Westpac NZ supports borrowers and savers with swift OCR response.

Westpac NZ has moved quickly to cut variable lending rates for home loan and business customers following today’s OCR cut – while holding a savings rate unchanged.

Effective Monday 1 December for new customers and Thursday 4 December for existing customers, Westpac is cutting its variable home loan rates by 0.20% p.a. and most variable business lending rates by 0.25% p.a.  On the variable deposits side, Westpac is not passing on any of today’s OCR cut on its Notice Saver product, leaving the rate unchanged at 3.00% p.a.

Westpac NZ Managing Director of Product, Sustainability and Marketing, Sarah Hearn, says the bank is working hard to provide great value across all lending and savings rates, not just variable home loans. 

“By announcing variable rate changes today, we’ll be delivering rate relief as soon as next week for borrowers,” Ms Hearn says.

“Additionally, nearly 90% of our home loan customers are on a fixed rate, and we recently became the first New Zealand bank to offer sub-5% p.a. special rates on all fixed terms from 6 months to 5 years. 

“Supporting this, an independent analysis earlier this month by Opes Partners rated Westpac as consistently offering the lowest fixed rates of any bank over the last two years.  We’ll continue to compete hard to win more customers.

“We’re also stepping up our support for businesses.  Since the OCR started falling in August 2024, we’ve cut some business lending rates by 3.30% - more than the OCR has fallen in that time - to encourage investment and growth.  

“We also know that savings customers are watching falling rates closely and we’re here to support them.  Importantly, we’ve held our Notice Saver rate unchanged since June of this year – while the OCR has fallen by 1.00% p.a. in that time.  We’re offering a real point of difference for customers looking for an attractive return on their savings.”

Ms Hearn encouraged customers, whether borrowers or savers, to get in touch if they needed help with any aspect of their banking.

ENDS

Variable Home Loan rates (Effective 1 December 2025 for new customers and 4 December 2025 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  

Variable Deposits rates (Effective 1 December 2025)

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.