Westpac NZ Cuts Key Advertised Fixed Home Loan Rates

Westpac NZ is cutting its advertised 18-month and 2-year special home loan rates to 4.45% p.a. as it continues to pass on cost reductions to homeowners.

Westpac is also cutting its 6-month advertised special rate to 4.89% p.a. and 3-year rate to 4.75% p.a., giving it the outright lowest 2-and-3-year rates among the five biggest banks as of Thursday afternoon.

Westpac is also trimming some term deposit rates by between 0.05% and 0.30%. All rate changes are effective Friday.

"This is the third time this month we've cut our 2-year advertised special home loan rate, and it means we've decreased it by a total of 1.20% over the past year," says Westpac NZ Managing Director of Product, Sustainability and Marketing, Sarah Hearn.

"We're working hard to offer great rates and options to help homeowners keep more money in their back pockets.

"While our 1-year rate remains the most popular with customers, putting some of your home loan across a longer term, for example onto an 18-month or 2-year rate, offers greater certainty.

"We also know savers will be watching falling rates closely. We encourage customers to use our Savings and Investment Chooser Tool or talk to us if they have any questions about their savings options.

"We've held our 32-day Notice Saver rate unchanged at 3.00% p.a. through the last two OCR cuts, and have improved the digital experience for customers so they can now apply for a new Notice Saver account online."

Fixed housing rates- Specials (effective 24 October)

Fixed Housing Rates - Standard (effective 24 October)