ASB has announced changes to some of its fixed mortgage rates.
The bank has dropped its 1-year term 20 basis points to 5.59%, from 5.79%.
Its 18-month term has also dropped 20 basis points to 5.39% from 5.59%.
The six-month rate dropped from 6.19% to 5.99%.
The rates are for those with minimum 20% equity.
“Today’s rate changes reflect the recent fall in short-term wholesale rates,” ASB’s general product manager Emma-Jayne Liddy said.
“With more than two-thirds of our mortgage customers opting for a term of 18-months or less, we expect these changes to be popular,” she said.
ASB has also reduced some of its term deposit rates by between 5 and 25 basis points.
“All rate adjustments are effective immediately for new and current customers,” Liddy said.
Yesterday Westpac cut its special six-month home loan rate by 20 basis points to 5.99% and its standard rate 20 basis points to 6.59%.
It also cut some term deposits.
