Westpac NZ Announces Cuts To Home Loan Rates

Westpac NZ is cutting its 3, 4 and 5-year fixed home loan rates, effective Monday 23 February.

Westpac is decreasing its advertised 3-year fixed special rate by 0.16% to 4.99% p.a. - the only sub-5% advertised rate on that term among the five biggest banks as of 2pm this afternoon (February 20).

Westpac's advertised 4-year and 5-year fixed special rates will both reduce by 0.20%, to 5.19% p.a and 5.29% p.a. respectively.

"We are always looking at how we can offer our customers great value and a variety of options," says Westpac NZ Managing Director of Product, Sustainability and Marketing, Sarah Hearn.

"Fixed interest rates have been generally moving higher since late last year and the Official Cash Rate (OCR) is forecast to lift in the next year, so we want to give customers the opportunity to act now and lock-in these attractive special rates across longer terms if that suits their circumstances."

Fixed Home Loan rates - Special (effective 23 February)

Term	New Rate	Change
6 months	4.49% p.a.	No change
1 year	4.49% p.a.	No change
18 months	4.69% p.a.	No change
2 years	4.89% p.a.	No change
3 years	4.99% p.a.	-0.16%
4 years	5.19% p.a.	-0.20%
5 years	5.29% p.a.	-0.20%

Fixed Home Loan rates - Standard (effective 23 February)

Term	New Rate	Change
6 months	5.09% p.a.	No change
1 year	5.09% p.a.	No change
18 months	5.29% p.a.	No change
2 years	5.49% p.a.	No change
3 years	5.59% p.a.	-0.16%
4 years	5.79% p.a.	-0.20%
5 years	5.89% p.a.	-0.20%

/Public Release. This material from the originating organization/author(s) might be of the point-in-time nature, and edited for clarity, style and length. Mirage.News does not take institutional positions or sides, and all views, positions, and conclusions expressed herein are solely those of the author(s).View in full here.

You might also like