19 Nov 2010

Westpac first big bank to cut 2-year mortgage rates

6:20 pm on 19 November 2010

Westpac has become the first of the major banks to cut its two-year fixed mortgage rates after cuts by smaller lenders.

Kiwibank and TSB cut their two-year rates to 6.59% and 6.58% respectively on Thursday.

Westpac has cut its two-year fixed rate to 6.59% to match Kiwibank.

The cuts come a slight increase in the cost to banks of borrowing for two-year terms in the past week.