ANZ, Westpac, Kiwibank drop home loan lending rates after Reserve Bank cash rate cut

Banks, including Westpac, have begun reducing mortgage rates following the Reserve Bank’s cut of the Official Cash Rate from 3.25% to 3%. Westpac lowered its one-year, 18-month, and two-year special rates to 4.75%, marking a new low, while its three-year rate decreased by 30bps to 5.09%, aiming to alleviate financial pressures on households and businesses.

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