Westpac NZ is cutting its six-month and one-year home loan interest rates, effective from this Friday.
Earlier this week, Kiwibank also cut its home loan interest rates. That followed ANZ and ASB, who cut their rates last week.
Last month, the official cash rate was cut to 3.25%, the lowest rate since October 2022.
Westpac NZ’s new special six-month home loan rate would be 5.29%, and its special one-year rate would be 4.89%. A special three-year rate would be raised to 5.59%.
Its fixed six-month rate would now be 5.89%, and its fixed one-year would be 5.49%. The fixed three-year rate was being raised to 5.59%.
Westpac NZ general manager of product, sustainability and marketing, Sarah Hearn, said the changes would give customers confidence in getting competitive home loan rates across both short and long terms at Westpac.
“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.”‘
