Westpac NZ Cuts 2-year Special Home Loan Rate To 4.99%

Westpac NZ is cutting its advertised 2-year special home loan rate to 4.99% p.a. - the joint lowest among the five largest banks as of 4pm Monday - as well as trimming its shorter-term rates.

Effective Tuesday, the new 2-year special rate represents a 0.3% drop on the previous advertised special rate. The last time Westpac's 2-year advertised special rate was below 5% p.a. was April 2022.

The bank is also lowering term deposit rates for 90-day to 3-year terms by between 0.10% and 0.30% p.a. Westpac's 8-month term deposit rate of 4.40% p.a. remains the joint highest of the five largest banks as of 4pm Monday.

Westpac NZ Managing Director of Consumer Banking and Wealth, Helen Ryder, says the bank continues to pass on potential savings for its home loan customers in a highly competitive environment.

"We're committed to helping homeowners reach their goals sooner, by delivering great rates and backing them up with personalised guidance and advice from our nationwide team of home loan experts," Ms Ryder says.

"While falling home loan rates continue to offer potential cost savings to homeowners, we know savings customers will be watching falling rates with interest.

"We have great options for savers, such as our 8-month term deposit offer of 4.40% and our 32-day Notice Saver product which offers competitive returns for savings at 3.35% p.a.*

"We encourage customers to contact us if they want to know more about how they may be affected by falling interest rates."

Fixed home loan rates - Special (effective 25 February 2025)

Fixed home loan rates - Standard (effective 25 February 2025)