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Westpac NZ announces changes to interest rates.

11 Jul 2024

Westpac NZ is making a range of changes to its housing and term deposit rates, giving it the lowest advertised home loan rates of the five major banks on the 6 month, 12 month and 18 month terms.

The decreases include a 25 basis point drop on the 12 month rate to 6.89% p.a.

Westpac NZ has also decreased a range of term deposit rates by between 5 and 10 basis points.

Westpac NZ General Manager of Product, Sustainability and Marketing Sarah Hearn says the bank continues to focus on providing value to customers while responding to changes in wholesale rates.

“We know this will be welcome news for customers looking to re-fix their mortgage soon,” Ms Hearn says.

“We’re at a unique stage of the cycle where some customers may be looking to re-fix at lower rates from recent highs.

“We do also acknowledge that some customers may be still re-fixing their loans from the historically low rates we have seen over recent years and may still be concerned about their increasing costs.

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

“Our data shows most of our customers are coping well with higher living costs, but we encourage them to get in touch if they have any concerns.”

Pricing changes effective Friday 12 July and are detailed below.

Home loan rates

Fixed home loan rates – Special

Term	New Rate	Change
6 months	7.05% p.a.	-0.19%
1 year	6.89% p.a.	-0.25%
18 months	6.79% p.a.	-0.10%
2 years	6.75% p.a.	No change
3 years	6.39% p.a.	No change
4 years	6.39% p.a.	No change
5 years	6.39% p.a.	No change

Fixed home loan rates – Standard

Term	New Rate	Change
6 months	7.65% p.a.	-0.19%
1 year	7.49% p.a.	-0.25%
18 months	7.39% p.a.	-0.10%
2 years	7.35% p.a.	No change
3 years	6.99% p.a.	No change
4 years	6.99% p.a.	No change
5 years	6.99% 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.

Term deposit rates

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	5.00% p.a.	No Change
6 months	At Maturity, Monthly or Compounding	5.80% p.a.	-0.10%
8 months	At Maturity, Monthly or Compounding	6.00% p.a.	-0.05%
9 months	At Maturity, Monthly or Compounding	5.80% p.a.	-0.10%
12 months	At Maturity, Monthly or Compounding	5.80% p.a.	-0.10%
18 months	At Maturity, Monthly or Compounding	5.70% p.a.	-0.10%
2 years	At Maturity, Monthly or Compounding	5.50% p.a.	No Change
3 years	At Maturity, Monthly or Compounding	5.30% p.a.	No Change
4 years	At Maturity, Monthly or Compounding	5.20% p.a.	No Change
5 years	At Maturity, Monthly or Compounding	5.10% 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 term sheet for Westpac Term Deposits.

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