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.
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