{"id":56398,"date":"2025-10-02T14:30:07","date_gmt":"2025-10-02T14:30:07","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/56398\/"},"modified":"2025-10-02T14:30:07","modified_gmt":"2025-10-02T14:30:07","slug":"westpac-cuts-home-loan-rates-as-mortgage-competition-intensifies","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/56398\/","title":{"rendered":"Westpac cuts home loan rates as mortgage competition intensifies"},"content":{"rendered":"

General manager of product, sustainability and marketing Sarah Heran said it would mean the one-year special rate had fallen by 2.65% over the past 15 months.<\/p>\n

\u201cWe\u2019ve also made significant cuts to our longer-term rates, reducing our five-year special to 4.99 per cent per annum.<\/p>\n

\u201cSplitting between shorter and longer terms could be an attractive option for homeowners looking for greater certainty and some protection against potential future rate rises.<\/p>\n

\u201cIt\u2019s an extremely competitive market<\/a> out there and we continue to fight hard to win business and pass on lower interest rates to our customers.\u201d<\/a><\/p>\n

Mortgage adviser Jeremy Andrews, from Key Mortgages, said he had seen an increase in mortgage applications recently.<\/p>\n

He said he expected rates to cut their test rates \u2013 the interest rates they use to assess whether a borrower can afford a loan<\/p>\n

\u201cEspecially if we get a \u2018double\u2019 50 point OCR cut … And that would help increase borrowing capacity supply and buyer demand.<\/p>\n

\u201cThe relief on turnaround times being under a week again with several banks is likely to push out again if we do get a big influx of people who\u2019ve been holding off now seeking approvals for spring and summer.\u201d<\/p>\n

-RNZ<\/p>\n","protected":false},"excerpt":{"rendered":"General manager of product, sustainability and marketing Sarah Heran said it would mean the one-year special rate had…\n","protected":false},"author":2,"featured_media":56399,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[806,138,4596,10666,813,1345,47404,18060,16400,111,139,69,7676,812,17239],"class_list":["post-56398","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-as","tag-business","tag-competition","tag-cuts","tag-edmunds","tag-home","tag-intensifies","tag-loan","tag-mortgage","tag-new-zealand","tag-newzealand","tag-nz","tag-rates","tag-susan","tag-westpac"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/56398","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=56398"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/56398\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/56399"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=56398"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=56398"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=56398"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}