Westpac NZ has announced cuts to some fixed home loan rates, giving it the outright lowest advertised 2-year and 3-year special rates of the five major banks.
Effective Thursday, Westpac is cutting its popular 6 and 12-month fixed home loan special rates to 6.45% p.a. and 5.99% p.a. respectively, and trimming 2 and 3-year special rates to 5.65%.
The bank is also lowering term deposit rates across 5 to 12-month terms.
Westpac NZ General Manager of Product, Sustainability and Marketing Sarah Hearn says the changes should provide another confidence boost to home loan customers rolling over onto lower rates.
“This is the eighth time we’ve announced cuts to fixed home loan rates since the start of July, in addition to a 0.75% p.a. cut for all our floating home loan customers over the same period,” Ms Hearn says.
“Competition for home loans continues to be fierce, and we’re working work hard to offer good value and great service to customers.
“At the same time, we know our savings customers will be watching falling interest rates closely.
“We encourage anyone who’s worried about any aspect of their banking to contact us, to see how we can help.”
Fixed home loan rates – Special (effective 17 October 2024)
Term | New Rate | Change |
6 months | 6.45% p.a. | -0.30% |
1 year | 5.99% p.a. | -0.20% |
18 months | 5.89% p.a. | No change |
2 years | 5.65% p.a. | -0.04% |
3 years | 5.65% p.a. | -0.04% |
4 years | 5.59% p.a. | No change |
5 years | 5.59% p.a. | No change |
Fixed home loan rates – Standard (effective 17 October 2024)
Term | New Rate | Change |
6 months | 7.05% p.a. | -0.30% |
1 year | 6.59% p.a. | -0.20% |
18 months | 6.49% p.a. | No change |
2 years | 6.25% p.a. | -0.04% |
3 years | 6.25% p.a. | -0.04% |
4 years | 6.19% p.a. | No change |
5 years | 6.19% p.a. | No change |
