Westpac NZ is lifting variable rates for borrowers and savers following yesterday’s 0.25% OCR hike, but is making no changes to its fixed home loan rates.
Effective Monday 13 July for new customers and Thursday 16 July for existing customers, the interest rates for all Westpac’s variable home and business loans will increase by 0.25% p.a. Westpac’s key variable savings product, Bonus Saver, will also increase by 0.25% p.a., effective Monday 13 July.
“We’ll continue working hard to support both borrowers and savers through an interest rate tightening cycle,” says Westpac NZ Managing Director of Product, Sustainability and Marketing, Sarah Hearn.
“The large majority of our home lending is on fixed terms, and there are no changes to any of our fixed rates today.
“Meanwhile, a rising OCR will likely mean good news for savers. We supported them through the last year by holding our Notice Saver unchanged even as the OCR fell. This proved highly popular with savers, and we think our 3.00% p.a. rate continues to offer great value.
“Overall, we’ve seen our customers cope well with the economic uncertainty of the past few months. However, we encourage anyone who’s concerned about their finances to come and talk to us, and so we can make a plan to support them.”
Variable Home Loan rates (Effective 13 July 2026 for new customers and 16 July 2026 for existing customers)
Product | New Rate | Change |
Choices Floating | 6.14% p.a. | +0.25% |
Choices Offset | 6.14% p.a. | +0.25% |
Choices Everyday | 6.24% p.a. | +0.25% |
