Westpac NZ is passing on today’s official cash rate
reduction to floating rates for home loan and business
customers, including agri.
Alongside the 0.50% cuts to
floating home loan rates, Westpac has also cut advertised
fixed home loan rates, including a 0.20% drop in the 1-year
special rate to 5.79% p.a., and a 0.16% drop in the 2-year
special rate to 5.49%. Some term deposit rates are also
being trimmed.
Westpac NZ General Manager of Product,
Sustainability and Marketing, Sarah Hearn, says the bank is
moving swiftly to pass on the benefits of falling rates in a
highly-competitive environment.
“Today’s OCR cut
will bring further relief for homeowners, businesses,
farmers and growers,” Ms Hearn says.
“We’ve cut
our advertised floating housing rates by 1.25% p.a.
following recent OCR reductions, with potential interest
savings of $118m for our 62,000 floating home loan customers
over the next 12 months.
“Our business, SME and agri
customers have also seen rates fall in recent months, which
will help farmers and growers save an average of nearly
$2,000 a month each in interest
costs.
“Additionally, more than a quarter of our
fixed home loan customers will have rolled onto lower rates
by the end of the year.
“We’re also supporting
savers by not passing on today’s full 0.50% OCR reduction
to our Notice Saver offering. The new rate of 3.75% p.a. is
a very attractive short term rate for customers who don’t
want to lock their money away in a term deposit for a longer
period.”
Despite the optimism generated by falling
inflation and interest rates, Ms Hearn acknowledges some
customers will still be concerned by the recent rise in
unemployment.
“We’re here to help in any way we
can, so customers who are worried about their finances
should get in touch sooner rather than
later.”
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