Another main bank slashes mortgage rates

by Ksenia Stepanova29 May 2020

Westpac New Zealand is the latest bank to cut several of its key mortgage rates, and has introduced new two, three, four and five year special rates below 3%.

General manager of consumer banking and wealth Gina Dellabarca says the new rates will offer Kiwis potential savings on their mortgage repayments, and its new three year rate is “the lowest among major banks.”

Read more: Simplicity slashes first home floating rate to 2.5%

Westpac New Zealand’s new special rates are:

  • 2 year fixed rate reduced to 2.69%
  • 3 year fixed rate reduced to 2.79%
  • 4 year fixed rate reduced to 2.99%
  • 5 year fixed rate reduced to 2.99%

The new two year fixed rate is level with reduced rates offered by ASB and BNZ, and its four and five year rates are matched only by BNZ.

Dellabarca noted that all of Westpac’s special rates were now below 3%, and said the offers would appeal to both new and existing customers.

Read more: Kiwibank enters the fray with 2.65% mortgage rate

“All of our special rates are now under 3% across the full range of terms, and customers due to re-fix their mortgage also have the option of splitting it between our great one-and-two-year rates and a longer-term rate,” she stated.

“These offers are likely to be particularly appealing to first home buyers and we’re excited to help them into their first home.”

The new rates are available from Friday 29 May and are only offered to customers with a minimum 20% equity.

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