Westpac New Zealand Cuts Most Fixed Mortgage Rates

Westpac New Zealand announced adjustments to its fixed home loan and term deposit rates effective Wednesday, November 11, 2026. The bank reduced its one-year carded rate by 20 basis points to 4.99% and cut its three, four, and five-year rates by 10 basis points each. These changes make its three-year rate of 5.49% the lowest among the main mortgage banks in the market.

In contrast, the bank increased its two-year rate by 10 basis points to 5.39%, placing it 4 basis points higher than its Australian rivals. The 18-month fixed rate remains unchanged at 5.19%.

Westpac also lowered its three, four, and five-year term deposit rates by 20 basis points each. These reductions result in term deposit rates that are generally lower than those offered by its primary competitors.