ASB not only raises variable mortgage rates, it raises a key fixed rate too while ending its fixed rate 'specials'

ASB not only raises variable mortgage rates, it raises a key fixed rate too while ending its fixed rate 'specials'

ASB has tonight announced home loan rate increases following today's Reserve Bank increase in the official cash rate (OCR).

ASB is the second major bank to announce increases to its mortgage products.

These changes also apply to it's sister brands Sovereign Home Loans, and Bank Direct.

Its floating mortgage rate changes apply to its products known as Housing Variable, Orbit Home Loan and the Orbit FastTrack Home Loan.

These rates increase by the full 0.25% to 6.00% from 5.75% p.a.

Their HomePlus rate increases to 7.50% from 7.25% p.a. This is an equity release / reverse equity product.

These changes are effective on and from 21 March 2014 for existing home loans and on and from 14 March 2014 (tomorrow) for new home loans.

They have also announced fixed term rate changes.

1 year fixed interest rate change by +0.20% to 5.69% from 5.49% p.a.

At the same time they have withdrawn their 18 month and 2 year special rates effective 14th of March 2014.

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

below 80% LVR Floating Revolving
    Credit
5.99% 6.10%
ASB 6.00% 6.00%
 - Total Money 5.74% 5.99%
 - Standard & FlyBuys 5.99% 5.99%
Kiwibank 5.90% 5.90%
Westpac 5.64% 5.75%
     
Co-op Bank 5.70% 5.70%
HSBC 5.99% 5.99%
SBS / HBS 5.65% 5.65%
TSB 5.79% 5.79%

See all carded, or advertised, bank home loan rates here.

below 80% LVR 1 yr 18 mths 2 yrs 3 yrs 5 yrs
           
5.69% 5.85% 6.29% 6.65% 7.20%
ASB 5.69% 5.85% 6.29% 6.60% 7.20%
5.49% 5.85% 6.29% 6.35% 7.20%
Kiwibank 5.49%   5.99% 6.40% 6.90%
Westpac 5.49% 5.85% 5.95% 6.35% 7.20%
           
Co-op Bank 5.39% 5.85% 5.85% 6.25% 7.10%
HSBC 5.39%   6.29% 6.55% 7.20%
SBS / HBS 5.35% 5.60% 5.80% 6.10% 6.70%
TSB 5.40% 5.85% 5.99% 6.40% 7.20%

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