INDEPENDENT NEWS

Westpac NZ reduces mortgage lending rates

Published: Thu 4 Dec 2008 12:54 PM
Westpac New Zealand has responded to today's OCR cut buy announcing a cut to the following lending rates:
/ Current / New / Change
6mth / 7.35%pa / 7.10%pa / 0.25%
1 year / 7.30%pa / 6.80%pa / 0.50%
18mth / 7.19%pa / 6.79%pa / 0.40%
2 year / 7.35%pa / 6.85%pa / 0.50%
3year / 7.65%pa / 7.20%pa / 0.45%
4year / 7.85%pa / 7.30%pa / 0.55%
5year / 7.85%pa / 7.40%pa / 0.45%
The move follows the banks broad 0.75% rate cut announced on 20 November in anticipation of the OCR cut. Please note, the cuts announced on 20 November also applied to credit card interest rates, business and agri lending rates - rates that other banks have yet to address.
We have noted the Reserve Bank Governor's comments and restate our commitment to passing on to our customers the benefits of reductions to our cost of funds as we are able. We continue to review all rates on an ongoing basis.
ENDS

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