Westpac NZ is cutting its fixed special home loan rates between 6 months and 4 years, giving it the outright lowest advertised 2 year special rate of the five major banks, and the joint-lowest on all other advertised special fixed terms.
The bank is also lowering some of its term deposit rates. All changes are effective Friday 30 August.
Westpac NZ General Manager of Product, Sustainability and Marketing Sarah Hearn says the bank is continuing to deliver great value for customers in a highly competitive market.
"Falling home loan rates are good news for both existing homeowners and those looking to get on the ladder," Ms Hearn says.
"These changes mean our popular 1 year advertised special home loan rate has fallen by 0.69% p.a. over the past two months, delivering meaningful cost savings.
"At the same time, we know term deposit and savings customers will be watching falling interest rates closely.
