More interest rates have been cut following a week of competition by the country's biggest banks to attract house hunters and mortgage holders.
Kiwibank will on Monday introduce a new five-year home loan rate of 5.89 per cent for buyers with a deposit of at least 20 per cent, slashing 60 basis points.
It was the first major bank to drop rates this year, cutting its two-year rate by 20 basis points to 5.55 per cent.
Its also offering a cash sweetener of $2,015 for new lending. Other banks are also offering cash incentives.
Westpac dropped its "special" five-year rate to 5.99 per cent yesterday, and its special two- and three-year rates.