Westpac NZ is passing on the official cash rate reduction announced today to floating home loan, business lending and savings customers.
The bank is cutting Choices Floating, Choices Everyday and Choices Offset home loan rates and Business Lending Variable rates by 0.25% p.a. It is also reducing a range of variable deposit rates by 0.25% p.a.
This is in addition to recent cuts to advertised fixed home loan rates since the start of July, in response to falling wholesale rates. This includes reductions of 0.25% p.a. to 6 month rates, 0.29% p.a. to 12 month rates and 0.56% p.a. to 2 year rates.
Westpac NZ General Manager of Product, Sustainability and Marketing Sarah Hearn says today's floating rate cuts are another sign of repayment relief on the way for homeowners, businesses, farmers and growers.
"In addition to today's news, our fixed home loan customers who are due to roll off a 6 or 12 month term will already be re-fixing at a lower rate," Ms Hearn says.
"We'll continue to look for opportunities to pass on interest rate reductions to ensure we're providing customers with good value in a competitive environment.
"However, we know many New Zealanders are still grappling with high living costs, and we encourage them to talk to their bank as soon as possible if they have any concerns about their finances."
Variable home loan rates (effective 19 August 2024 for new customers and 2 September 2024 for existing customers):
Product |
New Rate |
Change |
Choices Floating |
8.39% p.a. |
-0.25% p.a. |
Choices Offset |
8.39% p.a. |
-0.25% p.a. |
Choices Everyday |
8.49% p.a. |
-0.25% p.a. |
