Westpac NZ Cuts Floating Rates In Response To OCR Drop

Westpac NZ is passing on the official cash rate reduction announced today to floating home loan, business lending and savings customers.

The bank is cutting Choices Floating, Choices Everyday and Choices Offset home loan rates and Business Lending Variable rates by 0.25% p.a. It is also reducing a range of variable deposit rates by 0.25% p.a.

This is in addition to recent cuts to advertised fixed home loan rates since the start of July, in response to falling wholesale rates. This includes reductions of 0.25% p.a. to 6 month rates, 0.29% p.a. to 12 month rates and 0.56% p.a. to 2 year rates.

Westpac NZ General Manager of Product, Sustainability and Marketing Sarah Hearn says today’s floating rate cuts are another sign of repayment relief on the way for homeowners, businesses, farmers and growers.

“In addition to today’s news, our fixed home loan customers who are due to roll off a 6 or 12 month term will already be re-fixing at a lower rate,” Ms Hearn says.

“We’ll continue to look for opportunities to pass on interest rate reductions to ensure we’re providing customers with good value in a competitive environment.

“However, we know many New Zealanders are still grappling with high living costs, and we encourage them to talk to their bank as soon as possible if they have any concerns about their finances.”

Variable home loan rates (effective 19 August 2024 for new customers and 2 September 2024 for existing customers):

Interest rates are subject to change without notice. Westpac’s terms and conditions and lending and eligibility criteria apply. A low equity margin may apply. For more information please go to www.westpac.co.nz

Savings rates (effective date 19 August 2024):

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

Westpac Bonus Saver PIE is offered under the Westpac Cash PIE Fund and Notice Saver is offered under the Westpac Notice Saver PIE Fund. Investments made in the Westpac Cash PIE Fund and/or the Westpac Notice Saver PIE Fund (each a "Fund” and together the "Funds") do not represent bank deposits or liabilities of Westpac Banking Corporation ABN 33 007 457 141, Westpac New Zealand Limited (“Westpac NZ”) or any other member of the Westpac group of companies. They are subject to investment and other risks, including possible delays in payment of withdrawal amounts in some circumstances, and loss of investment value, including principal invested. None of BT Funds Management (NZ) Limited (as manager), any member of the Westpac group of companies, Trustees Executors Limited (as trustee), or any director or nominee of any of those entities guarantees the Funds’ performance, returns or repayment of capital. Any rates of return are subject to change without notice.

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