Westpac is cutting its carded, or advertised, one-year mortgage rate "special" by 16 basis points to 3.99% from 4.15%.
The change is effective Friday, January 18 with the bank saying the offer will run until Friday, February 1.
The 3.99% rate is the equal lowest advertised one-year rate from a bank alongside HSBC's "Premier" rate.
Borrowers require a minimum of 20% equity and a transactional account with Westpac where their salary is paid. Westpac says loans for business and investment purposes and package customers are excluded.
Westpac's move is the second mortgage rate cut by a bank so far in 2019. It follows Kiwibank's 10 basis points cut to its two-year rate, which is now 4.19%.
See all banks' carded, or advertised, home loan interest rates here.
Here is the full snapshot of the advertised fixed-term rates on offer from the key retail banks.
| below 80% LVR | 6 mths | 1 yr | 18 mth | 2 yrs | 3 yrs | 4 yrs | 5 yrs |
| as at January 14, 2019 | % | % | % | % | % | % | % |
| ANZ | 4.99 | 4.05 | 4.19 | 4.29 | 4.49 | 5.55 | 5.69 |
 |
4.95 | 4.05 | 4.19 | 4.29 | 4.49 | 4.95 | 5.09 |
 |
4.99 | 4.10 | 4.79 | 4.29 | 4.49 | 5.19 | 5.39 |
 |
4.99 | 4.05 | 4.19 | 4.49 | 4.99 | 5.09 | |
 |
4.99 | 3.99
 |
4.09 | 4.29 | 4.59 | 5.29 | 5.49 |
 |
4.10 | 4.10 | 4.29 | 4.35 | 4.49 | 4.99 | 5.19 |
 |
4.85 | 3.99 | 3.99 | 4.19 | 4.69 | 4.99 | 5.29 |
 |
4.99 | 4.15 | 4.49 | 4.29 | 4.49 | 4.99 | 5.09 |
 |
4.85 | 4.05 | 4.19 | 4.25 | 4.49 | 4.95 | 4.99 |
In addition to the above table, BNZ has a fixed seven year rate of 5.95%. TSB no longer has a ten year offer.
Fixed mortgage rates
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25 Comments
Actually, I think you are wrong. It is not hard anymore to change banks; in fact every bank has a system in place that makes it remarkably easy to switch to them, and because they all have it, the barriers to switching have never been lower.
The other point is, it is very easy to maintain multiple bank relationships.
The 'hard-to-swtch' narrative is one from at least a decade ago.
I changed banks last year and it is still a pain. They bond you for 3 years with the cashback and require you to move all your accounts to them. Cost $2,000 in lawyers to move 3 properties.
Don't know what this new system you are referring to is but Westpac never offered it to me.
These miserly bankers were able to offer 3.95% for one year fixed in November when swaps were a lot higher than they are now - they should be offering 3.75% based on current record low swap rates. 3.95% ain't gonna stimulate the record low level of real estate sales volume seen in December - they might need to get it down to 3.25%.
Not at the moment . I can usually get .25 or so off just by asking , ( it goes higher up than the person answering the phone , and an answer the next day ), but in the last few months , its been the advertised and no less , at least on the 1 year. You can definitely get some off the terms that are not on special , I have got 6 month s at .1 % more than the 1year raterecently.
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