Westpac NZ offers Special Chopper Appeal term deposit and home loan rate cuts.

Westpac NZ is giving customers the chance to contribute directly to keeping their community safe with a special Chopper Appeal term deposit offer.

The bank is lifting its 9-month term deposit rate by 0.15% p.a. to 6.15% p.a. - one of the leading advertised rates currently in market.  From Monday 13 May, for every new term deposit opened on the 9-month term, Westpac will donate $10 to the customer’s local rescue helicopter trust.

Westpac NZ General Manager of Product, Sustainability and Marketing, Sarah Hearn, says the bank is helping customers align their money decisions with initiatives and causes that are important to them.

“All over the country, local Chopper crews do an amazing job keeping New Zealanders safe, flying nearly 10,000 missions last year,” Ms Hearn says.

“We’re proud of our 40-year partnership with the Choppers and have a range of fundraising initiatives under way through Chopper Appeal Month in May.

“We believe this 9-month 6.15% p.a. term deposit rate offer provides real value for savings customers and is helping them contribute to a lifesaving service that is so important for our communities.”

The bank is also cutting both its 6-month term deposit and 6-month advertised “special” home loan rate by 0.10% p.a., and supporting homeowners with a range of cuts to other home loan rates.

“Short term home loan rates are popular right now and we’re responding by trimming our 6-month and 12-month rates to 7.29% p.a. and 7.24% p.a. respectively,” Ms Hearn says. 

“But we know some customers are looking for longer-term certainty, so we’re responding and simplifying our offerings with cuts to our 3-year and 4-year rates that mean we now have the same 6.39% p.a. rate across our 3, 4 and 5 year terms.

“We continue to work hard with homeowners to help them manage rising repayment costs.  In the six months to the end of March, we proactively contacted more than 50,000 customers due to re-fix their lending at a higher interest rate than their current fixed rates to help them understand their options.

“Overall, most customers are continuing to manage ongoing cost pressures well, however we encourage anyone who’s concerned about any aspect of their finances to get in touch.  The sooner we’re aware of any potential issues, the sooner we can help.”

 Fixed home loan rates – Special – Effective Monday 13 May 2024

Interest rates are subject to change without notice. Westpac’s terms and conditions and lending and eligibility criteria apply. For more information please go to www.westpac.co.nz

Fixed home loan rates – Standard - Effective Monday 13 May 2024

 Interest rates are subject to change without notice. Westpac’s terms and conditions and lending and eligibility criteria apply.

For more information please go to www.westpac.co.nz

Term Deposits  – Effective Monday 13 May 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 term sheet for Westpac Term Deposits.

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