Westpac cuts 1, 2 and 3-year mortgage rates by up to 10 basis points, making similar changes to those already made by ASB and ANZ

Westpac has cut its one, two and three-year "special" mortgage rates by 10, 6 and 9 basis points respectively. 

The cuts match all the changes ANZ made on Wednesday, and the changes ASB made last Thursday to its 1 and 2-year rates.

ASB’s three-year rate of 4.79% remains a market leader. 

Westpac's changes, which come into effect today (June 22), are as follows:

Term Old rate Movement New rate
1 Year Fixed Special 4.39% -10bps 4.29%
2 Year Fixed Special 4.55% -6bps 4.49%
3 Year Fixed Special 4.94% -9bps 4.85%

At 4.29%, Westpac, ANZ and ASB's one-year rate is 10 basis points above HSBC’s market-leading rate of 4.19%.

Meanwhile, at 4.49%, their two-year rate is 20 basis points above HSBC’s 4.29% rate.

To be eligible for Westpac's "specials" borrowers require at least 20% equity, and need to credit their salaries to a Westpac transaction account.

Westpac's "standard" 1, 2 and 3-year rates are 4.99%, 5.05%, and 5.44%.

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 June 20, 2018 % % % % % % %
               
4.99 4.29 5.15 4.49 4.85 5.85 5.99
ASB 4.95 4.29 4.39 4.49 4.79 5.39 5.59
5.35 4.39 5.05 4.55 4.99 5.89 6.09
Kiwibank 4.99 4.35   4.39 4.85 5.19 5.39
Westpac 5.25 4.29 5.15 4.49 4.85 5.89 5.59
               
4.80 4.29 4.45 4.55 4.89 5.39 5.59
HSBC 4.85 4.19 3.85 4.29 4.89 5.29 5.59
HSBC 4.99 4.29 4.59 4.55 4.99 5.49 5.55
4.85 4.29 4.39 4.55 4.89 5.55 5.69

See all banks' carded, or advertised, home loan interest rates here.

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