Subj : Major banks trim some mortgage rates
To   : All
From : News Person
Date : Mon Mar 11 2024 01:22 pm

ASB, one of NZ's major Australian-owned banks, has lowered some short-term
mortgage rates for the third time in two weeks.


However, some term deposit rates have also been lowered.


It has lowered its six-month rate by 10 basis points from 7.39% to 7.29%,
one-year term 5 basis points to 7.24%, and its two-year mortgage rate six
basis points to 6.79%.


"With more than three-quarters of our fixed home lending customers currently
opting for terms of 24 months or less, our rate reductions on these popular
terms will appeal to New Zealand homeowners and prospective homeowners," said
ASB executive general manager for personal banking Adam Boyd.


For savers, the bank has dropped its 12-month term deposit rate to 6.00%, and
four other longer-term deposit rates by between five and 20 basis points,
meaning they will earn less on the money they invest.


New Zealand's Kiwibank has also reduced its fixed home loan interest rates.


They lowered their six-month special fixed rate from 7.39% to 7.35%, one-year
special fixed rate from 7.35% to 7.25%, and their two-year special fixed rate
from 6.89% to 6.79%.


The Kiwibank special fixed rate requires a minimum 20% equity.


Their three-year special fixed rate has been reduced from 6.75% to 6.65%, the
four-year special fixed rate is down from 6.69% to 6.55%, and the five-year
special fixed rate has been reduced from 6.59% to 6.55%.

All the major banks have lowered some interest rates slightly over the past
fortnight or so in response to recent decreases in retail swap rates.


In late February the Reserve Bank held the OCR at 5.5%.

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