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Westpac cuts mortgage rates
Westpac cuts mortgage rates
Thursday, 19 February
2009
Press Release: Westpac New Zealand
Westpac New
Zealand has today announced cuts to both its variable and 6
month fixed home loan mortgage rates.
Acting Chief
Executive Bruce McLachlan said: "The opportunity has being
provided as the market is starting to price in further
downward OCR moves
by the Reserve Bank.
Many uncertainties remain but we want to be proactive, particularly as many of our home loan customers are looking closely at short term rates in the current environment."
Westpac will cut its 6 month fixed rate to
5.79%p.a. (currently 5.99%p.a.)
effective Monday 23
February.
Westpac will cut its variable (floating) home loan rate 40 basis points to 6.49%p.a. (currently 6.89%p.a.) effective for all new customers and those rolling onto the variable rate from Thursday 26 February, and for existing customers from 19 March following a notification period.
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