Scoop has an Ethical Paywall
Licence needed for work use Learn More

Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Westpac NZ reduces mortgage lending rates


Westpac New Zealand has responded to today's OCR cut by 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

Advertisement - scroll to continue reading

© Scoop Media

Advertisement - scroll to continue reading
 
 
 
Business Headlines | Sci-Tech Headlines

 
 
 
 
 
 
 
 
 
 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.