TSB is now offering the lowest one year mortgage rate for any bank, after cutting the rate by 45 basis points to 5.5%.
TSB also cut its six month rate by 45 basis points to 5.9%.
Despite cutting its six month rate, TSB's rate is still above bank offers from ASB, BNZ, Kiwibank, Westpac, and HSBC (which offers the lowest on the market with its special 4.99% rate conditional on a borrower buying insurance from HSBC as well.)
Meanwhile, Kiwibank's special 5.4% six month mortgage rate expired on Friday, with the state-owned bank increasing the rate to 5.75% this morning.
(Updates with Kiwibank move.)