Westpac cuts home loan rates again

Westpac said it had cut its special home loan rates by between 0.1 and 0.4 per cent across all terms since the start of July.
photo: 123 RF

Westpac to cut its home loan rates Second time this month.

The bank said its three- and four-year loan rates were currently the lowest among the five largest banks.

Westpac’s one-year special fixed home loan rate is currently 6.85 per cent, with the rate for the six-month term unchanged.

Its one-year standard interest rate is 7.45% and its two-year standard interest rate is 7.09.

The bank also cut its term deposit rate by 0.1% to 0.3%.

Westpac New Zealand spokeswoman Sarah Hearn said wholesale interest rates had fallen and the bank was passing that on to customers.

“This is great news for customers who may need to restructure their home loan in the near future,” she said in a statement.