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ASB passes on the full OCR rise to floating mortgage customers; also raises some short term deposit rates

ASB passes on the full OCR rise to floating mortgage customers; also raises some short term deposit rates

ASB has announced changes to its floating mortgage rates and some term deposit rates.

Their floating mortgage rates will all rise by 0.25%, the same as the amount of the OCR rise earlier today.

For new lending the increased rates are effective from Wednesday, April 30, 2014.

For existing loans, the rises start on May 7, 2014.

Similar increases will apply to lending by Bank Direct, and Sovereign, and follows the ANZ moves earlier today.

ASB has also raised some short term term deposit rates, also by the full 0.25%.

These increases only apply for fixed term deposits of 30 days, 60 days, 3 months, 4 months and 5 months. No other rates have been changed at this time.

ASB's new floating home loan rates compare with their main rivals today as follows:

below 80% LVR Floating Revolving
    Credit
(Changed today) 6.24% 6.35%
ASB (Changed today) 6.25% 6.25%
BNZ - Total Money 5.99% 5.99%
BNZ - Standard & FlyBuys 6.19% 6.19%
Kiwibank 5.90% 5.90%
Westpac 5.74% 6.00%
     
Co-op Bank 5.95% 5.95%
HSBC 6.24% 6.24%
SBS / HBS 5.90% 5.90%
TSB 6.04% 6.04%

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2 Comments

More term deposit window dressing.  Did their savings accounts all go up by 25bps too?

 

When did ASB last increase their 6 month or 1 year TD rates?  ASB has a 6 month TD rate of only 3.75%.  You'd be far better off in an on call account somewhere else.

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