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Westpac NZ cuts popular fixed home loan rates.

10 Nov 2026

Westpac NZ is cutting a range of fixed home loan rates, including reducing the popular 1-year fixed special by 0.20% to 4.99% p.a.

Effective Wednesday 11 November, Westpac is also cutting rates on 3-to-5-year fixed term home loan rates, and now has the lowest rates on these terms of the five biggest banks as of Tuesday afternoon. Westpac’s 2-year rate will increase by 0.10% to 5.39%.

Westpac is also cutting 3-to-5-year term deposit interest rates by 0.20% p.a.

“The market is highly competitive and we’re committed to continuing to offer customers great value on their home loan interest rates,” says Westpac NZ Managing Director of Product, Sustainability and Marketing, Sarah Hearn.

“Our 1-year term and market-leading 18-month term home loan rates continue to be popular, but our longer-term rates also offer good value for homeowners looking for more certainty on their repayment amounts.

“Our economists still think interest rates are heading upwards over the next year. We encourage anyone who’s worried about making ends meet in the future to get in touch.”

Westpac Choices Fixed Home Loan rates – Special (effective Wednesday 11 November 2026)*

Term	New Rate	Change
6 months	4.89% p.a.	No change
1 year	4.99% p.a.	-0.20%
18 months	5.19% p.a.	No change
2 years	5.39% p.a.	+0.10%
3 years	5.49% p.a.	-0.10%
4 years	5.55% p.a.	-0.10%
5 years	5.59% p.a.	-0.16%

Westpac Choices Fixed Home Loan rates – Standard (effective Wednesday 11 November 2026)*

Term	New Rate	Change
6 months	5.49% p.a.	No change
1 year	5.59% p.a.	-0.20%
18 months	5.79% p.a.	No change
2 years	5.99% p.a.	+0.10%
3 years	6.09% p.a.	-0.10%
4 years	6.15% p.a.	-0.10%
5 years	6.19% p.a.	-0.16%

*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.

Term Deposit & Term PIE rates (effective Wednesday 11 November 2026)

Term	Interest Frequency	New Rate*	Change
30 days	At Maturity	1.80% p.a.	No change
60 days	At Maturity	1.90% p.a.	No change
90 days	At Maturity	2.85% p.a.	No change
4 months	At Maturity	3.10% p.a.	No change
5 months	At Maturity	3.20% p.a.	No change
6 months	At Maturity, Monthly or Compounding	3.45% p.a.	No change
8 months	At Maturity, Monthly or Compounding	3.60% p.a.	No change
9 months	At Maturity, Monthly or Compounding	3.70% p.a.	No change
12 months	At Maturity, Monthly or Compounding	4.00% p.a.	No change
18 months	At Maturity, Monthly or Compounding	4.30% p.a.	No change
2 years	At Maturity, Monthly or Compounding	4.30% p.a.	No change
3 years	At Maturity, Monthly or Compounding	4.40% p.a.	-0.20%
4 years	At Maturity, Monthly or Compounding	4.65% p.a.	-0.20%
5 years	At Maturity, Monthly or Compounding	4.65% p.a.	-0.20%

*Rates are subject to change without notice. Minimum $5,000 deposit. Rates are available for Retail and Business Banking customers holding up to $5,000,000 total deposits, either solely or jointly with Westpac NZ (including PIE investments). For rates applicable to amounts in excess of $5,000,000, please contact us. Rates are not available to Financial Institutions. Compounding interest: For terms six months or longer, interest can be compounded quarterly. Other T&Cs apply, see westpac.co.nz for details and a copy of the relevant Term Sheets for the savings or investment products referred to in the media release or in the table above.

Investments made in the Westpac Term PIE Fund ("Fund") do not represent bank deposits or liabilities of Westpac Banking Corporation ABN 33 007 457 141, Westpac New Zealand Limited or any other member of the Westpac group of companies. They are subject to investment and other risks, including possible delays in payment of withdrawal amounts in some circumstances, and loss of investment value, including principal invested. None of BT Funds Management (NZ) Limited (as manager), any member of the Westpac group of companies, Trustees Executors Limited (as trustee), or any director or nominee of any of those entities guarantees the Fund’s performance, returns or repayment of capital.