Westpac NZ is assisting customers in accelerating their debt repayment by offering a special debt consolidation personal loan rate of 11.95%. This initiative comes as recent research indicates that many households anticipate ongoing financial pressures throughout 2025.
A recent survey conducted by Westpac involving 1,093 customers revealed that nearly 30% believe holiday spending will likely lead to financial stress in the upcoming year, with an additional 24% indicating it could potentially do so. Furthermore, 14% of respondents plan to incur debt to cover extra expenses in the new year.
“Nearly half of the customers we surveyed told us that money is an issue in their day-to-day lives, and we’re here to help them to manage their money effectively this year and beyond,” Westpac NZ General Manager of Product, Sustainability, and Marketing, Sarah Hearn, said, emphasising that the special rate is designed to support customers managing multiple debts and help them begin 2025 on a stronger financial footing.
“The new year can be a stressful period, as people may have stretched themselves over Christmas and the holidays and then face a return to regular bills as well as one-off costs such as school stationery and uniforms.”
“A debt consolidation loan can help people take control of their finances and simplify their debts to help pay them off faster—for example, bundling existing credit card, personal loan, or buy now pay later debt into one loan at a competitive interest rate.”
According to Hearn, “Our special rate of 11.95% is among the lowest in the market and currently the lowest personal loan rate among the major banks. We encourage customers to talk to us if they think it might be an option for them or if they have any concerns about their post-holiday finances.”