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All the major banks have moved to cut interest rates, after the Reserve Bank delivered a 50 basis point cut to the official cash rate.
But one economist has warned the bank may be about to "overshoot" with its rate reductions, and cut too far.
Kiwibank said it was passing on the full OCR cut to its floating home loan rates from Monday for new lending and March 10 for existing lending.
That takes its variable home loan rate to 6.75%.
ASB also passed on the full reduction to floating borrowing, taking its variable housing rate to 6.89%.
Executive general manager of personal banking, Adam Boyd, said the bank had reduced its variable rates by nearly 2% in the past six months.
ASB would also reduce some of its savings rates.
The Co-operative Bank cut its floating rate to 6.45%.
BNZ was reducing its floating rates to either 6.94% for the standard variable home loan rate or 7.04% for TotalMoney, Mortgage One and Rapid Repay.
ANZ said it would cut its floating home loan rate to 6.89% from Tuesday for new loans and March 4 for existing borrowing.
Gareth Kiernan, chief forecaster at Infometrics, said the bank seemed to be downplaying the inflationary risks that were becoming evident in recent weeks and pushing towards more OCR cuts rather than fewer.
"It has also mostly ignored signs that the economy is beginning to improve. I would expect financial markets to react to the statement by boosting their expectations of further OCR cuts - the bottom of the cycle now looks like being 3% and possibly even lower, rather than the 3% to 3.25% that markets had previously been pricing in.
"As a result, I'd expect to see some more downward pressure on fixed mortgage rates up to two years, with further falls of up to 25 points possible in the next couple of weeks.
"The bank is starting to run the risk of overshooting again on the way down - as it's done at both the trough and peak of the cycle in the last four or five years."
But chief economist at Kiwibank, Jarrod Kerr, said more cuts were needed.
"We must point out that a 3.75% cash rate remains well above estimates of neutral - which are close to 3%. So interest rates remain at levels that restrain demand, and after a severe recession, it's hard to justify.
"We have rising unemployment and inflation rangebound near target. Job done. Release the break and put it in neutral. If anything, the Reserve Bank may need to stimulate, by putting the economy in drive, tapping the accelerator, and cutting below 3%."
Corelogic chief property economist Kelvin Davidson warned retail rates might not have as far to fall as some people might expect.
"For the property market and mortgage borrowers, then, the key message is that any further interest rate cuts are set to be smaller or slower than those seen to date - especially since banks were already cutting in advance of today's decision.
"In addition, continued global uncertainty suggests that the risks to the medium-term inflation outlook are more to the upside than downside. In this environment, after a stampede towards floating and short-term fixed rates lately, it's possible that some borrowers' focus will shift back towards longer-term fixed rates again at some stage soon."
The Finance and Mortgage Advisers Association of New Zealand said banks should all pass on the full reduction to new and existing borrowers quickly.
"Our message to borrowers who do not see a reduction in their repayments is to contact your lender and ask why. If you don't get satisfaction see your mortgage adviser as the market is becoming more competitive and advisers can assist you to refinance if necessary," country manager Leigh Hodgetts said.
"The general feeling across New Zealand is that there will be further rate cuts during 2025, and we are already seeing competition heating up between the banks.
"Some lenders are already factoring this into their rates, with a few headline rates coming out from Westpac at 4.99% for a three-year fixed rate, and TSB moving yesterday on a two year fixed rate at 5.29%."
