Westpac NZ Cuts 2-year Special Home Loan Rate To 4.99%

Westpac NZ is cutting its advertised 2-year special home loan rate to 4.99% p.a. – the joint lowest among the five largest banks as of 4pm Monday – as well as trimming its shorter-term rates.

Effective Tuesday, the new 2-year special rate represents a 0.3% drop on the previous advertised special rate. The last time Westpac’s 2-year advertised special rate was below 5% p.a. was April 2022.

The bank is also lowering term deposit rates for 90-day to 3-year terms by between 0.10% and 0.30% p.a. Westpac’s 8-month term deposit rate of 4.40% p.a. remains the joint highest of the five largest banks as of 4pm Monday.

Westpac NZ Managing Director of Consumer Banking and Wealth, Helen Ryder, says the bank continues to pass on potential savings for its home loan customers in a highly competitive environment.

“We’re committed to helping homeowners reach their goals sooner, by delivering great rates and backing them up with personalised guidance and advice from our nationwide team of home loan experts,” Ms Ryder says.

“While falling home loan rates continue to offer potential cost savings to homeowners, we know savings customers will be watching falling rates with interest.

“We have great options for savers, such as our 8-month term deposit offer of 4.40% and our 32-day Notice Saver product which offers competitive returns for savings at 3.35% p.a.*

“We encourage customers to contact us if they want to know more about how they may be affected by falling interest rates.”

Fixed home loan rates – Special (effective 25 February 2025)

Fixed home loan rates – Standard (effective 25 February 2025)

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

Term Deposit rates (effective 25 February 2025)

Rates are subject to change without notice. Minimum $5,000 deposit. Rates are available for Retail and Business Banking customers holding up to $5,000,000 total deposits, either solely or jointly with Westpac NZ (including PIE investments). For rates applicable to amounts in excess of $5,000,000, please contact us. Rates are not available to Financial Institutions. Other T&Cs apply, see westpac.co.nz for details and a copy of the relevant Term Sheet. Compounding interest: For terms six months or longer, interest can be compounded quarterly.

Note: 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.

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