Source: ASB
For the second time in a week, ASB has reduced its home lending rates. Effective today, ASB’s one-year lending rate has dropped 10 basis points from 7.39% to 7.29%, and its two-year lending rate has also decreased from 6.89% to 6.85%. ASB has also increased its 6-month term deposit rate by five basis points to 6.05%.
Today’s rate changes follows ASB’s 18-month mortgage adjustment last Tuesday which dropped 26 basis points to 6.89%, leading the major banks for that term.
The following can be attributed to Executive General Manager Personal Banking Adam Boyd.
“We regularly review our rates, and the reduction to some of our key mortgage terms in part reflects how swap rates have responded to the Reserve Bank’s decision to hold the Official Cash Rate at 5.50%. We know that the rising cost of living is affecting our customers, and alleviating a bit of pressure will be welcome news for homeowners in the current environment.”
