Less than 24 hours ago I was lamenting how we weren't likely to see many changes in home loan rates for a while. I even penned this piece suggesting any Spring campaign for home loans this year would be muted.
Well soon afterwards Westpac did the unexpected and cut its six month and two year rates 10 basis points each and shaved 20 points off its three-year fixed rate.
Meanwhile Kiwibank launched a "book-a-rate" campaign where it is offering five year money at 6.95%. As you will see here this is well below any of its competitors.
