ASB cuts longer-term mortgage rates

ASB has cut three of its longer-term home loan rates, reducing the gap between short- and long-term loans.

Its three-year fixed rate has been cut 15 basis points from 5.90% to 5.75%.

The four-year fixed rate has seen a similar reduction, from 6.10% to 5.95%.

And its five-year fixed rate has been cut 25 basis points from 6.50% to 6.25%.

At the same time, ASB has raised its two-year fixed rate by 20 basis points to 5.45%

Floating, one-year, six-month and 18-month rates remain unchanged.

ASB general manager retail products Shaun Drylie says the changes give customers more certainty about home loan repayments over the longer term.

Kiwibank continues to have the lowest longer-term rates, offering 5.99% for a five-year term. BNZ has the next lowest five-year rate at 6.50%.

Bank economists have recommended home owners look at shifting to fixed rates, predicting the Reserve Bank's next move for the Official Cash Rate – albeit later in the year – will be up.

This article is tagged with the following keywords. Find out more about My Tags

1 Comment & Question

Commenter icon key: Subscriber Verified

Hubble, bubble .....

Reply
Share

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.8012 0.0052 0.65%
AUD 0.9077 0.0006 0.07%
EUR 0.6252 0.0028 0.45%
GBP 0.4952 0.0024 0.49%
HKD 6.2173 0.0415 0.67%
JPY 85.2240 0.1390 0.16%

Commods

Commodity Price Change Time
Gold Index 1244.2 5.700 2014-10-20T00:
Oil Brent 85.4 -0.760 2014-10-20T00:
Oil Nymex 82.8 -0.040 2014-10-20T00:
Silver Index 17.3 0.020 2014-10-20T00:

Indices

Symbol Open High Last %
NZX 50 5197.9 5238.9 5197.9 0.68%
NASDAQ 4254.2 4316.9 4258.4 1.35%
DAX 8819.3 8834.7 8850.3 -1.50%
DJI 16373.1 16401.6 16380.4 0.12%
FTSE 6310.3 6320.3 6310.3 -0.68%
HKSE 23073.4 23231.5 23070.3 -0.25%
NI225 15115.3 15115.3 15111.2 -1.66%