The mortgage war is back on as banks make more cuts to fixed home loan rates and one offers a record-low 3.55 per cent over one year.

From today, Kiwibank has cut its one-year rate by 24 basis points to 3.55 per cent and its two-year rate by 14 basis points to 3.65 per cent.

According to interest.co.nz, the Kiwibank rate is now the lowest amongst the major banks. ANZ, BNZ and Westpac are all offering 3.69 per cent fixed over one year.

Its rate is also the lowest over two years. ASB is the nearest to that, offering 3.69

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