ASB mortgage rates

ASB Mortgage Rates Drop Again - Keeping Up With the Kiwi Rate Race!

🏡✂️ ASB, ANZ, and Westpac are in a mortgage rate drop duel in New Zealand! 💰 #ASB #mortgagerates #NewZealand

ASB has joined the race to lower mortgage rates in New Zealand, following in the footsteps of Westpac and BNZ. This is the second time in a week that ASB has cut its home lending rates, matching the moves made by other major banks in February.

The decision by ASB to lower its mortgage rates comes shortly after the Reserve Bank of New Zealand (RBNZ) maintained the Official Cash Rate at 5.5 percent. Following the recent OCR decision, ASB and ANZ have both announced reductions in some home loan rates, aligning with market responses.

In a media alert, ASB announced a further drop in mortgage rates, with their one-year lending rate decreasing by 10 basis points to 7.39%. This move reflects the competitive environment among major banks in New Zealand, with each vying to attract home loan customers.

The mortgage rate reductions by ASB and ANZ mark the second time this week that the two major banks have adjusted their lending rates. This trend follows the OCR decision by the Reserve Bank, highlighting the banks' responsiveness to market conditions and the competitive landscape in the housing finance sector.