ASB has announced cuts to some of its fixed home loan and term investment rates, marking the bank’s seventh fixed rate mortgage drop in 2025.
Yesterday, the country’s biggest bank ANZ announced cuts to its special and standard terms by between four and 20 basis points.
This morning ASB announced it would reduce its 6-month fixed home lending term by 14 basis points from 5.59% to 5.45%.
The 1-year and two year rates both dropped by 4 basis points to 4.95% respectively.
The 18-month rate dropped 10 basis points from 4.99% to 4.89%.
Twenty basis points will be cut from its three-year home loan rates, from 5.35% to 5.15%.
All rate decreases are effective immediately.
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ASB’s executive general manager personal banking Adam Boyd said “interest rates remain a hot topic of conversation, with homeowners and first home buyers watching the market closely”.
“Whether you’re looking to fix or float, today’s drops to our fixed lending rates across short and medium terms, along with our lower variable rates announced last week, give New Zealanders a range of appealing options to consider,” he said.
The bank also lowered some of its term deposit rates by between 5 and 20 basis points.
The official cash rate was cut by the Reserve Bank to 3.25% last week in a widely-anticipated move – with BNZ moving some mortgage rates before the central bank’s decision.
