Westpac NZ announces cuts to home loan, deposit rates

Find out how far the cuts go…

Westpac NZ announces cuts to home loan, deposit rates

Westpac NZ has announced a reduction in its fixed housing rates for a variety of terms ranging from one to five years.

The move includes decreases between 10 and 20 basis points, the bank said in an emailed release, adding that its fixed home loan rates are now among the lowest in the market.

In the same release, the bank also announced decreases between 10 and 30 basis points to a range of term deposit rates.

Sarah Hearn (pictured above), general manager of product, sustainability and marketing, said the adjusted rates underscore Westpac NZ’s commitment to delivering value to its customers amid evolving market conditions.

“We know this will be welcome news for customers looking to re-fix their mortgage soon,” she said, acknowledging the potential concerns customers may have due to the shift from previously lower rates.

Hearn also noted that many of Westpac NZ’s customers are managing the pressures of increased living costs effectively. However, she encouraged customers with any concerns to reach out.

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

Westpac NZ’s recent rate adjustments come after the bank celebrated Lunar New Year by lifting its eight-month term deposit rate to 6.10% — a nod to the cultural significance of the number eight.

Additional details on the new rates can be found on the Wespac NZ website.

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