Kiwibank announced it was cutting its six month and one year mortgage rates on Thursday morning by 34 and 10 basis points (bps), respectively. Kiwibank's new standard six month rate will be 5.45% and its standard one year rate 5.59%. (Update 1 includes SBS cut) See all the new rates, including Kiwibank's new Adaptor rates, on our mortgage rates page. The changes come following comments by Reserve Bank Deputy Governor Grant Spencer that the RBNZ was disappointed banks had not yet passed on the April 30 Official Cash Rate cut to variable mortgage rates. Still no bank has cut its variable rate since the 50 bps cut in the OCR. Kiwibank is currently offering the lowest bank variable rate at 5.99%. Also on Thursday morning, AMP cut its six month and one year mortgage rates by 29 and 19 bps, respectively. Its new standard six month rate will be 5.50%, and new standard one year rate 5.60%. SBS also cut its one year mortgage rate for the second time in the week, today cutting by 20 bps to 5.50%. It had earlier cut the rate from 5.79% to 5.70%.
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