Westpac trimmed 4bps off its one-year, 18-month and three-year fixed-term special rates and 20bps off its two-year rate.
Its one-year, 18-month and two-year special rates are now 4.75% – a new low for the mortgage rate market.
“Our consistent offer of 4.75% per annum across the one-year, 18-month and two-year home loan terms will appeal to customers looking to split their loans across different terms, given the changing outlook for the OCR,” said Westpac NZ’s managing director of product, sustainability and marketing, Sarah Hearn.
Westpac, ANZ and Kiwibank also dropped their flexible and floating lending rates, but only by 20bps.
ANZ cut its floating mortgage rate and business flexible loan rate to 6.29%.
It also cut 25bps off its standard rate serious saver account, dropping it to 0.40%, and shaved 10bps off its online savings account and Pie (portfolio investment entity) fund.
“When reviewing interest rates, ANZ considers a range of factors, including the OCR, changes in wholesale interest rates and the need to balance the needs of borrowers and savers,” ANZ said.
Meanwhile, Kiwibank dropped its variable home loan rates by 20bps to 6.15% and its revolving loan to 6.30%.
The bank also cut its 90-day notice saver rate by 25bps to 2.85% and its 32-day notice saver rate to 2.3%.
Westpac’s 60-day term deposit was cut to 2.25%, down 15bps. Its 90-day rate is down to 3.40%, a drop of 5bps, and its four-month rate is 3.35%, down 10bps.
- Additional reporting by Raphael Franks
