After initially refusing to offer any pay rise, Westpac in New Zealand has relented to the demands of Finsec, with the bank now offering an annualised pay increase of 3.14 per cent for a term of 16 months.The offer was the culmination of a long negotiation where Westpac first offered 1.5 per cent for the first eight months and 2.5 per cent for the next eight, and later raised it to 2.25 per cent for the first eight months and 1.75 for the next eight months.Finsec will now put the offer to a ratification vote.Meanwhile, an offer from ANZ National, though not meeting Finsec's expectation, will also be put to ratification vote. The bank is offering a two-year term with a 2.5 per cent increase in the first year and three per cent in the second.