While the four major banks have been taking much of the stick, the government's own Kiwibank has also been dragging its heels.
Kiwibank hasn't changed its floating rate since mid-February although the central bank has cut the OCR twice since then from 3.5% to 2.5%. However, at 5.99%, Kiwibank's rate is still the second lowest in the market behind only PSIS with its 5.75% rate.
The four major banks' rates remain between 6.4% and 6.49%.
The biggest mortgage rate changes in the last week were in the six-months fixed space with Kiwibank cutting its rate 34 basis points to 5.45% and AMP cutting its rate by 29 basis points to 5.5%. Kiwibank's six-month rate isn't the cheapest in the market, that honour going to Westpac with its 5.39% rate.
Four of the smaller lenders, including Kiwibank, also cut their one-year fixed rates by between 10 and 20 basis points but Westpac still has the lowest rate of 5.49% in that category too. Housing Corp actually raised its two-year fixed rate by 20 basis points to 6.2%.
The only other change was Housing Corp (whose floating rate is 6.3%) raising its three and five-year fixed rates by 25 basis points each to 6.75% and 7.5% respectively. Axa has the lowest two-year fixed rate of 5.9% and the lowest five-year rate at 6.5%, equal to its floating rates.
