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Westpac has cut its floating and most fixed interest rates for home loans by 0.75 per cent.
The reduction is applies to base business banking rates and credit card interest rates.
Westpac New Zealand acting chief executive Bruce McLachlan said the decision followed a significant easing in wholesale rates over the past week.
"We are pleased to be able to pass on to consumer, business and farming clients the benefits of an easing in wholesale rates, and we want to send a strong signal, by doing this, that we are open for doing good and fair business with our customers who are facing a tough economic environment," he said.
The reduction has been made in anticipation of a widely-predicted Reserve Bank cut to the official cash rate on December 4.
"This cut is already being priced into the wholesale rates," said McLachlan.
"We're all aware of the financial pressure that many people are experiencing in the current economic climate; in some cases, this pressure is significant.
"We are committed to supporting our customers as much as possible during this time, and today's announcement will be great news for many of them."
- NZPA
