Westpac has announced it's decreasing a number of its interest rates, following cuts by other big banks in recent months.
Just two weeks ago, competitor ASB dropped a number of mortgage rates, after a wave of cuts by the industry in December.
This morning, Westpac said its one year, three year, four year and five year special fixed home loan rates would decrease by 10 basis points, while its 18 month special fixed home loan rate will fall by 20 basis points.
Likewise, the bank's one year, three year, four year and five year standard fixed home loan rates will also decrease by 10 basis points.
Its 18-month standard fixed home loan rate will fall by 20 basis points.
"We know this will be welcome news for customers looking to re-fix their mortgage soon," the bank's general manager of product, sustainability and marketing Sarah Hearn said.
"While we are reducing our rates, we acknowledge that customers may be re-fixing their loans from the historically low rates we have seen over recent years and may still be concerned about their increasing costs.
"We're proactively calling home loan customers who may be facing into financial difficulty to ensure they're well supported and understand their options.
"Our data shows the vast majority of our customers are coping well with higher living costs, but we encourage them to get in touch if they have any concerns," she added.
The bank also decreased a number of term deposit rates, with 10 to 30 basis point drops for all terms between 12 months and five years.
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