Kiwibank has cut its variable mortgage rate to 7.95% from 8.7% following Westpac's variable and fixed mortgage rate cuts earlier on Thursday, when Westpac briefly matched Kiwibank as having the lowest variable mortgage rates. Kiwibank also cut its six month fixed rate to 7.49%; its one year rate to 7.29% and its two year rate to 7.59%. These rates require a home owner to have 20% or more equity in the property. "We take pride in being fast to cut home loan rates and slow to increase them," Kiwibank Chief Executive Sam Knowles said, adding Kiwibank had cut the rate to stay significantly below than the big four Australian-owned banks. The new variable rate is effective immediately for new customers and in two weeks for existing customers. The new fixed rates take effect immediately.
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