Westpac NZ cuts five-year mortgage rate giving it the lowest advertised rate for that term from a bank, also cuts savings rates

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Westpac has cut its five-year fixed-term mortgage “special” rate to a market leading 4.99%. However, at the same time Westpac has cut a series of term deposit rates.

Effective Friday, Westpac has shaved 60 basis points off its five year “special” mortgage rate dropping it to 4.99% The next best advertised five-year rate from a bank is the HSBC “premier” 5.29%. Borrowers taking up Westpac’s special require a loan-to-value ratio of less than 80%.

Westpac has also sliced 60 basis points of its standard five-year mortgage rate, dropping it to 5.49%.

Whilst there’s good news for borrowers, the news from Westpac for savers is bad. The bank has cut a series of savings rates by up to 45 basis points. Full details of the reductions are in the table below.

Westpac term deposit, term PIE & MDS rate table

Term

Interest Frequency

$5,000 – $5,000,000

 

 

Rate

Change

7 – 13 days

At Maturity

0.35%

Nil

14 – 29 days

At Maturity

0.35%

Nil

1 month

At Maturity

0.75%

Nil

2 months

At Maturity

1.25%

Nil

3 months

At Maturity

2.65%

Nil

4 months

At Maturity

2.95%

Nil

5 months

At Maturity

3.00%

Nil

6 months

At Maturity, Monthly, Quarterly or Compounding

3.25%

Nil

8 months

At Maturity, Monthly, Quarterly or Compounding

3.20%

Nil

9 months

At Maturity, Monthly, Quarterly or Compounding

3.30%

-0.05%

12 months

At Maturity, Monthly, Quarterly or Compounding

3.45%*

Nil

18 months

At Maturity, Monthly, Quarterly or Compounding

3.45%

-0.10%

2 years

At Maturity, Monthly, Quarterly or Compounding

3.50%

-0.15%

3 years

At Maturity, Monthly, Quarterly or Compounding

3.65%

-0.15%

4 years

At Maturity, Monthly, Quarterly or Compounding

3.60%

-0.40%

5 years

At Maturity, Monthly, Quarterly or Compounding

3.65%

-0.45%

All carded, or advertised, term deposit rates for all financial institutions for terms of less than one year are here, and for terms of one-to-five years are here.

Term PIE rates are here.

See all banks’ carded, or advertised, home loan interest rates here.

And here is the full snapshot of the fixed-term mortgage rates on offer from the key retail banks.

below 80% LVR6 mths 1 yr 18 mth 2 yrs  3 yrs 4 yrs 5 yrs 
as at July 9, 2018%%%%%%%
        
4.994.295.154.494.855.855.99
ASB4.954.294.394.494.794.955.59
5.354.295.054.494.855.896.09
Kiwibank4.994.19 4.394.855.195.39
Westpac5.254.295.154.494.855.894.99
        
4.804.244.454.494.855.395.59
HSBC4.853.993.994.194.694.995.29
HSBC4.994.194.494.494.855.395.55
4.854.244.354.494.855.555.69

In addition to the above table, BNZ has a fixed seven year rate which is 6.15%.

And TSB still has a 10-year fixed rate of 6.20%.

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