Kiwibank is offering a limited time home loan rate of 4.99% p.a. fixed for six months.

Kiwibank Chief Executive Paul Brock said it is by far the lowest rate ever offered by the bank and significantly under cuts the other main banks.

"We've seized an opportunity to offer what we believe is a startlingly low home loan interest rate. We're looking to grow our mortgage portfolio and to pass through savings to customers," Mr Brock said.

The six-month special rate requires a property owner to a have a minimum of 30 per cent equity in the property, otherwise the banks standard six- month rate (5.65%) applies.

This rate will only be available for a limited time.