Westpac NZ cuts home and business lending rates.

Westpac NZ is passing on today’s official cash rate reduction to floating rates for home loan and business customers, including agri.

Alongside the 0.50% cuts to floating home loan rates, Westpac has also cut advertised fixed home loan rates, including a 0.20% drop in the 1-year special rate to 5.79% p.a., and a 0.16% drop in the 2-year special rate to 5.49%.  Some term deposit rates are also being trimmed.

Westpac NZ General Manager of Product, Sustainability and Marketing, Sarah Hearn, says the bank is moving swiftly to pass on the benefits of falling rates in a highly-competitive environment.

“Today’s OCR cut will bring further relief for homeowners, businesses, farmers and growers,” Ms Hearn says.

“We’ve cut our advertised floating housing rates by 1.25% p.a. following recent OCR reductions, with potential interest savings of $118m for our 62,000 floating home loan customers over the next 12 months. 

“Our business, SME and agri customers have also seen rates fall in recent months, which will help farmers and growers save an average of nearly $2,000 a month each in interest costs.

“Additionally, more than a quarter of our fixed home loan customers will have rolled onto lower rates by the end of the year.

“We’re also supporting savers by not passing on today’s full 0.50% OCR reduction to our Notice Saver offering.  The new rate of 3.75% p.a. is a very attractive short term rate for customers who don’t want to lock their money away in a term deposit for a longer period.”

Despite the optimism generated by falling inflation and interest rates, Ms Hearn acknowledges some customers will still be concerned by the recent rise in unemployment.

“We’re here to help in any way we can, so customers who are worried about their finances should get in touch sooner rather than later.”

ENDS

Variable home loan rates

Fixed home loan rates – Special (effective 28 November 2024)

Fixed home loan rates – Standard (effective 28 November 2024)

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

Savings rates (effective 2 December 2024)

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. See westpac.co.nz for more details.

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 28 November 2024)

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.