ANZ and the National Bank have made cuts to their fixed mortgage rates.
The banks have dropped one-year fixed rates 29 basis points to 5.5%, making it the lowest offered in New Zealand.
Six-month fixed rates also fell 34 basis points to 5.45%.
ANZ also dropped its three-month rate to 5.35%.
ANZ and National Bank are the first banks to cut one-year mortgage rates following the Reserve Bank's decision to cut the Official Cash Rate last week.
Westpac has already cut its six-month rate to 5.39%.
National Bank's cuts are effective from Thursday, while ANZ's new rates will be offered from Friday.