Westpac's latest mortgage rate adjustments bring their higher rates down into line with their main rivals. We ask readers to record the below-card offers they get on their banking apps so others can know where real savings can be won

In a tacit acknowledgement that its carded rates were out-of-step with its main rivals, Westpac has now made the adjustment to bring them into line.

It has trimmed its six month, 1 year, and 18 month fixed rates by -10 bps or less, to bring them into line with their three Aussie-owned bank rivals.

Among the majors, now only Kiwibank has a distinctive one-year fixed offering, -15 bps lower than the Aussies.

The six to 18 month terms are the most popular at present in the mortgage market.

But apart from that Kiwibank 6.99% rate, only 1 bp separates all five of them for these terms. It is a remarkable coalescing.

And there is only 4 bps separating these five main banks for the two year fixed term.

Carded rates are not where the competition is now. Rather, the less transparent bank app offers are where you can find the real discounts. Or by asking directly, which probably means you have to start the applications process.

The result is that 'advertised' home loan rates are far less transparent for overall review. This helps banks retain existing clients, but will not do much for winning new business.

However, given the housing market is in the doldrums, and with some sections displaying soft house values (and the risk they could spread), perhaps it makes sense that banks are much more cautious looking for new clients. They know what they have, and the risk a newbie doesn't quite have the income or financials presented is probably higher these days.

We would like readers to reveal what their banking app shows as the potential offer rates. Please add that market intelligence in the comment section below.

Borrowers should probably cast their eye wider into the challenger banks if they want to save some real money. But even then, the differences are mostly relatively small.

One useful way to make sense of the changed home loan rates is to use our full-function mortgage calculator which is below. Term deposit rates can be assessed using this calculator.

And if you already have a fixed term mortgage that is not up for renewal at this time, our break fee calculator may help you assess your options. Break fees will be minimal in a rising market. But they become important in a falling market however.

Here is the updated snapshot of the lowest advertised fixed-term mortgage rates on offer from the key retail banks at the moment.

Fixed, below 80% LVR	6 mths	1 yr	18 mth	2 yrs	3 yrs	4 yrs	5 yrs
as at June 27, 16, 2024	%	%	%	%	%	%	%
ANZ	7.25	7.14	6.89	6.79	6.65	7.34	7.34
	7.24	7.14	6.89	6.75	6.39	6.39	6.39
	7.24	7.14	6.89	6.79	6.65	6.55	6.55
	7.25	6.99		6.79	6.65	6.55	6.55
	7.24 -0.04	7.14 -0.10	6.89 -0.06	6.75	6.39	6.39	6.39
Bank of China	7.09	6.99	6.75	6.65	6.49	6.39	6.39
China Construction Bank	7.19	7.09	6.89	6.75	6.49	6.40	6.40
Co-operative Bank	7.24	6.99	6.89	6.79	6.65	6.55	6.55
Heartland Bank		6.89	6.69	6.55	6.35
ICBC	7.19	7.05	6.79	6.75	6.59	6.49	6.49
	7.35	7.14	6.89	6.49	6.35	6.19	6.19
	7.39	7.14	7.19	6.75	6.65	6.59	6.59