Source: ASB
ASB has today announced decreases on some of its most popular mortgage terms, with market-leading rates across the major banks on 6-month, 1-year and 18-month terms from today. The 6-month term drops 10 basis points to 5.89%, the 1-year rate drops to 5.49% while the 18-month term falls 15 basis points to 5.19%.
ASB’s Executive General Manager Adam Boyd says today’s rate changes will be welcome news for home loan customers and those looking to refix or buy.
“We’ve lowered rates across several terms three times in the past month, giving our customers and prospective buyers a range of options – whether they’re after short-term relief or longer-term certainty. We already know how popular the short-term rates are, and we’ve seen growing interest in the 18-month term this year. Competition is fierce when it comes to interest rates, and we’re pleased to be offering lower mortgage rates for New Zealanders”, says Boyd.
In line with falling wholesale rates, ASB has also reduced some of its term deposit rates. “We know that an easing interest rate environment can mean different things for homeowners and for savers. We’ve got a range of options available to support our customers and we encourage them to reach out to us for tailored guidance and advice.”
All rate adjustments are effective immediately for new and current customers.
|
Fixed home lending term |
Previous rate |
New rate |
Rate decrease |
|
6-month |
5.99% |
5.89% |
– 10 bps |
|
1-year |
5.54% |
5.49% |
– 5 bps |
|
18-month |
5.34% |
5.19% |
– 15 bps |