Westpac have cut their standard variable, fixed and capped mortgage rates by between 45 and 75 basis points. (Updated following Kiwibank's announcement regarding cuts in its variable and fixed rates). The new rates will be effective at 8:30am, Friday 21 November 2008. Westpac's standard variable mortgage rate will be 8.70%, which is the same as Kiwibank, and is the leading standard variable rate offered in New Zealand. The new fixed rates are the lowest on offer as well. Westpac's 2, 3, 4 and 5 year fixed mortgage rates are now market leaders. All current mortgage rates can be found here. Here are Westpac's latest rate cuts: Standard Variable: -0.75 to 8.70% 6 month fixed: -0.45 to 7.65% 1 year fixed: -0.75 to 7.30% 18 month fixed: -0.70 to 7.19% 2 year fixed: -0.75 to 7.35% 3 year fixed: -0.75 to 7.65% 4 year fixed: -0.75 to 7.85% 5 year fixed: -0.75 to 7.85% 1 year capped: -0.75 to 8.50%
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