Westpac NZ Cuts Key Home Loan Rates

Westpac NZ is reducing its 6-month and 1-year home loan rates, giving it joint or outright leading advertised rates on most terms among the five largest banks.

Westpac NZ General Manager of Product, Sustainability and Marketing, Sarah Hearn, says the changes will give customers the confidence that they can get competitive home loan rates across both short and long terms at Westpac.

"We're working hard to provide customers a range of great home loan rates that will provide value and meet the needs of those wishing to fix their loans across a range of different terms," Ms Hearn says.

Westpac's new 6-month 5.29% p.a. and 1-year 4.89% p.a. advertised special rates, effective Friday 13 June, are the joint lowest advertised rates available from the five main banks (based on advertised rates as at 3pm today).

The bank's new 4.99% p.a. advertised special 3-year rate remains the outright lowest among the five main banks, while its advertised special 4-year and 5-year terms are joint or outright lowest at 5.39% p.a (based on advertised rates as at 3pm today).

"With record numbers of home loans currently rolling off fixed rates, these changes show we are committed to offering compelling rates to benefit existing customers and attract new ones," Ms Hearn says.

"We're also committed to offering customers a great experience and making it as easy as we can for them to fix their loans. New functionality in our Westpac One app that allows eligible customers to move from a floating rate to a fixed rate is proving very popular."

Although Westpac is also trimming some term investment rates, it is supporting savers by retaining leading and joint leading rates across a range of terms (based on advertised rates as at 3pm today).

Fixed Home Loan rates - Special (effective June 13 2025)

Fixed Home Loan rates - Standard (effective June 13 2025)