ASB cuts fixed mortgage rates
ASB Bank is cutting its home loan fixed interest rates by up to 0.5 of a percentage point.
ASB Bank is cutting its home loan fixed interest rates by up to 0.5 of a percentage point.
The new mortgage rates will be effective as from tomorrow, March 2: for a fixed term of six months the new rate is 5.85% a year, with the new 12 months fixed rate being 5.95% a year. There will also be reductions to all other home loan fixed rates, the bank said.
The ASB decision to reduce fixed lending rates reflects changing wholesale funding rates and market forecasts that the Reserve Bank is likely to lower the official cash rate next week.
The bank said with wholesale call and 90 day rates reflecting little change, it would continue to monitor its variable home loan interest rate leading up to the OCR announcement on Thursday next week.
ASB’s term deposit rates have also been reduced to reflect the changes in wholesale rates.
NBR staff
Tue, 01 Mar 2011
Tue, 01 Mar 2011
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ASB cuts fixed mortgage rates
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