ASB has cut its six and 18-month mortgage rates to bring all its fixed-term offerings from two years and under to 5.45%.
ASB, and sister company, Sovereign cut their six month and 18 month advertised - or carded - home loan rates to 5.45% from 5.59% and 5.55% respectively.
The six month rate has been cut 14 basis points and the 18-month one 10. The cuts are effective today.
Among bank advertised six month rates, SBS Bank's 4.99% is currently the lowest and among 18 month rates Kiwibank's 5.19% is the lowest.
ASB's advertised floating, or variable, rate remains 5.75%. See and compare all advertised bank mortgage rates here.
"We have dropped both our six-month term and 18-month terms so we can offer this lower fixed home loan interest rate across all terms two years and under, which lets our customers choose which term suits them best without having to also decide between rates,” said Shaun Drylie, ASB's general manager for retail products and strategy.
The ASB cuts come after the bank's CEO, Barbara Chapman, told interest.co.nz earlier this month, that after a quiet period for the group's mortgage book, she wants to grow ASB's home loan lending in the year to June 2013, - its current financial year.
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