“We’ll continue working hard to support both borrowers and savers through an interest rate tightening cycle,” Westpac NZ managing director of product, sustainability and marketing Sarah Hearn said.
“The large majority of our home lending is on fixed terms, and there are no changes to any of our fixed rates today.”
Hearn said “a rising OCR will likely mean good news for savers”.
“We supported them through the last year by holding our Notice Saver unchanged even as the OCR fell. This proved highly popular with savers, and we think our 3.00% pa rate continues to offer great value.
“Overall, we’ve seen our customers cope well with the economic uncertainty of the past few months. However, we encourage anyone who’s concerned about their finances to come and talk to us, and so we can make a plan to support them.”
It comes after ANZ cut some of its home loan and term deposit rates last month on the back of a fall in wholesale interest rates.
The move was in response to Westpac cutting its longer-term home loan fixed rates.
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