Westpac cuts mortgage rates

Westpac cuts mortgage rates
Thursday, 19 February 2009
Press Release: Westpac New Zealand
Westpac New Zealand has today announced cuts to both its variable and 6
month fixed home loan mortgage rates.

Acting Chief Executive Bruce McLachlan said: "The opportunity has being
provided as the market is starting to price in further downward OCR moves
by the Reserve Bank.

Many uncertainties remain but we want to be proactive, particularly as many of our home loan customers are looking closely at short term rates in the current environment."

Westpac will cut its 6 month fixed rate to 5.79%p.a. (currently 5.99%p.a.)
effective Monday 23 February.

Westpac will cut its variable (floating) home loan rate 40 basis points to 6.49%p.a. (currently 6.89%p.a.) effective for all new customers and those rolling onto the variable rate from Thursday 26 February, and for existing customers from 19 March following a notification period.

ENDS

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