PHOTO: KIRK HARGREAVES/STUFF Kiwibank has cut its one-year rate to 3.55 per cent.
Home loan borrowers are the winners as banks cut mortgage rates across the board, but there’s a warning that it may not be the boon some expect it to be.
Kiwibank has cut its one-year rate to 3.55 per cent.
ANZ, BNZ, Westpac and ASB have also cut across most terms, with rates down to 3.69 per cent.
It comes after the official cash rate (OCR) was cut to 1 per cent.
A decade ago, interest rates reached a peak of more than 10 per cent on some terms.
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