Westpac has announced drops in its interest rates, following similar moves by other banks in recent months.
In January ASB lowered its mortgage rates by as much as 20 basis points, with new mortgage loans linked to the bank decreased to as little 6.55 percent for four and five-year rates.
On Friday morning, Westpac revealed its one-year, three-year, four-year and five-year special and standard fixed home loan rates would decrease by 10 basis points.
Their 18-month special and standard fixed home loan rates will also fall by 20 basis points.
"We know this will be welcome news for customers looking to re-fix their mortgage soon," said Sarah Hearn, Westpac's general manager of product, sustainability and marketing.
"While we are reducing our rates, we acknowledge that customers may be re-fixing their loans from the historically low rates we have seen over recent years and may still be concerned about their increasing costs.
"We're proactively calling home loan customers who may be facing into financial difficulty to ensure they're well supported and understand their options."
Westpac said their data shows most people are coping well with higher living costs.
They have also decreased some term deposit rates, with 10 to 30 basis point drops for all terms between 12 months and five years.
The pricing changes are effective from Friday, February 9.
