Bank lowers rates for savers and borrowers
Following the latest OCR reduction by the Reserve Bank, Westpac NZ has promptly decreased interest rates for variable rate products and introduced enticing fixed rate specials for home loan customers.
Starting Feb. 21, Westpac will offer a one-year advertised special rate of 5.49% p.a., a rate unmatched among the major banks since October 2022 and the lowest it has been since that time.
Note: Interest rates are subject to change without notice. Westpac NZ’s lending and eligibility criteria, and terms and conditions apply. A low equity margin may apply. For more information please go to www.westpac.co.nz
Note: Interest rates are subject to change without notice. Westpac NZ’s lending and eligibility criteria, and terms and conditions apply. A low equity margin may apply. For more information please go to www.westpac.co.nz
Extended benefits across loan terms
In addition to the one-year rate, Westpac has adjusted its longer-term rates, now offering the best rates available among the major banks for the three, four, and five-year terms, effective as of 2pm Wednesday. The changes follow closely on the heels of BNZ and TSB’s rate cut announcements.
Enhanced support for small businesses and farmers
Westpac is extending its support beyond personal finance to include small businesses and farmers by implementing a 0.6% p.a. cut to most variable business lending products, surpassing the reduction made by the OCR cut.
This includes products such as overdrafts, with consumer lending and savings products seeing cuts between 0.4% and 0.5% p.a.
Westpac NZ on economic support and growth
“We’re seeing growing confidence among households and businesses about the year ahead, and [the recent] rate cut will give homeowners a further boost and help put more money in their back pockets,” said Sarah Hearn (pictured above), Westpac NZ general manager of product.
“We also want to support small businesses and farmers with their growth aspirations, which is why we’ve cut most variable business lending rates by more than [the] OCR cut.”
Last chance for current rate specials
Demand for Westpac’s competitive rates is expected to be high, particularly for the new one-year special and the existing three-year special of 4.99% p.a., which will be available until the close of business on Thursday.
The newly introduced 5.39% p.a. special rates for three, four, and five-year terms continue to lead among major banks’ offerings.
