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Westpac has trimmed 20 basis points off its six-month special home loan rate, cutting it to 5.99% per annum - a rate matching rival bank BNZ.

Its standard six-month home loan rate is falling by the same amount, and will now sit at 6.59% p.a.

Westpac is also cutting some term deposit rates from five to nine months by between 0.10% and 0.15% p.a.

The new rates which will take effect tomorrow, January 17, will make it the joint-lowest advertised special six-month rate of the five major banks.

Westpac also has the joint-lowest advertised one, two, and three-year special rates, and the outright lowest four and five-year special rates.

Westpac NZ general manager of product, sustainability and marketing, Sarah Hearn, said the bank was working hard to help customers start 2025 on the right foot.

“We expect competition for home lending to be fierce again this year and we’re acting swiftly to ensure we keep offering great value,” Hearn said.

“While some economic uncertainty remains both domestically and overseas, homeowners rolling onto new fixed rates should start to feel the relief of lower repayments as the year goes on.”

Comparing the other major banks’ six-month special home loan rates, ANZ currently sits at 6.24% p.a., Kiwibank sits at 6.15% p.a., while BNZ is matching Westpac on 5.99% p.a.

ASB doesn’t offer a six-month special home loan rate, but its standard six-month rate is sitting at 6.19% p.a.

The last change to home loan rates was following the Reserve Bank’s decision to cut the official cash rate (OCR) by 50 basis points to 4.25%.

The next monetary policy statement which sets the OCR is set to come on February 19.