Westpac NZ is delivering cuts to its special home loan rates. It's the third round of cuts the bank has made in the past month, giving it the outright lowest advertised rates of the five major banks on its 2 year term, and the joint lowest rates on the 6 month, 18 month and 3-to-5 year terms.
Westpac is also lowering some of its term deposit rates. All changes are effective Friday 9 August.
Westpac NZ General Manager of Product, Sustainability and Marketing Sarah Hearn says the bank is constantly reviewing its rates to ensure it offers good value in a highly competitive market.
"Wholesale rates have fallen over the last month, and we've been monitoring developments closely and passing those lower rates onto customers," Ms Hearn says.
"Falling home loan rates are good news for both existing homeowners and those looking to get onto the ladder.
