Westpac NZ is making changes to a range of fixed home loan and term investment rates, including offering 4.99% p.a. on its popular 1-year and 18-month advertised special fixed home loan terms.
Effective tomorrow, Thursday 17 April, Westpac's 4.99% advertised special rate is the joint-lowest advertised rate of the five biggest banks on the popular 1-year term as of midday today, while Westpac's new 5.19% 3-year advertised special rate is the outright lowest on that term.
The bank is also trimming its term investment rates by between 0.10% and 0.30% p.a. across all terms.
Westpac NZ Head of Consumer Lending, Jo McGregor, says it's the first time the bank has offered a sub-5% p.a. 1-year advertised fixed home loan rate since September 2022.
"We've been consistently passing on interest rate falls and helping put more money in homeowners' back pockets over the last nine months," Ms McGregor says.
"Combined with our full pass-on of last week's OCR cut on our variable home lending offerings, we continue to move swiftly and deliver great value for all our home loan customers.
"We also know that savings customers are watching falling rates closely. We encourage them to talk to us if they're unsure about what the current falling interest rate environment could mean for them and what we can do to support them."
Fixed home loan rates - Special (effective 17 April 2025)
Fixed home loan rates - Standard (effective 17 April 2025)
Term Deposit rates (effective 17 April 2025)
