The changes take effect today
Westpac NZ has unveiled a series of adjustments to its housing rates, positioning itself with the most competitive advertised special home loan rates among the five major banks for terms ranging from two to five years.
Westpac NZ has trimmed its two-year special home loan rate to 6.99% and cut its special three-to-five-year home loan rates. The big bank also raised its one-year special rate by four basis points to 7.39%. See the changes in the table below.
Westpac NZ’s one-term rate deposit rate has also been adjusted, increasing 10 basis points to 6.1%.
Sarah Hearn (pictured above), GM of product, sustainability, and marketing at Westpac NZ, attributed the recent changes in housing and term deposit rates to the bank’s varying funding costs, with the fall in wholesale rates over the past month offset by robust competition for deposits.
“We’re working hard to support borrowers and savers, and we believe we offer good value on a range of home loan terms, including those who want to lock in longer-term certainty,” Hearn said.
“Our own data continues to show most customers are well-placed to manage the cost-of-living, which is encouraging. However, we know that some homeowners who are due to roll off their current rate may be facing challenges from rate increases. We encourage customers to talk to us early if they’re worried about their finances.”
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