Kiwibank has followed ANZ Bank in slashing its one-year fixed home loan rate to a record low. "The one-year fixed term will be the lowest rate Kiwibank has ever offered. It now offered a one-year fixed rate special of 3.05 percent and two-year fixed rate of 3.35 percent. Like ANZ, Kiwibank had now also cut the returns customers would get from term deposits. Sixty-day to 150-day term deposit rates would decrease by 0.25 percent, while 200 day and 9-month rates would decrease by 0.15 percent and 1 year to 5 year rates drop to 0.1 percent.

Source: Otago Daily Times March 19, 2020 02:03 UTC