Mortgage borrowers have never had it so cheap as they have in the last few months but not all of the banks have been playing hard to win over borrowers.

Three of the major banks are now offering ultra-low one year fixed term rates of 3.89 per cent while those who want to fix for longer over three years can secure 3.95 per cent - the first time three year rates have been below 4 per cent.

But research by the Herald shows some banks have been much more aggressive in acquiring new home loan business than others.

State-owned Kiwibank

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