Bank also reduces term deposit rates
Westpac NZ has announced reductions in its home loan and term deposit rates, marking the second rate cut in just three weeks.
The move places Westpac among the lowest advertised special rates for the five major banks on 12-month and 18-month terms, and the lowest on three-year and four-year terms.
Home loan, term deposit rate reductions
Westpac has decreased advertised special home loan rates across all terms by 0.1% to 0.4% since the start of July.
Additionally, term deposit rates have been lowered by 0.1% to 0.3%.
Passing on savings to customers
Sarah Hearn (pictured above), Westpac NZ’s general manager of product, sustainability, and marketing, highlighted the bank’s commitment to passing on savings from lower wholesale rates to customers.
“This will be welcome news for customers due to re-fix their home loans in the near future,” Hearn said.
“While the shorter terms are very popular at the moment, some homeowners still prefer the option of locking in more certainty with a longer rate, and we’re pleased to now be offering a five-year advertised special rate below 6%.”
Support for Westpac customers
Hearn acknowledged the challenges many families face with the cost of living and emphasized Westpac’s proactive approach in supporting those in financial difficulty.
“We continue to see fairly low numbers of customers struggling with cost-of-living challenges, but we know many families are doing it tough,” she said.
“We continue to proactively contact people who may be facing financial difficulty, and we encourage both borrowers and savers to contact their bank if they have concerns about the future.”
The new pricing changes take effect today.
Visit the Westpac NZ website. To read about Westpac NZ’s previous rate cut, click here.
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