Westpac NZ Cuts Key Home Loan Rates

Westpac NZ is reducing its 6-month and 1-year home loan rates, giving it joint or outright leading advertised rates on most terms among the five largest banks.  

Westpac NZ General Manager of Product, Sustainability and Marketing, Sarah Hearn, says the changes will give customers the confidence that they can get competitive home loan rates across both short and long terms at Westpac. 

“We’re working hard to provide customers a range of great home loan rates that will provide value and meet the needs of those wishing to fix their loans across a range of different terms,” Ms Hearn says. 

Westpac’s new 6-month 5.29% p.a. and 1-year 4.89% p.a. advertised special rates, effective Friday 13 June, are the joint lowest advertised rates available from the five main banks (based on advertised rates as at 3pm today). 

The bank’s new 4.99% p.a. advertised special 3-year rate remains the outright lowest among the five main banks, while its advertised special 4-year and 5-year terms are joint or outright lowest at 5.39% p.a (based on advertised rates as at 3pm today). 

“With record numbers of home loans currently rolling off fixed rates, these changes show we are committed to offering compelling rates to benefit existing customers and attract new ones,” Ms Hearn says. 

“We’re also committed to offering customers a great experience and making it as easy as we can for them to fix their loans. New functionality in our Westpac One app that allows eligible customers to move from a floating rate to a fixed rate is proving very popular.” 

Although Westpac is also trimming some term investment rates, it is supporting savers by retaining leading and joint leading rates across a range of terms (based on advertised rates as at 3pm today). 

Fixed Home Loan rates – Special (effective June 13 2025) 

Fixed Home Loan rates – Standard (effective June 13 2025)

Interest rates are subject to change without notice. Westpac NZ’s lending and eligibility criteria, and terms and conditions apply. A low equity margin may apply. For more information please go to www.westpac.co.nz 

Term Deposit & Term PIE rates (effective June 13 2025) 

Rates are subject to change without notice. Minimum $5,000 deposit. Rates are available for Retail and Business Banking customers holding up to $5,000,000 total deposits, either solely or jointly with Westpac NZ (including PIE investments). For rates applicable to amounts in excess of $5,000,000, please contact us. Rates are not available to Financial Institutions. Other T&Cs apply, see westpac.co.nz for details and a copy of the relevant Term Sheet. Compounding interest: For terms six months or longer, interest can be compounded quarterly. 

Investments made in the Westpac Term PIE Fund (“Fund”) do not represent bank deposits or liabilities of Westpac Banking Corporation ABN 33 007 457 141, Westpac New Zealand Limited (“Westpac NZ”) or any other member of the Westpac group of companies. They are subject to investment and other risks, including possible delays in payment of withdrawal amounts in some circumstances, and loss of investment value, including principal invested. None of BT Funds Management (NZ) Limited (as manager), any member of the Westpac group of companies, Trustees Executors Limited (as trustee), or any director or nominee of any of those entities guarantees the Fund’s performance, returns or repayment of capital.

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