Westpac NZ Announces Changes To Interest Rates

Friday, 9 February 2024, 9:07 am
Press Release: Westpac

Westpac NZ is lowering its fixed housing rates across a range of terms from one year to five years.

The decreases on fixed home loan rates of between 10 and 20 basis points mean the bank has some of the lowest home loan rates in market.

Westpac NZ has also announced decreases to a range of term deposit rates.

Westpac NZ General Manager of Product, Sustainability and Marketing Sarah Hearn says the bank continues to focus on providing value to customers while responding to changes in wholesale rates.

“We know this will be welcome news for customers looking to re-fix their mortgage soon,” Ms Hearn says.

“While we are reducing our rates, we acknowledge that customers may be re-fixing their loans from the historically low rates we have seen over recent years and may still be concerned about their increasing costs.

“We’re proactively calling home loan customers who may be facing into financial difficulty to ensure they’re well supported and understand their options.

“Our data shows the vast majority of our customers are coping well with higher living costs, but we encourage them to get in touch if they have any concerns.”

Westpac NZ has also decreased term deposit rates by between 10 and 30 basis points on all terms between 12 months and five years.

Earlier this week the bank acknowledged Lunar New Year and the lucky number eight by lifting its eight-month term deposit rate to 6.10%.

Pricing changes effective Friday 9 February are detailed below.

Home loan rates

Fixed home loan rates – Specials
Term	New Rate*	Change
6 months	7.39% p.a.	No change
1 year	7.29% p.a.	-0.10%
18 months	6.95% p.a.	-0.20%
2 years	6.89% p.a.	No change
3 years	6.65% p.a.	-0.10%
4 years	6.59% p.a.	-0.10%
5 years	6.39% p.a.	-0.10%

Fixed home loan rates - Standard
Term	New Rate*	Change
6 months	7.99% p.a.	No change
1 year	7.89% p.a.	-0.10%
18 months	7.55% p.a.	-0.20%
2 years	7.49% p.a.	No change
3 years	7.25% p.a.	-0.10%
4 years	7.19% p.a.	-0.10%
5 years	6.99% p.a.	-0.10%

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*Interest rates are subject to change without notice, lending and eligibility criteria apply.

Term deposit rates

Term	Interest Frequency	New Rate*	Change
30 days	At Maturity	2.50% p.a.	No Change
60 days	At Maturity	2.85% p.a.	No Change
90 days	At Maturity	4.20% p.a.	No Change
4 months	At Maturity	4.30% p.a.	No Change
5 months	At Maturity	5.00% p.a.	No Change
6 months	At Maturity, Monthly or Compounding	6.00% p.a.	No Change
8 months	At Maturity, Monthly or Compounding	6.10% p.a.	No Change
9 months	At Maturity, Monthly or Compounding	6.00% p.a.	No Change
12 months	At Maturity, Monthly or Compounding	5.90% p.a.	-0.10%
18 months	At Maturity, Monthly or Compounding	5.80% p.a.	-0.20%
2 years	At Maturity, Monthly or Compounding	5.50% p.a.	-0.20%
3 years	At Maturity, Monthly or Compounding	5.30% p.a.	-0.20%
4 years	At Maturity, Monthly or Compounding	5.20% p.a.	-0.20%
5 years	At Maturity, Monthly or Compounding	5.10% p.a.	-0.30%

* Rates are subject to change without notice. Rates apply up to the first $5,000,000 of deposits held either solely or jointly with Westpac, with a minimum investment of $5,000, and not available to financial institutions.

Compounding interest: For terms six months or longer, interest can be compounded quarterly.

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