Latest news with #WestpacNewZealand
Time of India
28-05-2025
- Business
- Time of India
Westpac NZ slashes home loan rates after OCR cut, 3-year fixed now just 4.95%, check full list
Westpac New Zealand has quickly responded to the Reserve Bank of New Zealand's (RBNZ) recent decision to lower the Official Cash Rate (OCR) by 25 basis points to 3.25%, announcing reductions in lending and deposit rates. Effective Thursday, May 29, 2025, Westpac NZ is offering special fixed home loan rates of 4.95% per annum across one, two, and three-year terms. This move positions Westpac's three-year rate as the lowest among the five major banks in New Zealand. Additionally, the bank has reduced its six-month fixed special rate to 5.49% per annum. Westpac mortgage rates (variable) have also been adjusted downward by 0.15% annually. This change means that since July of the previous year, customer variable rates have decreased by over 2.00% per annum. Furthermore, most variable business lending rates have been reduced in line with the 0.25% OCR decrease. Live Events According to advertised rates as of 3 PM on May 28, Westpac's new special rate of 4.95% per annum is the lowest three-year rate among the five largest banks. This rate is significantly lower than the average of 5.40% per annum over the past ten years. Savers are closely monitoring the rate decline, and support for them remains a priority, as per Westpac. That's why the 0.25% OCR reduction has not been applied to the Notice Saver product, which continues to offer a rate of 3.10% per annum. Additionally, Westpac is decreasing its mortgage serviceability rate from 7.00% to 6.85%. Sarah Hearn, Westpac NZ's General Manager of Product, Sustainability, and Marketing, said the bank's commitment is to providing value to customers in a competitive environment. She stated, "We'll continue to look for opportunities to pass on interest rate reductions to ensure we're providing customers with good value." Hearn also acknowledged many New Zealanders' financial challenges, encouraging customers to engage with the bank if they have concerns about their finances. The RBNZ's decision to lower the OCR to 3.25% marks the second consecutive reduction, bringing the rate to its lowest level since September 2022. The central bank cited a recovering economy and inflation within the target range as reasons for the cut. However, it also noted ongoing challenges, including global economic uncertainties and the impact of tariffs, which could affect future growth and inflation. Fixed home loan rates (Special, effective from May 29) Term New Rate (p.a.) Change 6 months 5.49% p.a. -0.10% 1 year 4.95% p.a. -0.04% 18 months 4.95% p.a. -0.04% 2 years 4.95% p.a. -0.04% 3 years 4.95% p.a. -0.24% 4 years 5.39% p.a. No Change 5 years 5.39% p.a. No Change Fixed home loan rates (Standard, effective 29 May 2025) Term New Rate (p.a.) Change 6 months 6.09% p.a. -0.10% 1 year 5.55% p.a. -0.04% 18 months 5.55% p.a. -0.04% 2 years 5.55% p.a. -0.04% 3 years 5.55% p.a. -0.24% 4 years 5.99% p.a. No Change 5 years 5.99% p.a. No Change Variable home loan rates (effective from June 3, 2025, for new customers and on June 5, 2025, for existing customers) Term New Rate (p.a.) Change Choices Floating 6.59% p.a. -0.15% Choices Offset 6.59% p.a. -0.15% Choices Everyday 6.69% p.a. -0.15%
Scoop
23-05-2025
- Business
- Scoop
Special Olympics Marks 200 Day Countdown To National Summer Games
Press Release – Special Olympics NZ Special Olympics Chief Executive Fran Scholey says that Christchurch is working hard to prepare the facilities and her team are ramping up their recruitment drive for the 700 volunteers required to enable the athletes to compete. Special Olympics New Zealand tomorrow, May 24, will mark the 200-day-to-go milestone counting down to the National Summer Games in Christchurch. The National Summer Games, on December 10-14, are the four-yearly pinnacle event for athletes with an intellectual disability with over 1300 athletes and thousands of support crew and family expected to flood the city's new sports facilities. Special Olympics Chief Executive Fran Scholey says that the city is working hard to prepare the facilities and her team are ramping up their recruitment drive for the 700 volunteers required to enable the athletes to compete. 'This is the largest inclusive event in the country and can only happen with the support of our wonderful volunteers,' says Scholey, who adds that the event will need volunteers to look after a variety of roles from transport, accommodation, competition, media and the Healthy Athletes Programme. Scholey is grateful Freemasons New Zealand have again come on board as the Premier Partner for the event and many of its members will again step up in volunteering roles. 'Freemasons New Zealand and the Freemasons Charity are proud to be premier sponsor of the Special Olympics NZ 2025 National Summer Games and Volunteer Programme — a celebration of inclusion, dedication, and community spirit. Our shared values make this partnership truly 'special',' says Chris Thorndcroft – District Grand Master for the Canterbury District. Scholey is heartened by the fact that many corporate businesses are encouraging their staff to use their corporate volunteering days to support the National Summer Games, with Westpac New Zealand one of the first to put their hands up to support the event. Westpac Canterbury Regional Board Chair Leah McIvor says the National Summer Games are a brilliant event and the team is thrilled to help it come to life. 'At Westpac, all staff get two Volunteer Days each year so we thought the Special Olympics would be a great way to use them as a team. It's a great way to support the community, support the athletes, and a great bonding experience for all of us. We can't wait,' says McIvor. Christchurch Mayor Phil Mauger is super excited to be welcoming the National Summer Games to his city and the fact that Special Olympics athletes will be enjoying some of the new sports facilities that were built after the 2011 earthquakes. 'I can't wait to get along to some of the events and to show what an amazing host city we are. It's been 20 years since we last hosted this event and I'm sure everyone involved will do a wonderful job,' the Mayor says. Fiona Sawers is the Volunteer Manager for Special Olympics New Zealand, responsible for recruiting, training and overseeing the 700-plus volunteers before and during the event, and says the National Summer Games is an incredibly special event to be a part of. 'Volunteers generously offering their time and energy to help with the running of this event enables our athletes to be supported, so they can feel safe, welcome and able to deliver the best performance of their lives.' Sawers says the athletes have trained very hard for four years for their competition, but coming to an unfamiliar environment can create challenges for the athletes. 'We need local volunteers to help ensure they have a wonderful experience competing, having fun and making new friends.'
Scoop
23-05-2025
- Sport
- Scoop
Special Olympics Marks 200 Day Countdown To National Summer Games
Special Olympics New Zealand tomorrow, May 24, will mark the 200-day-to-go milestone counting down to the National Summer Games in Christchurch. The National Summer Games, on December 10-14, are the four-yearly pinnacle event for athletes with an intellectual disability with over 1300 athletes and thousands of support crew and family expected to flood the city's new sports facilities. Special Olympics Chief Executive Fran Scholey says that the city is working hard to prepare the facilities and her team are ramping up their recruitment drive for the 700 volunteers required to enable the athletes to compete. 'This is the largest inclusive event in the country and can only happen with the support of our wonderful volunteers,' says Scholey, who adds that the event will need volunteers to look after a variety of roles from transport, accommodation, competition, media and the Healthy Athletes Programme. Scholey is grateful Freemasons New Zealand have again come on board as the Premier Partner for the event and many of its members will again step up in volunteering roles. 'Freemasons New Zealand and the Freemasons Charity are proud to be premier sponsor of the Special Olympics NZ 2025 National Summer Games and Volunteer Programme — a celebration of inclusion, dedication, and community spirit. Our shared values make this partnership truly 'special',' says Chris Thorndcroft - District Grand Master for the Canterbury District. Scholey is heartened by the fact that many corporate businesses are encouraging their staff to use their corporate volunteering days to support the National Summer Games, with Westpac New Zealand one of the first to put their hands up to support the event. Westpac Canterbury Regional Board Chair Leah McIvor says the National Summer Games are a brilliant event and the team is thrilled to help it come to life. 'At Westpac, all staff get two Volunteer Days each year so we thought the Special Olympics would be a great way to use them as a team. It's a great way to support the community, support the athletes, and a great bonding experience for all of us. We can't wait,' says McIvor. Christchurch Mayor Phil Mauger is super excited to be welcoming the National Summer Games to his city and the fact that Special Olympics athletes will be enjoying some of the new sports facilities that were built after the 2011 earthquakes. 'I can't wait to get along to some of the events and to show what an amazing host city we are. It's been 20 years since we last hosted this event and I'm sure everyone involved will do a wonderful job,' the Mayor says. Fiona Sawers is the Volunteer Manager for Special Olympics New Zealand, responsible for recruiting, training and overseeing the 700-plus volunteers before and during the event, and says the National Summer Games is an incredibly special event to be a part of. 'Volunteers generously offering their time and energy to help with the running of this event enables our athletes to be supported, so they can feel safe, welcome and able to deliver the best performance of their lives.' Sawers says the athletes have trained very hard for four years for their competition, but coming to an unfamiliar environment can create challenges for the athletes. 'We need local volunteers to help ensure they have a wonderful experience competing, having fun and making new friends.'
Scoop
15-05-2025
- Business
- Scoop
Westpac NZ Supports Open Banking Rollout By Not Charging Fintechs For Standard API Calls
Press Release – Westpac New Zealand Allowing fintechs to integrate into our open banking APIs for no cost should create a more affordable business model for them, and ultimately speed up access for Kiwi consumers to a wide range of affordable open banking experiences, Westpac NZ Chief … Westpac NZ is supporting the rollout of open banking in New Zealand by making standard API requests through its systems free for accredited third-party providers, for at least the first 12 months. 'Allowing fintechs to integrate into our open banking APIs for no cost should create a more affordable business model for them, and ultimately speed up access for Kiwi consumers to a wide range of affordable open banking experiences,' Westpac NZ Chief Information Officer Russell Jones says. 'As an early participant in Online EFTPOS from 2019, we understand the value of providing consumers with more options for making payments and managing their money in a safe and secure way. 'We already have agreements in place with a number of fintechs, and we've notified them of their reduced pricing, which we'll review in 12 months' time as the open banking landscape evolves. We expect to enter into agreements with a number of new fintechs in the near future. 'We're already facilitating thousands of open banking payments a month for Kiwi consumers, and we expect that to keep growing steadily as trust and awareness of open banking grows.' Mr Jones says an industry-wide collaborative approach is needed to make open banking a success. 'We're keen to ensure New Zealand's open banking ecosystem is viable in the long term and we hope to see it expand to include all financial services participants. 'We look forward to MBIE releasing the central accreditation model, which will further streamline the onboarding experience by removing the need for fintechs to enter into multiple bilateral agreements with open banking providers. 'Consumer confidence is also key to the successful uptake of open banking, and we continue to work with the industry on future API standards that are safe and secure, as well as providing a seamless and efficient partnering process with third parties that creates trust in the system. 'From an operational perspective, we're on track to meet the 30 May deadline for Payments NZ's API Centre Payment Initiation implementation plan version 2.3. This will give customers increased functionality and choice for making both one-off and regular ongoing payments.' More information about Westpac's open banking work can be found on its website, including a list of current integrated third-party providers. Earlier this month, the government released guidance that bank charges for open banking must not exceed 1 cent per successful API call for account information and 5 cents per transaction for payments.
NZ Herald
05-05-2025
- Business
- NZ Herald
Westpac reports 10% profit growth, partially thanks to popularity of floating interest rates
Westpac New Zealand chief executive Catherine McGrath says Reserve Bank capital rules could increase borrowing costs by 50 basis points. Photo / Mark Tantrum Westpac New Zealand's profits are continuing to rise, as it makes more money from existing customers, rather than materially growing its business. The Australian-owned bank's New Zealand division reported a net profit of $525 million in the six months to March – a 10% rise from the same period
