Fresh from posting a near trebling of its half-year profit, Kiwibank has launched another of its "special, limited time only" home loan rates by cutting its six month, fixed-term rate by 26 basis points to 5.39% per annum from 5.65%.

Kiwibank spokesman Bruce Thompson said the “special” rate was aimed at customers seeking some level of certainty over the short-term and undercuts the bank’s floating, or variable, rate of 5.65%.

However, it's higher than the 4.99% six-month fixed special Kiwibank offered before Christmas.

In January the bank also launched a 5.99% four year, fixed-term special rate with this offer requiring a minimum 30% deposit.

Typically the special rates last for about three weeks.

Meanwhile, Westpac has cut its three, four and five-year fixed-term home loan rates.

Each rate has been cut by 35 basis points with the new three year rate 6.1%, four-year rate 6.5% and five-year rate 6.9%. Westpac's three and five year cuts bring it in line with most of its rivals. However, its four-year rate is still bettered by the Co-Operative Bank's 6.45%.

The new Kiwibank six month offer undercuts the previous best rate advertised by a bank for the period, which is 5.49% from HSBC, although that's only available to HSBC's premier customers. Westpac is next best with a 5.59% six month rate. See all advertised bank home loan rates here.

In today's half-year results briefing Kiwibank CEO Paul Brock said most of the bank's lending growth - NZ$1.1 billion or 10% in the six months to December 31 - came from customers it won off other banks in a deleveraging environment.

(Update adds Westpac cuts.)