

Westpac said from Tuesday it would cut its rate from 5.65 per cent to 5.59 per cent.

The rate is only available to people with equity of at least 20 per cent.

Westpac's cut follows that made by the ASB last Friday.

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ASB reduced its rate 5.70 to 5.59 for borrowers with at least 20 per cent equity.

ASB's rate is only available to customers who have or get an ASB credit car and an active transitional account.

The rates are some of the lowest available.

According to interest.co.nz The Co-operative Bank also has a 5.59 per cent and SBS Bank a 5.45 per cent rate for borrowers with at least 20 per cent equity.