Westpac has changed three fixed mortgage rates, effective Tuesday, March 19, 2013.
It has lowered its one year fixed rate to 5.19% from 5.25%.
There are no special limits to this new Westpac rate.
However, it does match the "limited time" Special rate announced for this term by ANZ on Friday.
At the same time, it has raised its four year rate to 6.15%, a rise of 0.16% from 5.99%.
And it has raised its five year fixed rate to 6.25%, up by 0.26% from 5.99%.
Its other fixed mortgage rates are unchanged, including its 18 month rate of 5.40%.
Earlier in the day it withdrew its limited-time 3 year fixed Special of 5.39%.
The rate changes announced today are:
| Fixed term ... | Old rate | change | New rate |
| % | % | % | |
| 1 year | 5.25 | -0.06 | 5.19 |
| 4 years | 5.99 | +0.16 | 6.10 |
| 5 years | 5.99 | +0.26 | 6.25 |
This positions the Westpac rates among the New Zealand banks as follows:
| 1 yr | 2 yrs | 3 yrs | 4 yrs | 5 yrs | |
| ANZ | 5.19% | 5.45% | 5.80% | 6.10% | 6.30% |
| ASB | 5.45% | 5.45% | 5.75% | 5.95% | 6.25% |
| BNZ | 5.25% | 5.40% | 5.90% | 6.20% | 6.50% |
| Kiwibank | 5.25% | 5.25% | 5.65% | 5.99% | 5.99% |
| Westpac | 5.19% | 5.40% | 5.90% | 6.15% | 6.25% |
| Co-op Bank | 5.25% | 5.35% | 5.75% | 5.99% | |
| HSBC Premier | 4.99% | 4.99% | 4.99% | 5.50% | 5.75% |
| SBS / HBS | 5.25% | 5.30% | 5.65% | 5.99% | |
| TSB Bank | 5.25% | 5.30% | 5.90% | 6.10% | 6.50% |
Kiwibank has one lower rate; it has a six month fixed rate of 4.79%.
TSB Bank also has a lower rate; it has a Special 15 month offer of 4.95%.
All the latest mortgage rate offers for all institutions are here »
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