Westpac and ASB have reduced interest rates this morning.
Westpac has fallen into line with its competitors by reducing its two, four and five year fixed mortgage rates.
Westpac's two year rate moves to 5.49% 5.40%, the same as ANZ and The National Bank. This is the lowest rate for a bank for this term.
Their 4 year fixed rate reduces to 6.25% from 6.50%, and their 5 year fixed rate falls to 6.70% from 6.90%. Neither of these offering is market-leading, however. ASB, SBS, TSB and BNZ all have lower rates for these terms.
All bank mortgage rate offers are here ». Our handy mortgage calculator is here » and if you are contemplating shifting from a floating or variable rate mortgage to a fixed rate one, you should check this handy tool here ».
Meanwhile, ASB and BankDirect have reduced term deposit rates.
Each have reduced their 5 month TD rate to 3.25% from 4.40% and added a 'new' 100 day rate of 4.10%, an overall reduction in short-term offers. Their 6 and 9 month offer of 4.00% is unchanged.
In addition, each has reduced all its term deposit rates from 2 to 5 years by 25 bps.
It's 2 year TD rate is now 4.50%, its 3 year rate now 4.75%, its 4 year rate now 5.00% and its 5 year TD rate now 5.25%. Term PIE rates for equivalent terms have changed by the same amount.
You can see all term deposit rates from all institutions here » and here ». Term PIE rates, with their equivalent yields, are here ».
(Corrects error in Westpac 2 yr fixed rate)
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