Registered bank
Westpac home loan rates
Westpac’s carded fixed rates, next to every other New Zealand lender — plus the cashback terms and the bit that usually goes unsaid: what you’d owe back if you left early.
- Lender type
- Registered bank
- Ownership
- Westpac Banking Corporation
- Cashback clawback
- Not verified
Today's rates
Westpac against the rest of the market.
A rate only means something next to the alternatives. This is the whole market, updated nightly, with Westpac in it rather than on its own.
| Lender | Floating | 6 mth | 1 yr | 18 mth | 2 yr | 3 yr | 5 yr |
|---|---|---|---|---|---|---|---|
| ANZ | 6.29 | 4.79 | 4.99 | 5.29 | 5.35 | 5.59 | 6.49 |
| ASB | 6.29 | 4.79 | 4.99 | 5.29 | 5.35 | 5.59 | 5.75 |
| BNZ | 6.34 | 4.89 | 5.19 | 5.29 | 5.35 | 5.59 | 5.75 |
| Westpac | 6.39 | 4.89 | 5.19 | 5.45 | 5.29 | 5.59 | 5.75 |
| Kiwibank | 6.25 | 4.85 | 5.15 | — | 5.39 | 5.59 | 5.89 |
| AIA | 6.29 | 4.79 | 4.99 | 5.35 | 5.45 | 5.45 | 5.59 |
| Avanti Finance | 6.85 | — | — | — | — | — | — |
| Bank of Baroda | 7.24 | 4.79 | 4.99 | — | 5.49 | 5.59 | — |
| Bank of China | 5.35 | 4.58 | 4.68 | 4.83 | 5.08 | 5.18 | 5.68 |
| Basecorp Finance | 6.35 | — | — | — | — | — | — |
Carded rates as published by each lender. What you are actually offered is usually better — that is the conversation worth having. Lowest at each term is highlighted.
The bit nobody prints
Westpac’s cashback, and the condition on it.
What's advertised
$250,000+
minimum loan
Advertised at $5,000 or more for first home buyers on a loan of $250,000 or more. Westpac’s own footnotes add two conditions the others don’t publish: 20% equity, and your salary paid into a Westpac account.
The condition
Unverified
we will not guess
Westpac does not publish its clawback period. We also read the current Choices home loan terms and it is not in there — the period that binds you is in your loan agreement.
Worth knowing
What's specific to Westpac.
- The only major whose published offer requires your salary to move with the loan.
- The clawback period is not published anywhere we could read — the one major where you cannot know the leash before you ask.
Rates and offers are collected from published material and change without notice. Confirm anything here against Westpac directly or with a licensed adviser before you act on it.
Questions
Westpac, specifically.
Does Westpac negotiate on its carded rate?
Carded rates are the published starting point. What a lender will actually do depends on your equity, income and how much of your banking moves with you. The gap between the two is the thing worth knowing before you ring them.
What happens to my Westpac cashback if I leave early?
Westpac does not publish its clawback period. We also read the current Choices home loan terms and it is not in there — the period that binds you is in your loan agreement.
How is a Westpac break fee calculated?
Lenders calculate an early repayment adjustment from wholesale swap rates, not from the advertised rate. It is largest when wholesale rates have fallen since you fixed, and often very small or nil when they have risen. The figure moves day to day, so any quote is only good for a few days.
Can I refix with Westpac without moving banks?
Yes. Refixing stays with your existing lender and is usually a short administrative step. Moving banks is a fresh credit application, which is a different question with different costs — legals, valuation, discharge, and possibly a break fee and cashback clawback.
Is Westpac still the right place for it?
Two numbers and a date is enough to see what your rate is costing. We don't ask who you are until you've seen it.
Run my numbers