The Co-operative Bank has also made cuts to its home loan rates of two years or more. 

What do you think?

All the new rates are in our table.

More details on the changes here

The Reserve Bank has kept the OCR at its historic low of 2.50% today, citing global uncertainty and modest growth in New Zealand. He gave no indication of when hikes will start.

Click here to see what RBNZ governor Alan Bollard said.

The cuts are slim, 10 points off the six month rate and 5 points off the one year rate, but it is the second bank to lower rates in the past week.

ANZ and the National Bank cut their rates earlier. As reported here the cuts were bigger and across a wider range of terms than SBS.

Westpac suggests the Reserve Bank has probably shifted the projected start date for OCR hikes out, but the "perky" housing market may alter things.

It says the central bank has probably pushed the start date for OCR hikes out from June to maybe September.

"Market pricing suggests the OCR will remain on hold until mid-2013, but we would not go that far due to the state of the housing market."

"It seems clear that low interest rates have imparted a significant stimulus to the housing market. If prices continue to scoot higher this year, the Reserve Bank may well feel entitled to nudge the OCR gently off its all-time lows."

"But the RBNZ’s latest Monetary Policy Statement made clear that there is limited scope for fixed rates to fall further." 

NZIER principal economist Shamubeel Eaqub had been picking the first OCR hike  around mid-2013, now he says that may be later.

BNZ's view is one of no change. It notes that "current market pricing has no hike in the Official Cash Rate, at all, over the next 12 months, and barely 25bps of tightening by the end of 2013. The ultimate peak in the OCR, for way down the track, looks to be in the order of 3.50%."

As you can see here it is a clear market leader in the term, however not that many lenders offer four year rates.

The other thing to consider is that since no one really sees rates rising why fix for six months when you can go floating? Interestingly enouugh the new rate is identical to Kiwibank's floating rate. When compared with its competitors it is pretty much one of the sharpest carded rates in the floating market.