Westpac NZ Slashes 6-Month Home Loan Rate to 5.99%

Westpac NZ is offering home loan customers a new year boost by cutting its advertised special 6-month home rate by 0.20% p.a. to 5.99% p.a., effective Friday 17 January.

As of Thursday afternoon, the new rate is the joint-lowest advertised special 6 month rate of the five major banks. Westpac also has the joint-lowest advertised 1, 2 and 3 year special rates, and the outright lowest 4 and 5 year special rates.

The bank is also cutting some term deposit rates by between 0.10% and 0.15% p.a.

Westpac NZ General Manager of Product, Sustainability and Marketing, Sarah Hearn, says the bank is working hard to help customers start off 2025 on the right foot.

"We expect competition for home lending to be fierce again this year and we're acting swiftly to ensure we keep offering great value," Ms Hearn says.

"While some economic uncertainty remains both domestically and overseas, homeowners rolling onto new fixed rates should start to feel the relief of lower repayments as the year goes on.

"The new year is an ideal time to take stock of your finances and think about your money goals for 2025, whether you're looking to pay off your mortgage faster, or saving up for retirement, a new home or a big holiday.

"We have a range of tools such as our CashNav app to help people take control of their finances, and have been educating customers over the summer about getting into better spending and savings habits.

"We encourage people to talk to us, or to a trusted advisor, if they have questions or concerns about any aspect of their finances."

Fixed home loan rates - Special (effective 17 January 2025)

Fixed home loan rates - Standard (effective 17 January 2025)