Westpac says unlikely to cut fixed rates significantly

Westpac responded to this morning's 50 basis point cut in the Official Cash Rate by saying it was unlikely there would be any significant changes in its fixed term mortgage rates because they had already priced in the OCR cut to 3%. Neither did Westpac cut its floating rate after the announcement, saying its rate change on February 19 (to 6.49%) was in anticipation of today's cut by the Reserve Bank of New Zealand. "Westpac continues to review other rates but suggests fixed term mortgage rates have already built in the expectation of today's cuts so significant changes there are unlikely," Westpac spokesman Craig Dowling said. To see a list of mortgage rates offered by New Zealand institutions, click here.