Westpac NZ has changed its mortgage and term deposit rates.
The move came a day after the Reserve Bank of New Zealand said it would keep its policy interest rate unchanged at 5.5%.
Special fixed mortgage rates decreased for six-month (7.24% to 7.05%), one-year (7.14% to 6.89%) and 18-month (6.89% to 6.79%) terms.
Standard fixed mortgage rates also fell for six-month (7.84% to 7.65%), one-year (7.74% to 7.49%) and 18-month (7.49% to 7.39%) terms.
Westpac New Zealand general manager of product, sustainability and marketing Sarah Hearn said the bank would remain focused on delivering value to customers as it adapts to changes in wholesale rates.
“This will come as good news for customers looking to repay their mortgage in the near future.”
“We are in a unique stage in the cycle where some clients may be considering re-fixing at lower interest rates from recent highs.
“We recognise that some customers are still reviewing their loan repayments following the historically low interest rates of recent years and may be concerned about rising costs.”
“We continue to proactively call mortgage customers who may be experiencing financial difficulties to ensure they are fully supported and understand their options,” she said.
“Our data shows that most customers are coping well with the rising cost of living, but we encourage them to get in touch if they have concerns.”
Fixed deposit interest rates also fall
Term deposit rates have been reduced to six months (5.80% from 5.90%), eight months (6.05% to 6.00%), nine months (5.70% to 5.80%), 12 months (5.90% to 5.80%) and 18 months (5.80% to 5.70%).
The frequency of interest during these periods remains at maturity, monthly or compound interest.