Westpac withdraws 1-year 'special' mortgage rate, introduces new 2-year rate for non-high LVR lending

Westpac withdraws 1-year 'special' mortgage rate, introduces new 2-year rate for non-high LVR lending

Westpac is introducing new one and two-year, fixed-term home loan interest rates for borrowers with at least a 20% deposit.

The new one year rate of 5.40% is an increase of 46 basis points from its 4.94% "limited time special".

The new two year rate of 5.65% is 30 basis points lower than the bank's standard two-year rate of 5.95%.

Both new rates are effective from Friday, October 4.

"Over the last few months there has been a growing preference for fixed-term home loans and the new rate provides a competitive option for customers," Westpac said. "The two-year term offers certainty for customers and choice for those looking to split their mortgages between fixed and floating rates."

"Both the one and two year rates require a minimum 20% deposit and no minimum lending amount is required," Westpac added.

See all carded, or advertised, bank home loan rates here.

  1 yr 18 mths 2 yrs 3 yrs 5 yrs
           
5.45% 5.75% 5.95% 6.50% 7.10%
ASB 5.40% 5.65% 5.70% 6.40% 6.99%
BNZ 5.39% 5.39% 5.95% 6.29% 7.10%
Kiwibank 5.25%   5.75% 5.99% 6.90%
Westpac 5.40% 5.75% 5.65% 6.50% 7.10%
           
Co-op Bank 4.94%   5.50% 6.20%  
HSBC Premier 4.75%   5.65% 6.35% 6.99%
SBS / HBS 4.95%   5.45% 5.99% 6.55%
TSB 5.40% 5.65% 5.85% 6.45% 7.00%

In addition to the table, TSB has a 15 month 'special' rate of 5.15%.

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'non-high LVR lending' is that the same as low LVR lending? Or high equity lending? Or non-low equity lending? :P
 

Very good point ! .. ..Gareth , " non-high " could be described simply as " low " ...
 
Or , if you're fluent in Gumlish , " un-high " ....

Yes gents, it is getting a tad confusing at times. I'll try and keep it simple in future. In this instance "non-high" means borrowers must have at least a 20% deposit. Cheers.

"The new two year rate of 5.65% is 30 basis points lower than the bank's standard two-year rate of 5.95%."
Thats damn expensive.
Fat Tony picked the sweet spot perfectly this time - some people got under 5.6% for 5years only a few months ago.