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Westpac NZ is cutting its fixed special home loan rates between 6 months and 4 years, giving it the outright lowest advertised 2 year special rate of the five major banks, and the joint-lowest on all other advertised special fixed terms.
The bank is also lowering some of its term deposit rates. All changes are effective Friday 30 August.
Westpac NZ General Manager of Product, Sustainability and Marketing Sarah Hearn says the bank is continuing to deliver great value for customers in a highly competitive market.
“Falling home loan rates are good news for both existing homeowners and those looking to get on the ladder,” Ms Hearn says.
“These changes mean our popular 1 year advertised special home loan rate has fallen by 0.69% p.a. over the past two months, delivering meaningful cost savings.
“At the same time, we know term deposit and savings customers will be watching falling interest rates closely.
“From our data and conversations with customers, we’re encouraged that most are managing ongoing cost pressures well. However, anyone who’s worried about their finances should get in touch as soon as possible.”
Fixed home loan rates – Special – effective 30 August 2024
|
Term |
New Rate |
Change |
|
6 months |
6.85% p.a. |
-0.04% |
|
1 year |
6.45% p.a. |
-0.14% |
|
18 months |
5.99% p.a. |
-0.16% |
|
2 years |
5.79% p.a. |
-0.20% |
|
3 years |
5.79% p.a. |
-0.10% |
|
4 years |
5.69% p.a. |
-0.10% |
|
5 years |
5.69% p.a. |
No change |
Fixed home loan rates – Standard – effective 30 August 2024
|
Term |
New Rate |
Change |
|
6 months |
7.45% p.a. |
-0.04% |
|
1 year |
7.05% p.a. |
-0.14% |
|
18 months |
6.59% p.a. |
-0.16% |
|
2 years |
6.39% p.a. |
-0.20% |
|
3 years |
6.39% p.a. |
-0.10% |
|
4 years |
6.29% p.a. |
-0.10% |
|
5 years |
6.29% p.a. |
No change |
Interest rates are subject to change without notice. Westpac’s terms and conditions and lending and eligibility criteria apply. A low equity margin may apply. For more information please go to www.westpac.co.nz.
Term Deposits – effective 30 August 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 |
5.40% p.a. |
No Change |
|
6 months |
At Maturity, Monthly or Compounding |
5.65% p.a. |
-0.05% |
|
8 months |
At Maturity, Monthly or Compounding |
5.40% p.a. |
-0.10% |
|
9 months |
At Maturity, Monthly or Compounding |
5.30% p.a. |
-0.10% |
|
12 months |
At Maturity, Monthly or Compounding |
5.05% p.a. |
-0.05% |
|
18 months |
At Maturity, Monthly or Compounding |
4.80% p.a. |
-0.10% |
|
2 years |
At Maturity, Monthly or Compounding |
4.60% p.a. |
-0.10% |
|
3 years |
At Maturity, Monthly or Compounding |
4.50% p.a. |
No Change |
|
4 years |
At Maturity, Monthly or Compounding |
4.40% p.a. |
No Change |
|
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 term sheet for Westpac Term Deposits.
Compounding interest: For terms six months or longer, interest can be compounded quarterly.