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Westpac NZ lifts fixed housing and savings rates.

27 Jul 2026

Westpac NZ is lifting advertised fixed home loan rates on terms from 1 to 3 years, in response to a rise in funding costs.

Westpac is also raising some term deposit rates – giving the bank the highest or joint-highest rates among the five biggest banks on all term deposits from 6 months to 4 years, as of Monday afternoon.

Effective Tuesday, Westpac’s 1-year advertised special home loan rate will rise 0.20% to 4.99%p.a. and the 2-year advertised special rate to 5.39%. Westpac’s 4-and-5-year rates are unchanged and remain the joint-best of the five biggest banks, as of Monday afternoon.

A full list of rate changes are detailed below.

Westpac NZ Managing Director of Product, Sustainability and Marketing, Sarah Hearn, says while Westpac cut some longer fixed term rates six weeks ago, re-escalating tensions in the Middle East have once again driven up wholesale interest rates, causing bank funding costs to rise.

“The 1-year swap rate is about 0.30% higher than it was a month ago, so with today’s changes we are passing on some of those higher costs but also absorbing some,” Ms Hearn says.

“We’re also working really hard to provide good value and options for savings customers, including our limited time 3.70%p.a. offer on our 9-month term deposit to help drive fundraising for the Westpac Rescue Helicopters.

“As always, we encourage people to talk to us sooner rather than later if they have any concerns about their money situation, so we can make a plan to help keep them on track.”

ENDS

Westpac Choices Fixed Home Loan rates – Special (effective Tuesday 28 July 2026)

Term	New Rate	Change
6 months	4.69% p.a.	No change
1 year	4.99% p.a.	+0.20%
18 months	5.29% p.a.	+0.20%
2 years	5.39% p.a.	+0.20%
3 years	5.39% p.a.	+0.10%
4 years	5.39% p.a.	No change
5 years	5.49% p.a.	No change

Westpac Choices Fixed Home Loan rates – Standard (effective Tuesday 28 July 2026)

Term	New Rate	Change
6 months	5.29% p.a.	No change
1 year	5.59% p.a.	+0.20%
18 months	5.89% p.a.	+0.20%
2 years	5.99% p.a.	+0.20%
3 years	5.99% p.a.	+0.10%
4 years	5.99% p.a.	No change
5 years	6.09% p.a.	No change

*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 Tuesday 28 July 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	3.00% p.a.	No change
5 months	At Maturity	3.10% p.a.	No change
6 months	At Maturity, Monthly or Compounding	3.45% p.a.	No change
8 months	At Maturity, Monthly or Compounding	3.50% p.a.	No change
9 months	At Maturity, Monthly or Compounding	3.70% p.a.	No change
12 months	At Maturity, Monthly or Compounding	3.90% p.a.	No change
18 months	At Maturity, Monthly or Compounding	4.20% p.a.	+0.20%
2 years	At Maturity, Monthly or Compounding	4.30% p.a.	No change
3 years	At Maturity, Monthly or Compounding	4.40% p.a.	0.10%
4 years	At Maturity, Monthly or Compounding	4.60% p.a.	No change
5 years	At Maturity, Monthly or Compounding	4.60% p.a.	No change

*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. Other T&Cs apply, see westpac.co.nz for details and a copy of the relevant Term Sheet. Compounding interest: For terms six months or longer, interest can be compounded quarterly.

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 (“Westpac NZ”) 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.