Competitive rates offer customer savings
Westpac New Zealand is reducing its fixed special home loan rates for terms between six months and four years, effective today, Aug. 30.
The bank now offers the outright lowest advertised two-year special rate among the five major banks.
“Falling home loan rates are good news for both existing homeowners and those looking to get on the ladder,” said Sarah Hearn, Westpac NZ GM of product, sustainability, and marketing.
The move comes following the reduction of Westpac’s Choices Floating, Choices Everyday, and Choices Offset home loan rates, as well as its business lending variable rates, by 0.25% p.a., after the Reserve Bank’s shock OCR cut at its August meeting.
Significant savings for borrowers
Westpac NZ’s popular one-year special home loan rate has decreased by 0.69% p.a. over the past two months, providing substantial savings for customers.
Hearn highlighted the benefits, stating, “These changes mean our popular one-year advertised special home loan rate has fallen... delivering meaningful cost savings.”
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