ASB's bottom line benefits from borrowers breaking fixed-term mortgage contracts

And rightly so! I was one of the crafty buggers to take advantage of their earlier ERA calculation - refixed twice for lower rates without a fee on either occasion. It used to work that if your previous negotiated rate was below the current 'standard' rate, you could refix to a new negotiated rate without a fee (or at least that's how it appeared to work) - that meant you could just follow the rates lower if you got the timing right. Their new system has just brought them in line with other banks.

Even worse, they base them on their wholesale rate, whatever that is...

(We can assume it is something like the swap rates, but who knows as they don't disclose them unless you are actually breaking your rate).