Westpac NZ raises variable rates, holds fixed lending rates following OCR rise.

Westpac NZ is lifting variable interest rates for borrowers and some savers, but making no changes to fixed rates, in response to today’s 0.25% official cash rate hike.

Westpac’s variable home and business lending rates will increase by 0.25% p.a., effective Monday 7 September for new customers and Thursday 10 September for existing customers.  Westpac’s key variable rate savings products, Bonus Saver and Business Online Saver, will also increase by 0.25% p.a., effective Monday 7 September.

“New Zealanders have shown resilience in the face of cost pressures and uncertainty, and our data suggests they remain well-placed to manage further rate rises,” says Westpac NZ Managing Director of Product, Sustainability and Marketing, Sarah Hearn.

“Most of our home loan customers are on fixed rates and there are no changes for them today.  We continue to offer highly competitive fixed rates, including the lowest among the five biggest banks on 3-to-5-year terms.

“However, we recognise some customers will be worried about rising rates.  We’re here to help borrowers and savers manage their money through an increasing OCR cycle and we encourage them to contact us if they need any help or advice.”

ENDS

Variable Home Loan rates (Effective Monday 7 September 2026 for new customers and Thursday 10 September 2026 for existing customers) 

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  

Savings rates (Effective Monday 7 September 2026)

Westpac NZ's terms and conditions and eligibility criteria apply. Fees and charges may apply. Any rates of return are subject to change without notice.  

Westpac Bonus Saver PIE is offered under the Westpac Cash PIE Fund and Notice Saver is offered under the Westpac Notice Saver PIE Fund. Investments made in the Westpac Cash PIE Fund and/or the Westpac Notice Saver PIE Fund (each a "Fund” and together the "Funds") 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 Funds’ performance, returns or repayment of capital.