Westpac cuts too

Westpac have followed Kiwibank in cutting its variable mortgage rate after the RBNZ announced an OCR cut of 50 basis points this morning. Westpac will drop its variable mortgage rate by 50 basis points on Monday to 10.45%. "The cut to the Official Cash Rate has a direct impact on short term funding for the bank which is able to be passed through to customers," Westpac general manager for product management David Cunningham said. "There will be other changes to various deposit rates, while fixed mortgage rates are currently unchanged but will continue to be reviewed."