Westpac NZ Makes Further Cuts To Home Loan And Term Deposit Rates

Thursday, 8 August 2024, 4:44 pm
Press Release: Westpac New Zealand

Westpac NZ is delivering cuts to its special home loan rates. It’s the third round of cuts the bank has made in the past month, giving it the outright lowest advertised rates of the five major banks on its 2 year term, and the joint lowest rates on the 6 month, 18 month and 3-to-5 year terms.

Westpac is also lowering some of its term deposit rates. All changes are effective Friday 9 August.

Westpac NZ General Manager of Product, Sustainability and Marketing Sarah Hearn says the bank is constantly reviewing its rates to ensure it offers good value in a highly competitive market.

“Wholesale rates have fallen over the last month, and we’ve been monitoring developments closely and passing those lower rates onto customers,” Ms Hearn says.

“Falling home loan rates are good news for both existing homeowners and those looking to get onto the ladder.

“We’ve recently committed to lending $1bn over the next three years to support affordable home ownership solutions, and have a wide range of potential pathways for first home buyers. We encourage them to get in touch and connect with one of our Home Loan Experts to discuss their options.

“We also recently rolled out changes to our lending processes which will ensure many of our customers benefit from the recent changes in CCCFA affordability rules.

“At the same time, we know some savings customers will be watching falling interest rates closely. We strongly encourage customers, whether borrowers or savers, to contact their bank if they have any concerns about their finances.

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“The sooner we know about any issues, the sooner we can help.”

Fixed home loan rates – Special – effective 9 August 2024

Term	New Rate*	Change
6 months	6.99% p.a.	-0.06%
1 year	6.85% p.a.	No change
18 months	6.49% p.a.	-0.16%
2 years	6.19% p.a.	-0.30%
3 years	5.99% p.a.	-0.30%
4 years	5.99% p.a.	-0.20%
5 years	5.99% p.a.	No change

Fixed home loan rates – Standard – effective 9 August 2024

Term	New Rate*	Change
6 months	7.59% p.a.	-0.06%
1 year	7.45% p.a.	No change
18 months	7.09% p.a.	-0.16%
2 years	6.79% p.a.	-0.30%
3 years	6.59% p.a.	-0.30%
4 years	6.59% p.a.	-0.20%
5 years	6.59% p.a.	No change

Interest rates are subject to change without notice. Westpac’s terms and conditions and lending and eligibility criteria apply.

Term Deposits – effective 9 August 2024

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	5.20% p.a.	No Change
6 months	At Maturity, Monthly or Compounding	5.80% p.a.	-0.10%
8 months	At Maturity, Monthly or Compounding	5.70% p.a.	-0.10%
9 months	At Maturity, Monthly or Compounding	5.60% p.a.	-0.10%
12 months	At Maturity, Monthly or Compounding	5.50% p.a.	No Change
18 months	At Maturity, Monthly or Compounding	5.20% p.a.	-0.30%
2 years	At Maturity, Monthly or Compounding	4.90% p.a.	-0.30%
3 years	At Maturity, Monthly or Compounding	4.70% p.a.	-0.30%
4 years	At Maturity, Monthly or Compounding	4.60% p.a.	-0.30%
5 years	At Maturity, Monthly or Compounding	4.50% p.a.	-0.30%

Rates are subject to change without notice. Minimum $5,000 deposit. Rates are available for Retail and Business Banking customers holding up to $5,000,000 total deposits, either solely or jointly with Westpac NZ (including PIE investments). For rates applicable to amounts in excess of $5,000,000, please contact us. Rates are not available to Financial Institutions. Other T&Cs apply, see westpac.co.nz for details and a copy of the term sheet for Westpac Term Deposits.

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

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