About us Media centre

Westpac NZ cuts fixed and floating rates.

9 Oct 2024

Westpac NZ is passing on today’s official cash rate reduction by the full 0.50% to floating rates for home loan customers, and also decreasing business and agribusiness lending rates.

The bank is also cutting fixed home lending rates by 0.10% p.a., which means it has now reduced its advertised 12-month home loan interest rate by a total of 0.95% p.a. since the start of July.

Westpac is also reducing savings rates along with some of its term deposit rates.

Westpac NZ General Manager of Product, Sustainability and Marketing Sarah Hearn says the bank is working hard to offer good value in a highly-competitive environment.

“Today’s OCR announcement is good news for housing, business and agri borrowers. We’re responding and passing on the benefits in a timely manner,” Ms Hearn says.

“We’re also reducing our home loan serviceability rate to 8.15% to support New Zealanders looking to get on the housing ladder, while ensuring we continue to lend responsibly.

“We’re pleased to be delivering another rate cut for our home loan customers, and the confidence boost we expect this will provide to households and small businesses. Westpac’s economists estimate that nearly half of all homeowners on fixed rates will have rolled onto lower rates by the end of the year.

“At the same time, we know many households are still facing cost pressures, while our savings customers will be watching falling interest rates closely.

“We continue to proactively contact home loan customers who may be facing into financial difficulty, and we encourage anyone who’s concerned about their financial situation to get in touch.”

ENDS

Variable home loan rates

Product	Effective date for new customers	Effective date for existing customers	New Rate	Change
Choices Floating	14 October 2024	28 October 2024	7.89% p.a.	-0.50%
Choices Offset	14 October 2024	28 October 2024	7.89% p.a.	-0.50%
Choices Everyday	14 October 2024	28 October 2024	7.99% p.a.	-0.50%

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

Fixed home loan rates – Special (effective 10 October 2024)

Term	New Rate	Change
6 months	6.75% p.a.	-0.10%
1 year	6.19% p.a.	-0.10%
18 months	5.89% p.a.	-0.10%
2 years	5.69% p.a.	-0.10%
3 years	5.69% p.a.	-0.10%
4 years	5.59% p.a.	-0.10%
5 years	5.59% p.a.	-0.10%

Fixed home loan rates – Standard (effective 10 October 2024)

Term	New Rate	Change
6 months	7.35% p.a.	-0.10%
1 year	6.79% p.a.	-0.10%
18 months	6.49% p.a.	-0.10%
2 years	6.29% p.a.	-0.10%
3 years	6.29% p.a.	-0.10%
4 years	6.19% p.a.	-0.10%
5 years	6.19% p.a.	-0.10%

Savings rates (Effective 14 October 2024)

Product	New Rate	Change
Westpac Bonus Saver/PIE – Total available	3.75% p.a.	-0.50%
Notice Saver	4.00% p.a.	-0.50%
Simple Saver	1.95% p.a.	-0.50%

Westpac NZ's terms and conditions and eligibility criteria apply. Fees and charges may apply. Any rates of return are subject to change without notice.

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.

Term Deposit rates (Effective 10 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	5.20% p.a.	-0.50%
6 months	At Maturity, Monthly or Compounding	5.60% p.a.	-0.05%
8 months	At Maturity, Monthly or Compounding	5.30% p.a.	-0.10%
9 months	At Maturity, Monthly or Compounding	5.20% p.a.	-0.10%
12 months	At Maturity, Monthly or Compounding	5.05% p.a.	No Change
18 months	At Maturity, Monthly or Compounding	4.70% p.a.	-0.10%
2 years	At Maturity, Monthly or Compounding	4.50% p.a.	-0.10%
3 years	At Maturity, Monthly or Compounding	4.40% p.a.	-0.10%
4 years	At Maturity, Monthly or Compounding	4.30% p.a.	-0.10%
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.