Westpac has taken on Kiwibank and cut all its fixed rates following last week's OCR announcement.
Both have made significant cuts with Kiwibank taking between 10 and 51 points off its rates and Westpac ranging from 16 to 45 points.
However the most noticable difference is that Westpac has chosen to take the lead in the shorter term rates with its six month and one year rate being better than Kiwibank.
They both have a two-year rate of 5.89% and in the longer term maturities Kiwibank has the sharper rates.
Neither have made changes to their floating rates.
This is the second cut Westpac has made to its one year rate. It took 10 points off it on Thursday and another 26 points off in this round.
| | | Kiwibank | Westpac | | ------------- | ------------- | ------------ | ------------- | ---------- | ------------- | | | Old rates | Change | New Rates | Change | New Rates | | 6 month | 5.75 | -0.10 | 5.65 | -0.16 | 5.59 | | 1 year | 5.80 | -0.15 | 5.65 | -0.26 | 5.59 | | 18 months | | | | -0.31 | 5.89 | | 2 years | 6.30 | -0.41 | 5.89 | -0.41 | 5.89 | | 3 years | 6.70 | -0.31 | 6.39 | -0.25 | 6.45 | | 4 years | 7.30 | -0.51 | 6.79 | -0.45 | 6.85 | | 5 years | 7.60 | -0.41 | 7.19 | -0.35 | 7.25 |
