A major bank has just chucked fuel on New Zealand's white hot housing market

From today, Westpac is offering its lowest ever interest rate - of 2.29 per per cent per annum.

It's available on a one-year fixed term for customers with 20 per cent equity, for an owner-occupier home.

OneRoof Editor Owen Vaughan says buyers waiting for prices to fall ... are out of luck.

He says those who have a deposit together and are in a financially secure situation are likely to take advantage of these rates.