Westpac has cut its floating and most fixed interest rates
for home loans by 0.75%.
The reduction is applies to base business banking rates and
credit card interest rates.
Westpac New Zealand acting chief executive Bruce McLachlan
said the decision followed a significant easing in wholesale
rates over the past week.
"We are pleased to be able to pass on to consumer, business
and farming clients the benefits of an easing in wholesale
rates, and we want to send a strong signal, by doing this,
that we are open for doing good and fair business with our
customers who are facing a tough economic environment," he
said.
The reduction has been made in anticipation of a
widely-predicted Reserve Bank cut to the official cash rate
in early December.
"This cut is already being priced into the wholesale rates,"
Mr McLachlan said.
"We're all aware of the financial pressure that many people
are experiencing in the current economic climate; in some
cases, this pressure is significant.
"We are committed to supporting our customers as much as
possible during this time, and today's announcement will be
great news for many of them."
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