ASB has made cuts to its home loan rates again, continuing a recent trend in the sector.
Effective from today, the bank lowered all of its fixed mortgage rates.
“The two-year rate will drop to a market leading 5.89%,” the bank said in a statement.
“The 18-month rate will drop 16 basis points to 5.99%, while the three- and four-year rates drop 10 basis points to 5.79%.
“ASB’s five-year rate drops 20 basis points to 5.69%.
“The one-year rate drops 14 basis points to 6.45%, and the six-month rate is reduced slightly to 6.85%.”
Those rates applied to customers with minimum 20% deposit.
ASB also lowered a number of its term deposit rates.
Banks have made a flurry of changes in the wake of the Reserve Bank’s OCR decision last week.
The central bank dropped the official cash rate by 25 basis points to 5.25%.
“Since wholesale rates started to fall in July, we’re pleased to have been able to reduce our rates for ASB home loan customers four times,” said ASB general manager Jax Mitchell.
“We know that every little bit helps right now and that this will be welcome news for many of our homeowners looking to refix or enter the market,” he added.
BNZ, ANZ and Kiwibank have all trimmed fixed rates this week, while Westpac did likewise last Friday.
