5 March, 2020

Westpac slashes 3 to 5 year home loan rates

Westpac NZ is offering greater certainty to its home loan customers by cutting its longer-term rates.

The reduction on the three, four and five year special rates is as follows:

  •    3-year rate reduced to 3.69%;
  •    4-year rate reduced to 3.79%;
  •    5-year rate reduced to 3.89%.

Westpac NZ General Manager of Consumer Banking and Wealth, Gina Dellabarca, says the new rates could offer peace of mind for customers.

“We know there’s some uncertainty around at the moment, so a longer-term rate could make sense for people wanting to lock in their mortgage repayments beyond the next year or two,” Ms Dellabarca says.

“Customers also have the option of splitting their mortgage between our great one-and-two-year rates and a longer-term rate.”

Westpac is also reducing its term deposit rates by 0.10% across the six month to five year range.  All changes will take effect on Monday March 9.