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."
