Media Advisory

11th August 2016

Westpac drops floating rates and introduces term deposit special

Westpac is reducing its floating mortgage rates and introducing a new six month term deposit special following the Reserve Bank of New Zealand’s change to the Official Cash Rate today.

The new floating mortgage rate has been reduced by 10bps to 5.65% and applies to Choices Floating, Choices Everyday and Choices Offset. The rate will be effective for new lending from Friday 12 August and from 31 August for existing customers.

The special six month term deposit rate will be 3.50%, an increase of 50bps on the current six month term deposit rate. This is effective Friday 12 August.

ENDS