More rate cuts; Are Special rates misleading?

The week starts with more home loan rate cuts. Those to join the party are Kiwibank and SBS.

Both lenders have matched the market leading 4.19% rate for the one-year term. Here's the rates table sorted from lowest to highest.

The cuts both lenders have made have been to their Specials only. As an aside it was interesting to see an article in the media over the weekend, quoting a former Kiwibank lending guy, saying that the so-called "Specials" offered by lenders are misleading. What's your view on this? You can email thoughts to philip@tmmonline.nz