ASB hikes 1-yr, 18mth, 2-yr, 3-yr, 4-yr and 5-yr fixed term mortgage rates by between 5 and 40 basis points

ASB hikes 1-yr, 18mth, 2-yr, 3-yr, 4-yr and 5-yr fixed term mortgage rates by between 5 and 40 basis points

ASB has become the latest bank to raise fixed-term mortgage rates, increasing all its rates from one-year to five-year terms.

ASB hiked its one-year rate by 20 basis points to 6.15%, 18 month rate by 40 basis points to 6.40%, two-year rate by 25 basis points to 6.65%, three-year rate by 5 basis points to 6.95%, four-year rate by 5 basis points to 7.35%, and five-year rate by 15 basis points to 7.75%.

Bank Direct and Sovereign, other companies in the ASB group, have also hiked all their fixed-term rates by the same amount - leaving them at the same levels - as ASB.  New Zealand Home Loans also increased its fixed-term rates. See all bank mortgage rates here.

The ASB hikes come after Kiwibank raised the limit of its capped variable mortgage rate and Westpac hiked both its six month fixed term and one-year capped home loan rates.

These moves have come after the Reserve Bank indicated last week that the Official Cash Rate was likely to be increased from 2.5% soon, possibly as early as September 15. Wholesale lending rates, or swap rates, have since risen by 30 to 40 basis points.

(Update adds clarification of Kiwibank's increase to the limit of its capped variable rate, as opposed to fixed rate, and swap rate chart).

 

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6 Comments

PSIS WESTPAC and now ASB...and not one of them raising the deposit rates...they sure want people to save with them don't they!....what a joke.

 

davidgoldsby

 

New orders contraction now established in China, US, UK and Eurozone. Austerity policy now established in US as well as UK and Eurozone. Monetary tightening established in Eurozone, China, Brazil. No sign of the Confidence Fairy anywhere, just the chill of increasing Fear

 fearhttp://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100011256/ho...

 

Give that man a beer.

 

Typical....

Have sent 1 email a week for the last three weeks asking our rep at the ASB to put some of our floating mortgage onto fixed, no reply to any email.

Sent another today asking the same but at the old rates, saying that if we don't get a reply we'll be switching providers....

Been over two hours now, might have to give Kiwibank a call

Hi Harry, sorry to hear that we have not responded to your emails  - our apologies for this. Could you please forward your contact details and your request to us at social.media@asb.co.nz so we can look into this for you?

 

Many thanks

 

Simone McCallum

Head of Internet Community

ASB Bank

shoulda change your rep...

i got a phone call from local branch on Tue, asking me if i want fix some

i asked for a discount on floating rate instead and they gave me 0.25% today

Well at least someone was listening........