ANZ, National and Westpac have all slashed their two year mortgage rates for the second successive time in a matter of one week.

In the first round of fixed rates cuts were seen made by ASB in the previous week.

All the major banks later followed the step previously this week and floating rates on the contrast were increased.

Westpac, National and ANZ slashed two year fixed rates by an additional one tenth of a proportion point later on Friday, an attempt, so as make up for the gap with Kiwibank.

The bank, which is owned by the state, is still offering the cheapest fixed rate, that is, 6.69% available in the market.

The weakening scenario kept on pulling the fixed rates further on in this week, in collaboration with deteriorating monetary news.

Radio New Zealand’s economics correspondent informed that there was increasing belief that the Official Cash Rate will not see a hike in the way that had been perceived.

Borrowing costs from overseas became feeble due to the shadowed economic news in China and the Unites States of America.

Chief Executive of National Australia Bank, Ralph Norris condemned Kiwibank in the week.

He was of the view that the bank was unable to generate sufficient wealth that was needed for growth.