ASB has announced further decreases to its 6-month, 1-year and 18-month fixed mortgage rates from today.
The bank dropped its 6-month fixed home lending term 10 basis points to 5.89%, and the 1-year rate dropped 5 basis points to 5.49%.
The 18-month term also decreased 15 basis points to 5.19%.
“We’ve lowered rates across several terms three times in the past month, giving our customers and prospective buyers a range of options – whether they’re after short-term relief or longer-term certainty,” said ASB’s Adam Boyd.
He said the bank had seen growing interest in the 18-month term this year, and “competition is fierce when it comes to interest rates”.
ASB also reduced some of its term deposit rates.
“We know that an easing interest rate environment can mean different things for homeowners and for savers.
“We’ve got a range of options available to support our customers and we encourage them to reach out to us for tailored guidance and advice,” Boyd said.
Rate adjustments were effective immediately for new and existing customers.
Earlier this month, ASB lowered some of its fixed home lending rates for the second time in a fortnight.
All the major banks had decreased mortgage rates over the past month.
The Reserve Bank will review the Official Cash Rate for the first time this year next Wednesday.
