Westpac NZ Cuts Popular Fixed Home Loan Rates

Thursday, 17 October 2024, 2:58 pm
Press Release: Westpac New Zealand

Westpac NZ has announced cuts to some fixed home loan rates, giving it the outright lowest advertised 2-year and 3-year special rates of the five major banks.

Effective Thursday, Westpac is cutting its popular 6 and 12-month fixed home loan special rates to 6.45% p.a. and 5.99% p.a. respectively, and trimming 2 and 3-year special rates to 5.65%.

The bank is also lowering term deposit rates across 5 to 12-month terms.

Westpac NZ General Manager of Product, Sustainability and Marketing Sarah Hearn says the changes should provide another confidence boost to home loan customers rolling over onto lower rates.

“This is the eighth time we’ve announced cuts to fixed home loan rates since the start of July, in addition to a 0.75% p.a. cut for all our floating home loan customers over the same period,” Ms Hearn says.

“Competition for home loans continues to be fierce, and we’re working work hard to offer good value and great service to customers.

“At the same time, we know our savings customers will be watching falling interest rates closely.

“We encourage anyone who’s worried about any aspect of their banking to contact us, to see how we can help.”

Fixed home loan rates – Special (effective 17 October 2024)

Term	New Rate	Change
6 months	6.45% p.a.	-0.30%
1 year	5.99% p.a.	-0.20%
18 months	5.89% p.a.	No change
2 years	5.65% p.a.	-0.04%
3 years	5.65% p.a.	-0.04%
4 years	5.59% p.a.	No change
5 years	5.59% p.a.	No change

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Fixed home loan rates – Standard (effective 17 October 2024)

Term	New Rate	Change
6 months	7.05% p.a.	-0.30%
1 year	6.59% p.a.	-0.20%
18 months	6.49% p.a.	No change
2 years	6.25% p.a.	-0.04%
3 years	6.25% p.a.	-0.04%
4 years	6.19% p.a.	No change
5 years	6.19% p.a.	No change

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

Term deposit rates (effective 17 October 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	4.50% p.a.	No Change
5 months	At Maturity	5.00% p.a.	-0.20%
6 months	At Maturity, Monthly or Compounding	5.30% p.a.	-0.30%
8 months	At Maturity, Monthly or Compounding	5.10% p.a.	-0.20%
9 months	At Maturity, Monthly or Compounding	5.00% p.a.	-0.20%
12 months	At Maturity, Monthly or Compounding	4.85% p.a.	-0.20%
18 months	At Maturity, Monthly or Compounding	4.70% p.a.	No Change
2 years	At Maturity, Monthly or Compounding	4.50% p.a.	No Change
3 years	At Maturity, Monthly or Compounding	4.40% p.a.	No Change
4 years	At Maturity, Monthly or Compounding	4.30% p.a.	No Change
5 years	At Maturity, Monthly or Compounding	4.30% p.a.	No Change

*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 relevant Term Sheet. Compounding interest: For terms six months or longer, interest can be compounded quarterly.

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