Westpac NZ is cutting a range of fixed home loan rates, including reducing the popular 1-year fixed special by 0.20% to 4.99% p.a.
Effective Wednesday 11 November, Westpac is also cutting rates on 3-to-5-year fixed term home loan rates, and now has the lowest rates on these terms of the five biggest banks as of Tuesday afternoon. Westpac's 2-year rate will increase by 0.10% to 5.39%.
Westpac is also cutting 3-to-5-year term deposit interest rates by 0.20% p.a.
"The market is highly competitive and we're committed to continuing to offer customers great value on their home loan interest rates," says Westpac NZ Managing Director of Product, Sustainability and Marketing, Sarah Hearn.
"Our 1-year term and market-leading 18-month term home loan rates continue to be popular, but our longer-term rates also offer good value for homeowners looking for more certainty on their repayment amounts.
