ASB follows all its main rivals with matching fixed mortgage rate reductions that leave it with a me-too rate card. It cuts term deposit rates at the same time

ASB is the last of the majors to trim its home loan interest rates in a move initiated by ANZ at the start of the week.

Nothing in ASB's trimmings seem special of different to what the other big four have already done - except for a subtle signal.

Most carded mortgage rates end in either a '5' or a '9'. But ASB cust their six month rate by -17 bps to 5.12%. While this doesn't result in positioning that is especially notable, it does suggest they are feeling the margin pressure if another 3 bps, like their other rivals, can't be accommodated. Most others dropped the six month rate by -20 bps.

And ANZ showed the same tightened shift earlier, cutting 'only' -15 bps to 5.14%.

It is rare where carded rates end in either a '2' or a '4'.

It is more usual for the below-card negotiations to deal with single digit variations rather than the carded rates.

We suspect this indicates that front-tine bank staff will have much less room to manoeuvre with their discretionary limits when you negotiate.

Meanwhile, we should note again that the key one year swap rate fell below 3% on Thursday. This is the lowest it has been since April 2022. Global bond market risk aversion trends are contributing to the softness.

And we should also possibly note that the housing market is in rare atmosphere - falling interest rates when house prices are also falling and showing no signs of ending that trend let alone rising. Lower interest rates are not giving the support to the housing market many assumed they would.

The reader-reported mortgage rates are welcome, so please record them if you have them. We need you to record them in the comment section below, which helps us stay on top of this fast-changing corner of the home loan rates market.

And still negotiate. How flexible banks may be will depend on the strength of your financials.

One useful way to make sense of the changed home loan rates is to use our full-function mortgage calculator which is below.

And if you already have a fixed term mortgage that is not up for renewal at this time, our break fee calculator may help you assess your options. Break fees will be minimal in a rising market. But they become important in a falling market, like now.

Here is the snapshot of the lowest advertised fixed-term mortgage rates on offer from the key retail banks at the moment.

Fixed, below 80% LVR	6 mths	1 yr	18 mth	2 yrs	3 yrs	4 yrs	5 yrs
as at August 15, 2025	%	%	%	%	%	%	%
ANZ	5.14	4.79	4.79	4.89	5.09	5.79	5.79
	5.12 -0.17	4.79 -0.10	4.79 -0.10	4.89 -0.06	5.09	5.49	5.69
	5.09	4.79	4.79	4.89	4.99	5.39	5.59
	5.09	4.79		4.89	5.15	5.59	5.79
	5.09	4.79	4.79	4.95	4.99	5.39	5.39
Bank of China	5.08	4.78	4.78	4.88	4.95	5.35	5.35
China Construction Bank	5.15	4.85	4.85	4.95	4.95	5.99	5.99
Co-operative Bank (*=FHB only)	5.09	4.69*	4.79	4.89	4.99	5.39	5.49
ICBC	5.15	4.85	4.85	4.95	5.05	5.35	5.39
	5.36	4.89	4.89	4.95	5.09	5.39	5.39
	5.49	4.89	5.09	4.95	5.29	5.79	5.89