Overview

• Effective Friday, Westpac will reduce all advertised home-loan rates by 10 to 40 basis points and trim term deposit rates.
• The bank's one-year special will be 4.49 percent, aligning with BNZ and ANZ.
• Longer-term pricing includes a five-year special of 4.99 percent per annum.
• Westpac says its one-year special has fallen by 2.65 percentage points over the past 15 months.
• A mortgage adviser reports rising applications and says banks could cut test rates if a double 50-point OCR reduction occurs, which he believes would lift borrowing capacity and pressure turnaround times.