TSB has cut its one year fixed mortgage rate by 10 basis points to 5.60%. The move brings its rate to just above Kiwibank's 5.59%. The lowest one year mortgage rates currently offered by banks are BNZ's 'classic' rate and Westpac's standard rate, both 5.49%. As of yet, no bank has cut its variable mortgage rate following the 50 basis point cut in the Official Cash Rate on April 30. See all the latest rates on our mortgage rates page.