Westpac Interest Rates (Updated 1.4.08)

Schedule of interest rates released by Westpac Fiji are as follows :

• Business Lending Rate - 9.99%;
• Residential Property Loan : 1 year Fixed Rate - 7.75%;
• Investment Loan : Variable Rate - 9.75%, , 1 year Fixed Rate - 8.00%;
• Retail Term Deposits : 6 to less than 9 months - 1.25%, 9 months to less than 1 year - 1.75%, 1 year to less than 1.5 Years - 1.75%, 1.5 years to less than 2 Years - 1.75%, 2 years to less than 3 Years - 1.75%.

Interest rates are on a per annum basis and may be varied by the bank without prior notice.

Westpac Interest Rates (Updated 2.1.08)

Schedule of interest rates released by Westpac Fiji are as follows :

• Business Lending Rate - 9.99%;
• Residential Property Loan : Variable Rate - 9.75%, 1 year Fixed Rate - 8.00%;
• Investment Loan : Variable Rate - 9.75%, , 1 year Fixed Rate - 8.00%;
• Retail Term Deposits : 6 to less than 9 months - 1.25%, 9 months to less than 1 year - 1.75%, 1 year to less than 1.5 Years - 1.75%, 1.5 years to less than 2 Years - 1.75%, 2 years to less than 3 Years - 1.75%.

Interest rates are on a per annum basis and may be varied by the bank without prior notice.

Westpac Interest Rates (Updated 3.12.07)

Schedule of interest rates released by Westpac Fiji are as follows :

• Business Lending Rate - 10.49%;
• Residential Property Loan : Variable Rate - 10.25%, 1 year Fixed Rate - 8.50%;
• Investment Loan : Variable Rate - 10.25%, , 1 year Fixed Rate - 8.50%;
• Retail Term Deposits : 6 to less than 9 months - 1.25%, 9 months to less than 1 year - 1.75%, 1 year to less than 1.5 Years - 1.75%, 1.5 years to less than 2 Years - 1.75%, 2 years to less than 3 Years - 1.75%.

Interest rates are on a per annum basis and may be varied by the bank without prior notice.

Westpac Interest Rates (Updated 1.11.07)

Schedule of interest rates released by Westpac Fiji are as follows :

• Business Lending Rate - 10.49%;
• Residential Property Loan : Variable Rate - 10.25%, 1 year Fixed Rate - 8.50%;
• Investment Loan : Variable Rate - 10.25%, , 1 year Fixed Rate - 8.50%;
• Retail Term Deposits : 6 to less than 9 months - 1.25%, 9 months to less than 1 year - 1.75%, 1 year to less than 1.5 Years - 1.75%, 1.5 years to less than 2 Years - 1.75%, 2 years to less than 3 Years - 1.75%.

Interest rates are on a per annum basis and may be varied by the bank without prior notice.

Westpac Interest Rates (Updated 1.10.07)

Schedule of interest rates released by Westpac Fiji are as follows :

• Business Lending Rate - 10.49%;
• Residential Property Loan : Variable Rate - 10.25%, 1 year Fixed Rate - 8.50%;
• Investment Loan : Variable Rate - 10.25%, , 1 year Fixed Rate - 8.50%;
• Retail Term Deposits : 6 to less than 9 months - 1.25%, 9 months to less than 1 year - 1.75%, 1 year to less than 1.5 Years - 1.75%, 1.5 years to less than 2 Years - 1.75%, 2 years to less than 3 Years - 1.75%.

Interest rates are on a per annum basis and may be varied by the bank without prior notice.

Westpac Interest Rates (Updated 1.9.07)

Schedule of interest rates released by Westpac Fiji are as follows :

• Business Lending Rate - 10.99%;
• Residential Property Loan : Variable Rate - 10.75%, 1 year Fixed Rate - 9.00%;
• Investment Loan : Variable Rate - 10.75%, , 1 year Fixed Rate - 9.00%;
• Retail Term Deposits : 6 to less than 9 months - 1.50%, 9 months to less than 1 year - 3.00%, 1 year to less than 1.5 Years - 3.00%, 1.5 years to less than 2 Years - 3.00%, 2 years to less than 3 Years - 3.00%.

Interest rates are on a per annum basis and may be varied by the bank without prior notice.

Westpac Interest Rates (Updated 1.8.07)

Schedule of interest rates released by Westpac Fiji are as follows :

• Business Lending Rate - 10.99%;
• Residential Property Loan : Variable Rate - 10.75%, 1 year Fixed Rate - 9.00%;
• Investment Loan : Variable Rate - 10.75%, , 1 year Fixed Rate - 9.00%;
• Retail Term Deposits : 6 to less than 9 months - 1.50%, 9 months to less than 1 year - 3.00%, 1 year to less than 1.5 Years - 3.00%, 1.5 years to less than 2 Years - 3.00%, 2 years to less than 3 Years - 3.00%.

Interest rates are on a per annum basis and may be varied by the bank without prior notice.

Westpac to reduce interest rates

Westpac Banking Corporation will reduce its base business and consumer lending rates further by 0.5% effective 1 August 2007.

The reduction follows earlier reductions in interest rates by Westpac following an improvement in bank's liquidity positions which came about as a result of the reduction by 1% of the statutory deposits that banks are required to hold with the Reserve Bank of Fiji.

The reduction in loan interest rates will ease repayments and interest paid by the bank's customers.

Westpac has said that its rates would be the lowest in the banking system in Fiji after 1 August 2007.

Westpac and Colonial National Bank appear to be the market leaders in setting interest rates direction for banks in Fiji.

Westpac Interest Rates (Updated 2.7.07)

Schedule of interest rates released by Westpac Fiji are as follows :

• Business Lending Rate - 11.49%;
• Residential Property Loan : Variable Rate - 11.25%, 1 year Fixed Rate - 9.50%;
• Investment Loan : Variable Rate - 11.25%, , 1 year Fixed Rate - 9.50%;
• Retail Term Deposits : 6 to less than 9 months - 3.75%, 9 months to less than 1 year - 3.75%, 1 year to less than 1.5 Years - 3.75%, 1.5 years to less than 2 Years - 3.75%, 2 years to less than 3 Years - 3.75%.

Interest rates are on a per annum basis and may be varied by the bank without prior notice.

Westpac reduces interest rates further

Westpac Banking Corporation has reduced its lending rates further by 0.25% from today, Monday, 25 June 2007. The total reductions in interest rates over the month was 0.5%. The bank had made the related announcement earlier this month and which we posted on this blog on 3 June 2007.

The bank had earlier stated that the reduction of its business and consumer base lending rates indicates the improved liquidity position that the bank has experienced since the recent reduction of statutory reserve deposits requirements (i.e. deposits required to be held with the Reserve Bank of Fiji) in May.

The bank said that it would continue to monitor liquidity in the banking system and will review its interest rates accordingly.

Westpac Interest Rates (Updated 25.6.07)

Schedule of interest rates released by Westpac Fiji are as follows :

• Business Lending Rate - 11.49%;
• Residential Property Loan : Variable Rate - 11.25%, 1 year Fixed Rate - 9.75%;
• Investment Loan : Variable Rate - 11.25%, , 1 year Fixed Rate - 9.75%;
• Retail Term Deposits : 6 to less than 9 months - 3.75%, 9 months to less than 1 year - 3.75%, 1 year to less than 1.5 Years - 3.75%, 1.5 years to less than 2 Years - 3.75%, 2 years to less than 3 Years - 3.75%.

Interest rates are on a per annum basis and may be varied by the bank without prior notice.

ANZ follows Westpac's lead by reducing lending interest rates

ANZ Fiji, followed Westpac's lead, by announcing a reduction of all its lending interest rates by 0.5% effective from 1 July 2007.

The bank's business loan index rate, variable home loan and variable property investment loan rates will fall by 0.5%.

The company's General Manager Fiji said that the increase in interest rates in 2006 and early 2007 had a negative impact on businesses as they were at a time when businesses experienced a reduction in sales.

The reduction in interest rates follows a rise in bank liquidity positions over the past few months after the Reserve Bank of Fiji reduced its statutory reserve deposit requirements (i.e. deposits that banks are required to "lock in" and deposit with the Reserve Bank of Fiji).

Visit ANZ Fiji's website through the appropriate link at the right hand side of this blog.

Westpac to reduce lending rates further

Westpac will reduce its lending rates further in June by a total of 0.5%. The first of these to come into effect on 11 June 2007 will be a reduction of 0.25% while the second reduction of another 0.25% will take effect on 25 June 2007.

Westpac says that the reduction of its business and consumer base lending rates indicates the improved liquidity position that the bank has experienced since the recent reduction of statutory reserve deposits requirements (i.e. deposits required to be held with the Reserve Bank of Fiji) in May.

The bank said that it would continue to monitor liquidity in the banking system and will review its interest rates accordingly.

New banking service - Westpac

Westpac Banking Corporation has introduced a new banking service for its customers. The service will see the bank's officers visiting customers on site to pick up and deliver international transactions. It is targeted at those customers that regularly make or receive payments from overseas.

The bank said that the service would provide convenience and flexibility for international banking transactions and save customers from carrying documents to and from the bank, waiting in queues and find parking when visiting a bank.

For more information, pls call Westpac on telephone (679) 132032.

Westpac Interest Rates (Updated 31.5.07)

Schedule of interest rates released by Westpac Fiji are as follows :

• Business Lending Rate - 11.99%;
• Residential Property Loan : Variable Rate - 11.75%;
• Investment Loan : Variable Rate - 11.75%;
• Retail Term Deposits : 6 to less than 9 months - 4.25%, 9 months to less than 1 year - 4.25%, 1 year to less than 1.5 Years - 4.25%, 1.5 years to less than 2 Years - 4.25%, 2 years to less than 3 Years - 4.25%.

Interest rates are on a per annum basis and may be varied by the bank without prior notice.

Colonial National Bank Fiji joins in reducing lending rates

Colonial National Bank in Fiji has joined ANZ Banking Group Limited and Westpac Banking Corporation in reducing its lending rates. The rate reduction applies for all home and business loans.

The announcement sees the bank reducing lending rates for home loans and business banking by 0.25%.

The bank's variable rate on residential home loans falls from 12.25% to 12%.

The new rates will take effect from 19 June, 2007.

Banks reduce lending rates

As I predicted earlier on this blog, banks will reduce lending rates from 1 June 2007. Following the lead by Westpac which reduced its lending rates from 1 May 2007 by 0.5%, ANZ Banking Group Limited announced that it will reduce all its lending rates by 0.25% from 1 June. This brings down ANZ's special 1-year fixed rate home loan to an interest rate of 9.75%.

The reduction of lending rates came about after an improvement in bank's liquidity positions when their reserve deposit requirements held on deposit with the Reserve Bank of Fiji was reduced by 1%.

Hopefully, the reduction will not cause another round of increases in the prices of homes and properties which have been at unsustainable levels over the past few years.

Due to a lack of demand and the high interest rates environment, home and property prices have started to come down in recent months.

With a continued improvement in banks' liquidity positions, I would expect lending interest rates to reduce further over the next few months.

Note : Check out the low rates for advertising on our other blog here.

Westpac Interest Rates (Updated 1.5.07)

Schedule of interest rates released by Westpac Fiji are as follows :

• Business Lending Rate - 11.99%;
• Residential Property Loan : Variable Rate - 11.75%;
• Investment Loan : Variable Rate - 11.75%;
• Retail Term Deposits : 6 to less than 9 months - 4.25%, 9 months to less than 1 year - 4.25%, 1 year to less than 1.5 Years - 4.25%, 1.5 years to less than 2 Years - 4.25%, 2 years to less than 3 Years - 4.25%.

Interest rates are on a per annum basis and may be varied by the bank without prior notice.

Selected Westpac Fiji branches open on Saturdays

Westpac Fiji's Laucala Bay and Cumming Street branches are to open for business on Saturdays starting from today, Saturday, 28 April 2007. Opening hours are from 9am to 1pm. For more information on Westpac Fiji's products and services, pls call the bank on telephone (679) 132032 between 8am and 6pm, Fiji Time.

Westpac Deposit Rates fall further

Westpac reduces its deposit rates with effect from today, 19 April 2007. Term deposits from 9 months up to 3 years now accrue a flat interest rate of 4.25%. The bank's rates which were last posted on this blog on 3 April 2007 fell as follows :

• 6 to less than 9 months - fell to 4.25% from 4.60%;
• 9 months to less than 1 year - remains at 4.25%;
• 1 year to less than 1.5 Years - fell to 4.25% from 5.45%;
• 1.5 years to less than 2 Years - fell to 4.25% from 6.00%; and
• 2 years to less than 3 Years - fell to 4.25% from 4.50%.

This can be attributed to there being more liquid funds available in the banking system. More liquidity in the banking system is expected as the statutory reserve deposits that banks are required to hold with the Reserve Bank of Fiji, falls from 7% (of a bank's deposit and borrowing liabilities) to 6% from 1 May 2007.

We should expect lending rates to reduce over the next few months.