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Westpac back below 4%

Westpac has slashed its one year special rate to under 4%, prompting the possibility of another mortgage price war in 2019.

Thursday, January 17th 2019, 4:46PM

The bank has cut its one year special rate by 16 basis points (from 4.15%), taking it under the symbolic 4% mark. The new interest rate comes into effect from tomorrow.

The move comes after Westpac, like its big four rivals, cut rates below 4% last year. The likes of ANZ, BNZ, ASB, and SBS also cut short term interest rates below 4% late last year in a short-lived price war, before shifting rates back up by the end of 2018.

Westpac becomes the cheapest one year special rate in the market alongside HSBC Premier. ANZ, ASB, Kiwibank, Sovereign and TSB one year special rates currently hover at 4.05%.

It comes as KiwiBank lowered rates this week. The state-backed lender cut its two year special rate to 4.19%.

Financial markets indicate New Zealand is poised for a prolonged period of low interest rates. Wholesale interest rates have trended down since November, according to economists at Kiwibank.

 

 

 

 

 

 

Tags: Kiwibank Westpac

« Markets price in 40% chance of OCR cutReserve Bank proposals could force $2 billion mortgage hike: UBS »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.69 4.39 4.35 4.55
ANZ Special - 3.89 3.85 4.05
ASB Bank 5.70 4.45 4.39 4.55
ASB Bank Special - 3.95 3.89 4.05
BNZ - Classic - 3.89 3.95 3.89
BNZ - Mortgage One 6.40 - - -
BNZ - Rapid Repay 5.85 - - -
BNZ - Std, FlyBuys 5.80 4.69 4.59 4.79
BNZ - TotalMoney 5.80 - - -
Credit Union Auckland 5.95 - - -
Credit Union Baywide 6.15 4.95 4.95 -
Lender Flt 1yr 2yr 3yr
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.60 4.75 -
Housing NZ Corp 5.80 4.69 4.49 4.45
HSBC Premier 5.89 3.79 3.79 3.89
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
Lender Flt 1yr 2yr 3yr
ICBC 5.65 3.85 3.95 3.89
Kiwibank 5.80 4.60 4.60 4.84
Kiwibank - Capped - - - -
Kiwibank - Offset 5.65 - - -
Kiwibank Special - 3.85 3.85 4.09
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 6.10 4.89 4.99 -
Resimac 5.30 4.86 ▼4.14 ▼4.19
RESIMAC Special - - - -
SBS Bank 5.79 4.85 5.05 5.49
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 3.89 3.99 3.99
Sovereign 5.80 4.45 4.39 4.55
Sovereign Special - 3.95 3.89 4.05
The Co-operative Bank - Owner Occ 5.65 ▼3.89 ▼3.95 4.05
The Co-operative Bank - Standard 5.65 ▼4.39 ▼4.45 4.55
TSB Bank 5.69 ▼4.45 4.49 ▼4.55
TSB Special - 3.95 3.99 4.05
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.79 4.69 4.79 5.19
Westpac - Offset 5.79 - - -
Westpac Special - 3.89 3.85 4.05
Median 5.80 4.45 4.39 4.19

Last updated: 19 June 2019 9:13am

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