Media Alert: ASB Drops Mortgage Rates Further
Monday, 4 March 2024, 3:56 pm
Press Release: ASB Bank
For the second time in a week, ASB has reduced its home
lending rates. Effective today, ASB’s one-year lending
rate has dropped 10 basis points from 7.39% to 7.29%, and
its two-year lending rate has also decreased from 6.89% to
6.85%. ASB has also increased its 6-month term deposit rate
by five basis points to 6.05%.
Today’s rate changes
follows ASB’s 18-month mortgage adjustment last Tuesday
which dropped 26 basis points to 6.89%, leading the major
banks for that term.
The following can be attributed
to Executive General Manager Personal Banking Adam
Boyd.
“We regularly review our rates, and the
reduction to some of our key mortgage terms in part reflects
how swap rates have responded to the Reserve Bank’s
decision to hold the Official Cash Rate at 5.50%. We know
that the rising cost of living is affecting our customers,
and alleviating a bit of pressure will be welcome news for
homeowners in the current
environment.”
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