Westpac says it has reduced its advertised special home loan rates across all terms by between 0.1 and 0.4 percent since the start of July. Photo: 123rf
Westpac is lowering its home loan interest rates for the second time this month.
The bank says it now has the lowest rates for three and four year terms of the five major banks.
Westpac's special fixed home loan rate for a one year term is now 6.85 percent with no change to its six month term.
Its standard rate for one year is 7.45 percent and 7.09 for two years.
The bank is also decreasing a range of term deposit rates by between 0.1 and 0.3 percent.
Westpac NZ spokesperson Sarah Hearn said wholesale rates had fallen and the bank was passing that on to its customers.
"This will be welcome news for customers due to re-fix their home loans in the near future," she said in a statement.