Existing and would-be home owners are being encouraged to "shop around" as banks slash mortgage rates.
ASB last night became the latest bank to reduce its 12-month fixed home loan rate, down from 5.7 per cent to match Westpac and ANZ-National's rate of 5.25 per cent.
Kiwibank set off the latest round of cuts at the end of April, setting a one-year fixed special rate of 4.99 per cent.
Rival banks quickly made their own rate cuts.
Westpac and ANZ-National cut their one-year fixed mortgage rate to 5.25 per cent, and BNZ cut its 18-month "classic" home loan rate from 5.89 per cent to 5.10 per cent.