HSBC Premier's one year rate comes in at 2.95%, level with KiwiSaver fund's simplicity offer for its customers.
The offer is available to borrowers who can meet HSBC Premier criteria; a loan of more than $500,000, or $100,000 in savings.
HSBC Premier's 18 month rate also drops to 2.95%.
The rates are the second-cheapest in New Zealand history, behind Heartland Bank's 2.89% online mortgage.
HSBC's 6 month fixed rate is 3.64%, two year rate is 3.09%, 3 year rate is 3.50%, four year at 3.60%, and 5 year at 3.70%.
The rates are not available this week however. They will be offered to borrowers from Monday.