While Westpac and ASB were first off the ranks this morning, their new rates were soon trumped by Kiwibank and HSBC.
It is HSBC's new rates which are currently leading the field.
The bank is now offering a flat 5.29% rate for all its fixed term home loans up to five years.
HSBC New Zealand's head of retail banking and wealth management Glen Tonks said the current low interest rate environment made the offer possible.
However, the 5.29% rate is only on offer for a short time to new HSBC Premier customers, and existing HSBC Premier customers who borrow an additional $100,000 or more.
To qualify customers must have at least 20% deposit or equity, and have their salary credited to a HSBC transaction account.
Meanwhile, Kiwibank's cuts, which come into effect Monday, see drops in its three, four and five-year rates.
The new three year rate will be 5.55% p.a, the four year rate will be 5.99%, and the five year rate will be 5.79%.
However, these rates are "specials" and will only be available for a short time.
Westpac reduced its two year 'special' to 5.49% and all its standard rates from one year to five years, while ASB made cuts to its five-year fixed rate special (now 5.75%) and its two-year fixed rate special (now 5.39%).
