Another bank cuts home loan interest rates
The cuts target some of the bank's most popular mortgage terms, with the six-month rate dropping 16 basis points from 5.45% to 5.29%.
One-year fixed rates fell six basis points to 4.89%, three-year rates dropped six basis points to 5.09%, and four-year terms were reduced 10 basis points to 5.49%.
The bank also cut some term deposit rates by between five and 20 basis points.
The six-month and one-year fixed home loan offerings are now largely in line with the other major banks.
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ASB personal banking executive general manager Adam Boyd said the reductions would help existing borrowers and first-home buyers.
"We know there are many New Zealanders looking to refix their mortgage or take on the significant title of homeowner this year, and we're pleased to support them with lower rates," he said in a media release.
ASB Bank (file image). (Source: 1News)
"Those considering our 12-month fixed home loan will be paying 2.50% less interest than they would have been 18 months ago.
"On a loan of $500,000, this reduction in interest translates to an extra $12,500 a year, which will make a real difference to many households across the country."
The rate cuts come as banks compete for mortgage business amid a turbulent economy.
BNZ last week lowered several of its fixed rates alongside other banks earlier this month.
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It cut its fixed six-month rate from 5.35% to 5.29%.
Its one-year fixed rate was also lowered from 4.95% to 4.89%.
A low equity interest rate premium also applies to those with less than 20% equity.
The official cash rate was also cut to 3.25% last month, the lowest rate since October 2022. The Reserve Bank's Monetary Policy Committee will next meet on July 9.
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