Westpac has followed Kiwibank's moved and increased the rate on its capped home loan rate, but it has also increased its six-month fixed rate by 26 basis points. This moves takes the rate to 5.85%.
It has increased its one year capped rate by a similar amount (25 basis points) and that now sits at 6.75% which is 50 basis points higher than Kiwibank's rate.
The increase in the six month rate is a sign of things to come. Although Westpac is one of the first to move its rate is still highly competitive. We have sorted the rates table from lowest to highest on the six month term. See how Westpac compares with its competitors by clicking on this link.
