Finance Minister urges mortgage holders to shop around after Westpac rate hike

Wednesday 10 December 2025 · 4 outlets · 4 reports · updated Thu 11 Dec 2025, 9:01am

In this story Nicola Willis, Westpac

Finance Minister Nicola Willis has advised borrowers to compare different banks after Westpac increased some fixed-term mortgage rates. The bank raised rates on terms between two and five years due to rising wholesale costs. This follows a recent reduction in the Official Cash Rate.

How they headlined it

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1. NZ HeraldWed 10 Dec 2025, 3:56pm

   Prime Minister Christopher Luxon, Finance Minister Nicola Willis react as Westpac hikes mortgage rates (opens in new tab)

2. RNZWed 10 Dec 2025, 4:01pm

   Finance Minister advises mortgage holders to shop around as Westpac increases rates (opens in new tab)

3. StuffWed 10 Dec 2025, 9:23pm

   ‘Shop around’, Willis tells borrowers after Westpac lifts some mortgage rates (opens in new tab)

4. 1News via RNZThu 11 Dec 2025, 9:01am

   Nicola Willis urges mortgage holders to 'shop around' (opens in new tab)