ASB, along with its subsidiaries Bank Direct and Sovereign, has lowered its one year fixed mortgage rate. ASB has dropped it 20 basis points from 5.70% to 5.50%, Bank Direct has dropped slightly less from 5.65% to 5.50%, and Sovereign's rate has been reduced from 5.70% to 5.60%. These changes are effective immediately. This brings ASB into line with similar offers for a fixed one-year rate from ANZ, BNZ, the National Bank, and Westpac. It will put pressure on Kiwibank in particular to respond. This week, ASB released its March GDS result detail, which showed that they have recovered their mortgage market share and growth, after faltering in Q4 of 2008. Full mortgage rate tables are available here >>> Bank average mortgage rate charts are available here >>>
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