Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Westpac splits mortgage card: Offers 5.64% floating rate

Media advisory

9 December 2013

Westpac splits mortgage card to match LVRs: Offers market leading floating rate

Westpac is the first bank to split its full mortgage card to above and below 80% LVRs and has dropped its standard floating rate to a market leading 5.64%.

The move to split the card across all fixed and floating rates is in response to the Reserve Bank’s LVR requirements and to help make the decision making process easier for customers in assessing what options are available to match their circumstances.

The introduction of the new market leading 5.64% standard floating rate for new lending is designed to give a competitive floating option for customers with more than 20% equity.

General Manager Retail Bank, Ian Blair, said as conjecture on when the official cash rate might move continues, more customers are looking at their options and splitting their loan to take advantage of rate certainty (fixed) and repayment flexibility (floating).

“Our new floating rate is highly competitive and offers customers who are now considering splitting their home loans between fixed and floating real value,” Mr Blair said.

“At 5.64%, our floating rate is very similar to our two year fixed term special rate (5.59%), which is a popular one and also market leading. This is about giving customers competitive choice in how they structure their home loans.”

With the splitting and simplifying of the card, the 25 and 50 month terms for high LVR borrowers are no longer needed. Instead, fixed rates are available for all terms from 18 months to five years along with floating and capped one and two year term options. Customers can choose to offset their transactional and savings balances against their standard floating loan balance to save on interest.

The split card rates for new low and high LVR customers can be found on this link:


© Scoop Media

Business Headlines | Sci-Tech Headlines


Power Outages, Roads Close: Easter Storm Moving Down Country

The NZ Transport Agency says storm conditions at the start of the Easter break are making driving hazardous in Auckland and Northland and it advises people extreme care is needed on the regions’ state highways and roads... More>>


Houses (& Tobacco) Lead Inflation: CPI Up 0.3% In March Quarter

The consumers price index (CPI) rose 0.3 percent in the March 2014 quarter, Statistics New Zealand said today. Higher tobacco and housing prices were partly countered by seasonally cheaper international air fares, vegetables, and package holidays. More>>


Notoriously Reliable Predictions: Budget To Show Rise In Full-Time Income To 2018: English

This year’s Budget will forecast wage increases through to 2018 amounting to a $10,500 a year increase in average full time earnings over six years to $62,200 a year, says Finance Minister Bill English in a speech urging voters not to “put all of this at risk” by changing the government. More>>


Prices Up, Volume Down: March NZ House Sales Drop 10% As Loan Curbs Bite

New Zealand house sales dropped 10 percent in March from a year earlier as the Reserve Bank’s restrictions on low-equity mortgages continue to weigh on sales of cheaper property. More>>


Scoop Business: Chorus To Appeal Copper Pricing Judgment

Chorus will appeal a High Court ruling upholding the Commerce Commission’s determination setting the regulated prices on the telecommunications network operator’s copper lines. More>>



Cars: Precautionary Recalls Announced For Toyota Vehicles

Toyota advises that a number of its New Zealand vehicles are affected by a series of precautionary global recalls. Toyota New Zealand General Manager Customer Services Spencer Morris stressed that the recalls are precautionary. More>>


'Gardening Club': Air Freight Cartel Nets Almost $12 Million In Penalties

The High Court in Auckland has today ordered Swiss company Kuehne + Nagel International AG to pay a penalty of $3.1 million plus costs for breaches of the Commerce Act. Kuehne + Nagel’s penalty brings the total penalties ordered in this case to $11.95 million ... More>>


Crown Accounts: Revenue Below Projections

Core Crown tax revenue has increased by $1.9 billion (or 5.0%) compared to the same time last year. However this was $1.1 billion less than expected and is reflected across most tax types, continuing the pattern of recent months. More>>


Get More From Scoop

Computer Power Plus
Search Scoop  
Powered by Vodafone
NZ independent news