Kiwibank is cutting the interest on one of its fixed rate mortgages, possibly just for a fortnight, as a means of "testing the market".
The bank today said it was dropping its one-year home loan rate from 6.45 percent to 6.15 percent, matching the bank's floating rate.
"It has been some time since there have been any significant changes to interest rates, so Kiwibank is testing the market with a cut-rate one-year offer. We anticipate holding the rate until the end of the month," Kiwibank communications manager Bruce Thompson said today.
