'Official bank of the NZ Olympic Team' shaves 31 bps off its fixed rate mortgage until the next Olympics

'Official bank of the NZ Olympic Team' shaves 31 bps off its fixed rate mortgage until the next Olympics

ASB Bank has announced a new 4 year fixed home loan rate of 5.79%, branding it the ASB NZ Olympic special.

This rate is 31 bps lower than their standard 4 year rate, and is effective from Saturday, July 28, 2012.

"With this great new interest rate, customers have the option of certainty until the next Olympics,” says Shaun Drylie, a spokesperson for the bank.

The rate does come with an LVR restriction of 80% or under. LVR restrictions are becoming a regular feature of many bank 'special offers' and operate as an effective way to attract premium business. See Gareth Vaughan's story on these types of offers here.

ASB is also pressing its claims as the "Official and Exclusive Bank of the New Zealand Olympic Team" - in contrast to the Olympic claims being promoted by ANZ.

You can find all current mortgage rate offers from all institutions here »

This mortgage calculator here » will also help you understand the financial advantages of the rates being offered, as will this fix-or-float tool.

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5 Comments

Yes, 5.79% is going to be a very very very expensive rate in 2015 when the Middle East is a total blood bath, China implodes or gets involved with WWIII,  Europe comes under total EU socialist dictatorship, the global currency is reset to one unit, and the post-middle class is paying $600 for their weeks groceries ....   
You can keep your Gold. It's food that will be prohibitively expensive. Not money.... Money is easy to 'produce' ... it's being produced for nothing all over the world.
Floating Rates will be sub-5% within 18 months.  Fixed Rates?  Well, there's a reason it's called Temptation.  Remember those $10,000 Break Fees in 2009?   You won't want to get stung/caught again?   Didn't think so.

My floating rates less than 5% now. Why on earth would anyone fix in the short term ???

cause I fixed at 4.85% for one year, thats why.

Heck Kermy---totally agree with you. The best floating discount our bank could do for us about 3 weeks ago was 5.45%, down from 5.75%. Who are you with?

Miss Piggy - Westpac offered us 5% (less than 20% deposit) and ASB/Kiwibank will give us 5.25% (same deposit and mortgage percentage).  Kiwibank will give you 5% if you have 30% deposit as well.
(this is on top of $1k for legal fees, $500 for valuation, no establishment fee etc - or in Kiwibank's case - they give you $ to use towards moving costs).