Westpac NZ is lifting home lending and term deposit rates on terms 1-year and longer, effective Wednesday 18 March.
Westpac's home loan and term deposit rates will rise by between 0.10% and 0.30% p.a. on all terms from 1 to 5 years.
Westpac NZ Managing Director of Product, Sustainability and Marketing, Sarah Hearn, says longer term wholesale rates have increased significantly in recent weeks, driving up funding costs for lenders.
"With today's changes we are absorbing some of those increased costs, and also passing on higher rates to our savings customers, including the best 1-year term deposit rate of the five biggest banks as of Tuesday morning," Ms Hearn says.
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