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Westpac is cutting some of its longer-term fixed special home loan rates- making it the first major bank to do so.
The bank's two- and three-year fixed home loan rates will drop 10 basis points to 6.99 percent and 6.75 percent, and the four-year and five-year rates will drop to 6.69 percent and 6.49 percent.
NZ Herald business editor at large Liam Dann explains what this means for the wider market.
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